Reddy Ice Holdings, Inc. (RDDY.PK) announced that it has filed a voluntary Plan of Reorganization under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Northern District of Texas to complete its previously-announced plan to strengthen its balance sheet and ensure strong financial footing for the future.
The company noted that it filed with the support of a majority of its lenders and major creditors and intends to continue operations uninterrupted.
The Company has secured commitments from Macquarie Bank Limited for $70 million in debtor-in-possession financing to fund, among other things, the Company's working capital needs while in Chapter 11, and $50 million in exit financing to be available to the Company upon emergence from Chapter 11 which is expected to be in 45 days or less.
Reddy Ice said that it will file a series of first day motions to allow the Company to continue to operate in the ordinary course during the confirmation process. The Company is seeking approval in the United States Bankruptcy Court for the Northern District of Texas to continue the payment of wages, salaries and other employee benefits, and to uphold all of its commitments under existing customer programs.
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