Canadian Equipment Rentals entered into a fifth amending agreement with its senior lenders. This agreement expires on February 28, 2017 and allows management to continue to execute on the commitment to reduce the company’s balance sheet leverage.

The recently announced sale of the Waste Management division, which closed on December 1, 2016, was a material step forward in this process. CER will continue to sell down underutilized equipment and explore alternative sources of capital. The company is also seeing strong demand for oilfield rental equipment going into the winter drilling season which is a positive sign for the energy service division.

Canadian Equipment Rentals has two operating divisions: energy services and general rentals. The energy services division is engaged in the rental of surface rentals and accommodations to the Western Canadian oil and gas industry. The general rentals division is engaged in the rental of industrial and construction equipment.