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Benzinga

Business

Anusuya Lahiri

EXCLUSIVE: Vivakor Sheds Water Transport Business To Refocus On Oil, Slashes $59 Million Debt

VIVK

Vivakor (NASDAQ:VIVK) on Wednesday announced the sale of the non-core business units of Meridian Equipment Leasing, LLC, and Equipment Transport, LLC, subsidiaries of Vivakor Transportation, LLC, an indirect wholly-owned subsidiary of the company.

Vivakor Chair and CEO James H. Ballengee said that the net consideration of approximately $11 million and the elimination of approximately $59 million in debt significantly improved the company’s credit metrics and strengthened its capital structure.

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