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Dayton Superior first-day motions OK'd; stock trading to be suspended
By Caroline Salls
Pittsburgh, April 22 - Dayton Superior Corp. received court approval of its first-day bankruptcy motions, according to a company news release.
As previously reported, the company also received interim court approval of its 12-month $165 million debtor-in-possession credit facility from General Electric Capital Corp.
The other first-day motions will allow for continued payment of employee wages and other compensation, reimbursable employee expenses and medical and other benefits; the continued payment of supplier invoices on normal terms; the continuation of customer programs; and the continued use of Dayton Superior's cash collateral and cash management systems.
"The new credit line, combined with cash from operations, will enable us to maintain the inventories and supplies we need to continue to serve our customers," president and chief executive officer Eric R. Zimmerman said in the release.
"This authorization represents an important first step in our progress toward a final capital restructuring."
In addition, the company said trading of its common stock on the Nasdaq Stock Market will be suspended at the start of business on April 29.
In addition, the stock exchange said it will file a 25-NSE with the Securities and Exchange Commission to remove the company's securities from listing and registration, and Dayton Superior said it does not plan to appeal that decision.
Dayton Superior, a Dayton, Ohio-based provider of specialized products consumed in nonresidential concrete construction and concrete forming, filed for bankruptcy on April 19 in the U.S. Bankruptcy Court for the District of Delaware. Its Chapter 11 case number is 09-11351.
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