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United Site Services reached a deal with financial stakeholders to cut $2.4 billion debt and secure new financing. The agreement ensures vendors and creditors are paid in full, while a pre-packaged reorganization plan backed by 75% of creditors positions USS for future growth and operational stability.
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United Site Services (USS), the leading provider of portable sanitation and site services in the U.S., announced it has reached an agreement with its key financial stakeholders to position the company for sustainable success. The deal marks a turning point in USS’s restructuring journey, ensuring stability and growth opportunities.
Key Highlights
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Debt Reduction: The agreement will reduce net debt by $2.4 billion, significantly improving the company’s balance sheet.
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Financing Commitments: USS has secured $120 million in debtor-in-possession financing, up to $480 million in equity financing, a $195 million five-year ABL credit facility, a $100 million revolving credit facility, and $300 million in exit financing from existing lenders.
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Operational Continuity: The company emphasized that vendors, landlords, and unsecured creditors will remain unimpaired and paid in full, ensuring business continuity.
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Reorganization Plan: USS expects to confirm a pre-packaged plan of reorganization with support from more than 75% of eligible creditors, highlighting strong stakeholder confidence.
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Future Outlook: The agreement strengthens USS’s liquidity and positions it to capitalize on growth opportunities in infrastructure and construction services.
Sources: PR Newswire, Bloomberg, 9fin
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