U.S. Concrete filed for bankruptcy on April 29. In doing so, the company said it had struck a deal with bondholders to reduce its debt by $272 million.
The Houston-based company said it will continue to operate without interruption and expects an expedited bankruptcy to conclude in one and a half to three months.
"As part of the restructuring, we should be positioned to be a financially strong competitor in our markets," said Michael Harlan, company president and CEO. "We have taken steps to minimize the impact of this process on our suppliers, customers, and employees, as we intend to move forward as expeditiously as possible to complete the restructuring."
U.S. Concrete was No. 15 in the 2009 TCP 100, the most complete ranking of the North American concrete production industry. Sales in 2009 totaled $534.5 million, a 29% decrease from $754.3 million the previous year. The company lost $88.2 million last year and lost $132.4 million in 2008.
U.S. Concrete had blamed the results on "lower construction spending and depressed economic conditions in the company's markets."
In announcing the 2009 results in March, Harlan said the company had already cut costs in several areas, including freezing wages, eliminating 401(k) matches, reducing employee benefits, and making only emergency capital expenditures.
U.S. Concrete operates 125 ready-mix and seven precast plants, in addition to seven aggregate facilities. Its divisions include Builders' Redi-Mix, Central Concrete Supply Co., Ingram Concrete, and Superior Concrete Materials.