Posted on Friday, April 13th, 2012 at 7:29 pm
The Dallas-based packaged ice maker, Reddy Ice Holdings Inc., filed for Chapter 11 bankruptcy protection on Thursday. Reddy Ice says its business has been hurt by increased commodity costs, softer economic conditions, and heavy debt levels.
Reddy Ice plans to continue operations and will pay all unsecured trade vendors in full. The ice company is hoping for a quick restructuring process that will get them out of bankruptcy in 45 days or less.
Macquarie Bank Ltd. has loaned Reddy Ice $70 million in debtor-in-possession financing and will make an additional $50 million available once it exits bankruptcy protection. Last year, the company lost a total of $69.5 million.
If you are struggling financially and want to know if Chapter 11 bankruptcy is right for you, contact the Chapter 11 bankruptcy protection lawyers of the Law Office of Russell Van Beustring, P.C. at 713-973-6650.