United Site Services, Lenders Re-Engage Advisers for Debt Talks

(Bloomberg) -Platin Özkaynak supported portable toilet company United Site Services, according to information on the subject, as long as the performance continues to struggle with consultants.

The company suffers from PJT Partners Inc. And as he surrounded Milbank again, he touched a group of loans, who wanted the CenterView Partners to be defined to discuss a special issue. The group of lending, holding more than half of the debt, reported that Bloomberg had previously hired Akin Gump Strauss Hauer & Feld.

PJT representative refused to comment, Platinum, Milbank, CenterView and Akin representatives did not respond to their requests for comments.

United Site Services fell to $ 222 million after the second quarter results, where income fell by 11% annually. Bloomberg reported that it has about $ 69 million liquidity in a quarter.

Last August, the company signed a debt restructuring with a temporary lending group recommended by Akin. The agreement required the injection of new money to the company and changed the priority of repayment to make creditors contain a new second loan. Out of the negotiating group, lenders received worse treatment.

The temporary lending group said that the second output holders, which are not part of the consortium, would probably not improve little or never heal in case of a restructuring or default.

Platinum, who bought the USS in 2017, has performed better than expected after the pandema, and transferred the ownership of the company to a continuation fund in 2021.

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