UPDATE 1-Reddy Ice says to file for bankruptcy protection ...

Thu Apr 12, 2012 6:29am EDT

April 12 (Reuters) ? Troubled packaged-ice maker Reddy Ice
Holdings Inc said it plans to file for Chapter 11
bankruptcy protection to restructure its balance sheet and has
the support of its majority lender and other creditors.

The company said it will make a bid for bankrupt Canadian
rival Arctic Glacier, which had also racked up massive debt
battling lawsuits and government investigations into the
packaged-ice market?s practices.

Reddy Ice said it has secured a $70 million
debtor-in-possession financing from Macquarie Bank Ltd and that
$50 million in exit financing will be available to the company
once it emerges from bankruptcy.

The company intends to file its bankruptcy petition in the
Northern District of Texas.

Tags:?arctic, aut, balance, cnt, content, cookie, debt, debtor, financing, government, holdings, lawsuits, possession, protection, reddy, sheet, typeof-social

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