Attached files
| file | filename |
|---|---|
| 8-K - U.S. CONCRETE, INC. | v191715_8k.htm |
| EX-2.2 - U.S. CONCRETE, INC. | v191715_ex2-2.htm |
| EX-2.1 - U.S. CONCRETE, INC. | v191715_ex2-1.htm |
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NEWS
RELEASE
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Contact:
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Curt
Lindeman, General Counsel
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U.S.
Concrete, Inc.
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713-499-6222
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FOR
IMMEDIATE RELEASE
COURT
CONFIRMS U.S. CONCRETE’S PLAN OF REORGANIZATION
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·
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Emergence
from chapter 11 expected by the end of August
2010
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·
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Votes
yield overwhelming support from creditors and equity
holders
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HOUSTON,
TX – July 30, 2010 – U.S. Concrete, Inc. (OTCQB: RMIXQ.PK) today announced that
the U.S. Bankruptcy Court granted the Company’s request to confirm its Plan of
Reorganization, paving the way for the Company’s emergence from chapter 11
proceedings. The voting reflected overwhelming support for the Plan,
with over 99% of creditors and over 85% of shareholders who submitted ballots,
voting to approve the Plan.
“Today’s
ruling represents a significant milestone in our restructuring
process. We are very pleased with the clear and convincing support
provided by our creditors and shareholders,” said Michael W. Harlan, President
and Chief Executive Officer of U.S. Concrete. “We would not have been able to
have our plan confirmed in such an expedited manner without the incredible
effort and commitment of our team of employees and advisors, and the continued
support of our customers, vendors and banks. With a healthier balance
sheet, we can renew our focus on managing our business and servicing our
customers.”
As
previously announced, the Company’s Plan provides for the conversion of
approximately $285 million of principal amount of 8.375% Senior Subordinated
Notes due 2014 (the “Existing Notes”) into equity of the reorganized
company. Trade creditors are currently being paid in full in the
ordinary course and are unaffected by the restructuring. The Company
currently expects to emerge from chapter 11 by the end of August,
2010.
Information
about the restructuring is available at the Company’s website,
www.us-concrete.com or via the Company’s restructuring line at (888)
369-8931.
About
U.S. Concrete
U.S.
Concrete services the construction industry in several major markets in the
United States through its two business segments: ready-mixed concrete and
concrete-related products; and precast concrete. The Company has 125 fixed
and 11 portable ready-mixed concrete plants, seven precast concrete plants and
seven producing aggregates facilities. During 2009 (including acquired volumes),
these plant facilities produced approximately 4.5 million cubic yards of
ready-mixed concrete and 3.0 million tons of aggregates. For more
information on U.S. Concrete, visit www.us-concrete.com.
1
CAUTIONARY STATEMENT
REGARDING FORWARD-LOOKING STATEMENTS
This
press release contains various forward-looking statements and information that
are based on management's beliefs, as well as assumptions made by and
information currently available to management. These forward-looking statements
speak only as of the date of this press release. The Company disclaims any
obligation to update these statements and cautions you not to rely unduly on
them. Forward-looking information includes, but is not limited to: the
completion of the Company's restructuring including the outcome and impact on
our business of the proceedings under Chapter 11 of the Bankruptcy Code, the
ability of the Company to satisfy closing conditions under the
agreements-in-principle and the plan of reorganization and related documents,
satisfaction of the terms and conditions to the receipt of the Company's exit
financing, the timing of the Company's emergence from Chapter 11 proceedings and
the continued support of our customers, vendors and banks. Although U.S.
Concrete believes that the expectations reflected in such forward-looking
statements are reasonable, it can give no assurance that those expectations will
prove to have been correct. Such statements are subject to certain risks,
uncertainties and assumptions, including, among other matters: general and
regional economic conditions; the level of activity in the construction
industry, the ability of U.S. Concrete to complete acquisitions and to
effectively integrate the operations of acquired companies; development of
adequate management infrastructure; departure of key personnel; access to labor;
union disruption; competitive factors; government regulations; exposure to
environmental and other liabilities; the cyclical and seasonal nature of U.S.
Concrete's business; adverse weather conditions; the availability and pricing of
raw materials; and general risks related to the industry and markets in which
U.S. Concrete operates. Should one or more of these risks materialize, or should
underlying assumptions prove incorrect, actual results may vary materially from
those expected. These risks, as well as others, are discussed in greater detail
in U.S. Concrete's filings with the Securities and Exchange Commission;
including U.S. Concrete's Annual Report on Form 10-K for the year ended December
31, 2009 and its Form 10-Q for the three months ended March 31,
2010.
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