Global performance improvement solutions provider GP Strategies Corporation (NYSE:GPX) announced that it has achieved a significant reduction in its outstanding long-term debt under its Credit Agreement as of December 31, 2019. During the fourth quarter of 2019, the Company used cash flow generated from operations and proceeds from the previously announced sale of its tuition program management business to make net repayments of approximately $30 million of its outstanding borrowings under its revolving credit facility. The Company's outstanding debt was approximately $82.9 million as of December 31, 2019, down from $113.2 million as of September 30, 2019 and $116.5 million as of December 31, 2018.
"I'm pleased to report that the Company has further strengthened its balance sheet by reducing its leverage during the fourth quarter of 2019," stated Scott N. Greenberg, Chief Executive Officer of GP Strategies. "We continue to execute on our strategic plan and the improved cash flow and debt position provide the Company great flexibility in 2020."