Solus Announces Acquisition of Shares of Tervita Corporation

NEW YORK, July 20, 2018 (GLOBE NEWSWIRE) -- Solus Alternative Asset Management LP ("Solus"), in its capacity as investment manager of certain investment funds and/or accounts (the "Solus Funds"), today announced that the Solus Funds were deemed under applicable law to have acquired beneficial ownership of, and Solus was deemed under applicable law to have acquired control or direction over, 47,360,270 common shares ("Common Shares") of Tervita Corporation (the "Company") pursuant to the previously announced business combination between Tervita Corporation and Newalta Corporation, which was completed on July 19, 2018 and which resulted in the two corporations amalgamating pursuant to a plan of arrangement (the "Arrangement") and continuing under the name Tervita Corporation.  Following completion of the Arrangement, the Solus Funds have beneficial ownership of, and Solus has control or direction over, approximately 40.3% of the issued and outstanding Common Shares of the Company (on the basis of 117,557,112 Common Shares issued and outstanding on the date hereof).

The Solus Funds hold the Common Shares for investment purposes. The Solus Funds and Solus may, depending on market and other conditions and subject to applicable securities regulation, change their beneficial ownership of (or control or direction over) the Common Shares, whether in the open market, by privately negotiated agreements, or otherwise. Any transaction that the Solus Funds and Solus may pursue may be made at any time and from time to time without prior notice and will depend on a variety of factors, including, without limitation, the price and availability of the Company's securities, subsequent developments affecting the Company, its business and prospects, other investment and business opportunities available to the Solus Funds and Solus, general industry and economic conditions, the securities markets in general, tax considerations and other factors deemed relevant by the Solus Funds and Solus.

Solus will be filing an early warning report under the SEDAR profile of the Company at www.sedar.com. A copy may also be obtained by contacting Solus' Chief Compliance Officer at 212-284-4300. The head office of the Company is located at 1600, 140-10th Avenue SE Calgary, Alberta, T2G 0R1.

Solus Alternative Asset Management LP
410 Park Avenue, 11th Floor
New York, NY 10022