Exterran Holdings, Inc. (NYSE: EXH) today announced that its Venezuelan subsidiary has completed the sale of assets nationalized in 2009 to PDVSA Gas, S.A. for total consideration of approximately $442 million. Exterran received an initial payment of approximately $177 million in cash at closing ($50 million of which will be used to repay insurance proceeds previously collected under the policy Exterran maintained for the risk of expropriation), and is due to receive the remaining principal amount of approximately $265 million in periodic cash payments through the third quarter 2016. The net proceeds from the sale of these assets, when combined with the net proceeds of approximately $112 million from the March 2012 sale of Exterran’s Venezuelan joint venture assets which were also nationalized in 2009, total in excess of $500 million. As previously reported with respect to the March 2012 joint venture asset sale, Exterran received $37.6 million at the closing, $4.7 million in June 2012 as an installment payment, and is due to receive the remaining approximately $70 million in periodic cash payments through the first quarter 2016. Exterran intends to use the initial proceeds received from the sale of its Venezuelan subsidiary’s assets (net of the $50 million to repay insurance proceeds previously collected) of approximately $127 million, as well as the remaining proceeds it is due to receive from both transactions in the principal amount totaling approximately $335 million, as such proceeds are received, for the repayment of indebtedness and for general corporate purposes. As a result of the nationalization of its Venezuelan subsidiary’s assets, Exterran recorded asset impairments during the year ended Dec. 31, 2009 totaling $329.7 million ($379.7 million excluding the insurance proceeds of $50 million). During the year ended Dec. 31, 2009, Exterran also recognized an impairment of approximately $90 million to write off its investment in the joint ventures.