United Site Files for Chapter 11 Bankruptcy in New Jersey (1)

Portable toilet provider United Site Services Inc.filed for Chapter 11 bankruptcy protection in New Jersey, according to a court filing.

• Estimated liabilities: $1b-$10b
• Estimated assets: $1b-$10b
• The company has signed a restructuring support agreement with an ad hoc group of lenders and will reduce net debt by $2.4b, according to a statement
  • Will maintain normal operations without disruption throughout this process
  • Company has received commitments for $120m in debtor-in-possession financing from group members
• Company has begun to solicit votes on a pre-packaged plan of reorganization and has obtained the support of more than 75% of voting creditors
  • Upon confirmation, ...