Versar’s CEO Tony Otten said, “We are progressing in a coordinated and structured manner with the goal of returning to growth and profitability. Versar continues to win new contract and task order awards and perform superior work for our customers. We fully expect Versar to build significantly on its recognized leadership in environmental, engineering and professional services, particularly in austere environments.”
According to a related 10-Q filing, Versar is in negotiations with Bank of America regarding the resolution of defaults under certain covenants of its current facility. The company is also in discussions with other lenders regarding the establishment of a new, replacement credit facility. These negotiations may result in an amendment to the current credit facility agreement, or entry into a new credit facility with another party.
Springfield, VA-based Versar is a publicly-traded global project management company.