Porta-Potty Company Sinks Into Bankruptcy to Slash Debt Load (1)

United Site Services Inc., a provider of portable toilets owned by private equity firm Platinum Equity, filed for bankruptcy with plans to wipe out $2.4 billion in debt and hand the company to senior lenders.

Before filing its Chapter 11 petition in New Jersey, the company negotiated a deal with lenders that hold more than 92% of the United Site’s “second-out” term loans, according to a court filing. That deal would make up the bulk of the debt reduction by exchanging more than $1.7 billion worth of those loans for 98% of the equity in United Site ...