Home / Business and Economy / Portable Potty Giant Files Bankruptcy with $2.4B Debt
Portable Potty Giant Files Bankruptcy with $2.4B Debt
30 Dec
Summary
- United Site Services filed for bankruptcy in New Jersey on Monday.
- The company plans to eliminate $2.4 billion in debt and transfer control.
- High inflation and housing downturn strained USS's finances.
United Site Services (USS), the largest provider of portable sanitation systems in the U.S., filed for bankruptcy in New Jersey on Monday. The company seeks to eliminate $2.4 billion in debt through a restructuring plan that will transfer control to its lenders. USS's financial struggles were intensified by rising inflation and a slowdown in residential construction, which impacted revenues from key customers like construction sites.
The proposed plan has the support of a majority of lenders but faces opposition from a significant holdout creditor. If approved, the restructuring would fully repay senior lenders and convert $2.4 billion of subordinate debt into equity. USS plans to fund its bankruptcy with a new $120 million loan and aims to complete the court-supervised process by February 2026.
Owned by Platinum Equity Partners since 2017, USS has operated under private equity ownership for over a decade. The company, which serves clients ranging from the Super Bowl to FEMA, offers a wide array of products, including portable toilets and high-end mobile trailers, alongside services like waste transport and temporary fencing. Platinum Equity's investment will be entirely eliminated in this restructuring.
