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Comerica, ERRG Sign $10MM Credit Agreement

September 30, 2013, 07:13 AM
Filed Under: Specialty Industries
Related: Comerica Bank

Engineering/Remediation Resource Group (ERRG) and Comerica Bank have entered into a two-year agreement establishing a banking relationship which will provide for working capital needs on favorable terms and conditions. The agreement has an expiration date of September 2015.

"I am extremely pleased that the terms and conditions were negotiated to everyone's satisfaction as this provides security for ERRG over the next two years. It allows us to focus on managing other critical areas of the business without worrying about uncertainties surrounding working capital" said James Hudson, CFO of ERRG.

The total for all lines of credit in this agreement is approximately $10 million. There is a provision to allow for acquisition financing should appropriate targets of opportunity present themselves.

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