Dayton, Ohio-based concrete reinforcement supplier Dayton Superior said this week it filed for Chapter 11 bankruptcy protection and will receive $165 million in financing to continue its restructuring.
The company said the "unprecedented tight credit markets" led it to choose to file for bankruptcy, but that it hopes to maintain normal business operations while in bankruptcy.
"We intend to fulfill our commitments to our employees, customers and suppliers without interruption while we restructure our debt," CEO Eric R. Zimmerman said in a statement. "It is our goal to emerge from reorganization expeditiously as a stronger company with greater flexibility, lower debt and a sustainable long-term capital structure."
GE Capital, the financial services unit of General Electric, agreed to provide the $165 million in financing. The new capital will replace the company's existing $150 million credit facility and will provide the company with short-term cash to continue reorganizing.
Dayton listed assets of $286 million against liabilities of $413 million, according to records filed in federal court.