StoneMor Partners L.P. Secures Bank Waiver and $35 Million Financing Facility
StoneMor Inc. (STON)
US:NYSE Investor Relations:
stonemor.com/investors/default.aspx
Company Research
Source: GlobeNewswire
TREVOSE, Pa., Feb. 04, 2019 (GLOBE NEWSWIRE) -- StoneMor Partners L.P. (NYSE: STON) (“StoneMor” or the “Partnership”), a leading owner and operator of cemeteries and funeral homes, today announced a number of key financial and operational updates representing further steps forward in its ongoing turnaround effort. These steps include a waiver and amendment of certain loan covenants, growth financing from its largest investor and the completion of an extensive review of its asset base. Joe Redling, StoneMor’s President and Chief Executive Officer, said, “We continue to make progress with our efforts to revitalize the business and position StoneMor for future success. Securing the waiver is an important step and we are grateful to our lenders for their continued support as we get current with our financial statements. The new facility from our largest unitholder, Axar Capital, brings greater financial flexibility to our turnaround efforts and we plan to use these funds to manag
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