Apollo-Backed Steel Mill Servicer Phoenix Files for Bankruptcy

Phoenix Services Topco LLC, an international service provider to steel producers, filed for Chapter 11 bankruptcy in an attempt to renegotiate customer contracts it says have become unprofitable due to recent economic pressures.

The Radnor, Pennsylvania-based company, which employs 2,600 people around the globe, sought Chapter 11 protection Tuesday in the US Bankruptcy Court for the District of Delaware with an agreement to borrow $50 million in new financing from its existing lenders and refinance $150 million in pre-bankruptcy debt.

Phoenix is controlled by an affiliate of Apollo Global Management Inc. following a 2017 acquisition.

Phoenix specializes in removing ...