Source: U.S. Concrete Inc., Houston
A U.S. Bankruptcy Court's granting of a request to confirm a Plan of Organization, converting $285 million in senior notes to equity shares, will likely enable U.S. Concrete to emerge from Chapter 11 proceedings by the end of August. CEO Michael Harlan credits the plan's expedited confirmation to customers, vendors, banks, employees and advisors, calling the ruling a significant milestone in our restructuring process÷With a healthier balance sheet, we can renew our focus on managing our business and servicing customers.