PITTSBURGH (Feb. 13, 2015) — Liberty Tire Recycling Holdco L.L.C. and its subsidiaries have reached an initial agreement with their financial sponsor, bondholders and banks for a financial restructuring.
In process for the past several months, the restructuring will reduce Liberty Tire Recycling's ongoing debt obligations substantially, the company announced in a Feb. 12 press release.
The Pittsburgh-based company said the initiative will result in a stronger balance sheet, more financial flexibility, a more focused corporate strategy and a solid customer base.
“This restructuring will allow us to continue to make significant capital investments in our plants and equipment, capitalize on new market opportunities and continue to grow,” said Ron Carlson, chief financial officer for Liberty Tire.
Liberty Tire said it expected the restructuring to be completed within the next 60 to 90 days. It disclosed no further details of the action.
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