BW obtains waiver of default on pension funding; credit agreement amended with reserve requirement

Babcock & Wilcox Enterprises, Inc.

Lenders waived event of default for missing minimum funding of B&W Pension Plan for plan year ending Dec 31, 2023.
Company must maintain reserve equal to aggregate required pension contributions for two plan years; reduces to one on refinancing.
PBGC, Axos, and second lien holder entered into lien subordination agreement governing liens and proceeds.
Board amended bylaws to adopt universal proxy rules, exclusive forum provisions, and other governance updates.

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