U.S. Concrete Inc., filed for bankruptcy protection today as a part of their plan to restructure and cut debts by $272 million.
The Chapter 11 filing is the beginning of a plan that involves holders of the Houston-based concrete manufacturer’s 8.325 percent senior subordinated notes due in 2014 being able to exchange them for equity.
Already existing shareholders will be given the opportunity to buy 15 percent of the equity of the reorganized company.
To continue operation under bankruptcy protection, the company requested court approval of an $80 million debtor-in-possession credit facility led by JPMorgan.
The company was in danger of being delisted from the NASDAQ exchange this March, but received a waiver allowing it to defer an April 1 interest payment until April 30. This plan comes after hiring Lazard Freres & Co. and AlixPartners as financial advisers.
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