New York, April 9 (FinanceEnquiry.com) - Dallas based Reddy Ice Holdings Inc, is planning to file for Chapter 11 bankruptcy protection this week.
The company might handover company's debt to a hedge fund holding, Centerbridge. Majority of company's new equity will be held by this investment firm. Another company in Canada, Arctic Glacier Inc, has also filed for bankruptcy, and it is expected that both the companies might merge at some later point.
The packaged-ice maker is under roughly $450 million in debt and its annual sales amount to $330 million . It expects its adjusted earnings measure to reduce to $44.5 million in 2011 from $51.8 million in 2010.
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