PaintSquare.com
      | Connect Follow us on Twitter Like us on Facebook
About | Subscribe | Advertise
  

 

Paint and Coatings Industry News

Main News Page


Universal Building Products Files for Bankruptcy

Thursday, August 5, 2010

Comment | More

Universal Building Products Inc., a $180 million supplier of accessories and equipment to the concrete construction industry, has filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code.

Universal Building's Formco and Accubrace operations will continue to operate in the ordinary course, while the balance of the company’s commercial and manufacturing operations will cease.

By pre-arrangement,  a venture known as UBP Acquisition Corp. (UBPAC)  has agreed to acquire substantially all assets, machinery, equipment, and intellectual property owned by Universal Building and several subsidiaries. After the sale, Universal Building is expected to file a Chapter 11 liquidation plan.

Universal filed its petitions Wednesday in the U.S. Bankruptcy Court for the District of Delaware in Wilmington.

According to court filings, the companies once operated "one of the largest privately-owned concrete form and accessory manufacturing businesses in North America," but those businesses have "significantly diminished" since 2007.

The company blamed its bankruptcy filings on "severe contractions in their liquidity position."

Universal Building Products was launched in 2006 with the merger of Universal Form Clamp and Don De Cristo Concrete Accessories. The company serves industrial, government, commercial and residential contractors; precasters; rebar specialists; and tilt-up engineers with more than 3,000 products that include professional forming systems and products, scaffolding and shoring products, construction chemicals, concrete forming products and accessories, formliner patterns, precast products, and tilt-up systems. 

The company, based in Orange County, CA, has more than 800 employees throughout its 16 manufacturing and distributing sites. Its products are sold at 1,800 dealers nationwide.

UBPAC is an entity formed by certain funds managed by Oaktree Capital Management LP and Solus Alternative Asset Management LP . The two firms are also the majority equity holders of Dayton Superior Corp., which provides specialized products for the nonresidential concrete construction market throughout North America.

UBPAC owns 100% of the senior secured debt of Universal and has bid its senior secured debt in connection with the acquisition. UBPAC has also agreed to provide a $6 million debtor-in-possession financing inside of bankruptcy in order to complete the §363 asset sale and Chapter 11 process.

Barring other offers in the interim, the bankruptcy process is expected to take 30 to 60 days.

   

Tagged categories: Bankruptcy; Concrete; Rebar; Universal Building Products

Comment Join the Conversation:

Sign in to our community to add your comments.

Corrosion Probe, Inc.
From Detection to Correction

Corrosion Probe, Inc. has the Most Concrete Coatings Experience and Expertise. Contact us today at
860-767-4402, www.cpiengineering.com


LS Industries
LS Blasters: Optimum Steel Cleaning Efficiency

Simplify surface prep with the precise shot control of LS Blasters. Our blast technology delivers optimum coverage and finish. 800-533-8008


BASF
New resins from BASF will have metals loving water:

Excellent corrosion resistance, low VOC, high gloss, thin films basf.us/industrialcoatings
polyorders@basf.com
800-231-7868


Armorthane
Polyurethane and Polyurea Sprayed-On Protection

Buy POLYURETHANE or POLYUREA coatings and spray equipment for years of proven chemical resistance, water- and weather-proofing, and structural improvements.


Sherwin-Williams
Heat-FLex® Hi-Temp 1200

Improved Corrosion
Resistance
Enhanced Durability
Faster Shop Throughput


Midsun Specialty Products
Stopaq 30+ Year Coatings

Use Stopaq corrosion prevention coatings on pipelines, field joints, tank chimes, structural steel and more. Learn more at www.midsunsp.com/stopaq


SAFE Systems, Inc.
Portable Blast &
Recovery Equipment

Trailer or skid mounted blast and recovery equipment. Systems designed for maximum versatility, environmental compliance
and overall cost savings.
Call 1-800-634-7278


WINOA Group
W Abrasives : Shot Peening Solutions

W Abrasives has developed an exclusive range of products to boost your peening and blasting performances.


Advanced Recycling Systems
ADVANCED RECYCLING SYSTEMS (ARS)

Recycling Machines, Dust Collectors, Rapid Deployment units are time-tested and approved for the rugged industrial environment. Contact ARS today!
(330)536-8210

 
 
 
Technology Publishing

The Technology Publishing Network

The Journal of Protective Coatings & Linings (JPCL) PaintSquare
Durability + Design Paint BidTracker

 
EXPLORE:      JPCL   |   PaintSquare News   |   Interact   |   Buying Guides   |   Webinars   |   Resources   |   Classifieds
REGISTER AND SUBSCRIBE:      Free PaintSquare Registration   |   Subscribe to JPCL   |   Subscribe to PaintSquare News
MORE:      About PaintSquare.com   |   Privacy policy   |   Terms & conditions   |   Site Map   |   Search   |   Contact Us
 

© Copyright 2000-2015, Technology Publishing / PaintSquare, All rights reserved
2100 Wharton Street, Suite 310, Pittsburgh PA 15203-1951; Tel 1-412-431-8300; Fax 1-412-431-5428; E-mail webmaster@paintsquare.com