United Site Services, which owns 350,000 portable restrooms, filed for bankruptcy in New Jersey on Monday with a plan to eliminate $2.4 billion in debt and hand control to the company’s lenders.
USS, which is owned by private equity firm Platinum Equity Partners, said that a majority of the company’s lenders have agreed to support the restructuring plan. Despite the high level of support, one large holdout creditor opposes the plan and could pursue a path of “delay and litigation,” according to USS’ court filings.
It still doesn’t make sense to me… Surely you’d notice you’re at overcapacity somewhere around 1 billion in excess shit houses.
Well it was owned by a private equity company, maybe they were running some kind of scheme to make it look like the company was worth more than it was on paper which had something to do with why it was so overleveraged.
Or they used the company to dump debt and erase it.
THAT I buy.