DALLAS, Nov. 1, 2016 /PRNewswire/ -- Permian Holdings, Inc. announced today that it is entering an out-of-court restructuring of its 10.500% Senior Secured Notes due 2018 (the " Notes") pursuant to the terms of a global restructuring agreement (together with all exhibits and schedules thereto, the " Global Restructuring Agreement") entered into by Permian Holdings, Inc. (" Holdings"), Permian Tank & Manufacturing, Inc. (" Tank"), Permian Lide (" Lide" and, together with Holdings and Tank, " Permian"), new holding companies of Permian, Wilmington Trust, National Association, as trustee under the indenture governing Permian's 10.500% Senior Secured Notes due 2018 (the " Notes"), Wells Fargo Bank, N.A., as ABL Agent under Permian's existing credit agreement (" Wells"), holders of 99.4% in aggregate principal amount of Notes (the " Consenting Holders"), and certain holders of equity interests in Permian Holdings is also amending its revolving credit facility (the " Credit Agreement"). The Global Restructuring Agreement provides for (i) the exchange of the Notes into 30% of the common and preferred equity of a newly formed holding company of Tank and Lide (" NewCo") and the right of exchanging holders of Notes to receive the remaining 70% of the equity interests of NewCo upon the purchase by such exchanging holders of the initial installment of $12.5 million of New Notes (as defined herein) and (ii) the purchase of up to $20 million in aggregate principal amount of newly issued five-year promissory notes of Permian bearing interest at a rate of 10% if paid in cash or a 14% if paid in kind (at the option of Permian) (" New Notes"), with (a) $12.5 million funded at the closing of the restructuring and (b) up to $7.5 million to be funded prior to the third anniversary of the closing of the restructuring. Permian has received the consent of holders of over 99% of the outstanding principal amount of Notes to amend the Indenture to eliminate most of the restrictive covenants and events of default contained therein, to waive any and all existing defaults and events of default that have arisen or may arise under the Indenture (to the extent permitted pursuant to the terms of the Indenture). In connection with the restructuring agreement, the obligations of Holdings will be assumed by a newly-formed holding company of Tank and Lide. Permian is offering holders of Notes who are not Consenting Holders the opportunity to participate in the restructuring transactions on the same terms as apply to the Consenting Holders. Holders that are not Consenting Holders may contact Haig Maghakian at (424) 386-4449 or Deborah Conrad at (424) 386-4671 on or before 5:00 p.m. central time on November 30, 2016 for additional details on how to participate in the restructuring. The terms of such offer are qualified in their entirety by the terms of the definitive documents governing the restructuring, exchange, and purchase of New Notes. "We are very pleased with the outcome of our out-of-court restructuring, which has reduced our debt burden significantly and positions us well for future growth," said Howard Seely, CEO and President of the new holdings companies of Permian. "We appreciate the support of our creditors, equity holders and advisors throughout the process. This outcome leaves the company and its brand, PermianLide, with a healthy balance sheet and an enhanced ability to compete in our industry." Permian was represented in the restructuring by Kirkland & Ellis LLP as its legal advisor, Centerview Partners LLC as its financial advisor and Alvarez & Marsal North Amerca, LLP as its restructuring advisor.