On April 19, 2009, Dayton Superior Corporation filed for bankruptcy in the United States Bankruptcy Court for the District of Delaware. According to Dayton’s bankruptcy petition, the Debtor has assets totaling $288 million and liabilities of $406 million. As stated in Dayton’s Declaration in Support of First Day Motions, Dayton “manufactures, markets and distributes specialized products consumed in non-residential concrete construction.” Dayton offers over 1,700 products under various brand names including Dayton/Richmon, Aztec, Symons, BarLock, among others. Through its brand names, Dayton provides the concrete industry with wall-forming products, bridge deck products and bar supports.
Events Leading to Bankruptcy
Immediately prior to bankruptcy, Dayton’s secured debt consisted of a term loan of $103 million, a revolving credit agreement of $110 million and a letter of credit totaling approximately $9 million. Dayton also issued $161 million in senior secured notes that matured in 2009. According to Dayton’s Declaration, towards the end of 2008 Dayton began negotiations with its lenders and noteholders in an effort to restructure its debt. Although the parties agreed to extend the maturity dates on Dayton’s obligations to April 20, 2009, the parties could not reach an agreement to extend the maturity dates any further. Eventually, Dayton found itself with reduced trade credit and inadequate cash levels. In order to remain operational, Dayton filed its bankruptcy petition.
Ten Largest Unsecured Creditors
Dayton list the following companies as holding the ten largest unsecured claims (trade debt):
- Keystone Steel and Wire … $770k
- Gerdau Ameristeel … $514k
- Equipment Depot … $390k
- Valley Machining … $305k
- Ulma Form Works … $263k
- De Acero … $262k
- Olympic Panel Products … $202k
- Kerneos Inc. … $169k
- Monarch Cement … $142k
- Alsina Forms … $133k.
This bankruptcy proceeding is before the Honorable Brendan L. Shanon.