Dayton Superior Corp. (fka DSUPQ)

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Dayton Superior gets court approval for borrowing terms

By
Staff Report
10:48 AM Monday, June 8, 2009

WASHINGTON TWP., Montgomery County — Dayton Superior Corp., which entered bankruptcy reorganization in April, said a U.S. Bankruptcy Court judge has approved a proposal to allow the company to borrow money at a reduced rate of interest.

The court in Wilmington, Del., approved an amendment to Dayton Superior’s existing bankruptcy borrowing authorization of up to $165 million to continue operations during the court-supervised reorganization, company management said. GE Capital, financing arm of General Electric Co., is providing the credit line to Dayton Superior.

Dayton Superior provides products used for concrete construction of airports, highways, stadiums, schools and other nonresidential products.

In Chapter 11, a company operates under U.S. Bankruptcy Court protection from creditors while continuing to operate and developing a plan to reorganize its finances.

Dayton Superior entered reorganization after the recession caused a sharp decline in new construction. The company has declined to predict when it will emerge from the court-supervised process to resume normal operations.