Figures here come from court filings, company releases and third-party reporting, and each is attributed. Verify anything time-sensitive against the live docket before relying on it.
Key Takeaways
- USS and 22 debtors filed in the District of New Jersey on December 29, 2025.
- The company described a $2.4 billion debt reduction, a $120 million DIP and a $480 million rights offering.
- Existing equity was diluted by new share issuances; a final ownership table was not published in the case filings.
- The plan took effect March 3, 2026, and one debtor case remained open in April 2026.
Who United Site Services Is and How the Case Began
The business
According to the first-day declaration, USS provides portable sanitation and related site services: portable restrooms, hand hygiene, temporary fencing, trailers and roll-off dumpsters. It reported:
- About 350,000 portable restrooms
- More than 70,000 customers across 47 states
- Construction as over 70% of revenue
Service runs on routes, with technicians reporting to local home branches. The first-day declaration does not state a total branch count. A May 2026 company release described more than 140 locations.
Ownership and the 2024 recapitalization
Platinum Equity acquired USS in 2017, and announced a continuation-fund transaction in December 2021 with terms undisclosed.
In 2024, USS exchanged most of its secured and unsecured funded debt for new instruments. The first-day declaration says it raised $300 million of new capital.
Debt-reduction figures differ by source. The August 2024 company release cited more than $150 million of reduction. The later declaration describes roughly $200 million through discounted repurchases. Treat both as reported figures.
The new structure included First-Out and Second-Out term loans and Third-Out notes, with maturities mostly pushed to April 2030. It bought time but did not fix the leverage.
Why United Site Services Filed for Chapter 11
Debtor-stated causes
The first-day declaration points to weak construction spending, pricing and competitive pressure, and inflation in equipment, supplies, fuel, maintenance and labor. Pricing did not fully offset those costs, and floating-rate interest worsened liquidity. These are the debtors' explanations, not independent findings.
The road to filing
- June 2025: USS worried it might lack cash for September interest.
- September 30, 2025: It signed forbearance agreements with requisite lenders.
- December 28, 2025: The restructuring support agreement (RSA) was executed.
- December 29, 2025: Twenty-two debtors filed.
The debtors called CastleKnight the only notable holdout from the 2024 deal and alleged it meant to delay or litigate the plan. Those are debtor allegations.
The debt picture
The debtors' petition-date schedule listed the following:
| Instrument | Amount ($m) |
|---|---|
| 2021 ABL Facility | 153.2 |
| 2024 First-Out (notes, revolver, term) | 546.6 |
| 2024 Second-Out Term Loans | 1,773.3 |
| 2024 Third-Out Notes | 193.8 |
| 2021 Amended Term Loans | 46.2 |
| Total secured, incl. guarantees | 2,713.2 |
| 2021 Amended Unsecured Notes | 133.0 |
| Total, incl. guarantees | 2,846.2 |
The company called the reduction $2.4 billion of "net debt" in December and "funded debt" in March. Neither figure is readily reconcilable to a published post-emergence balance, so a single post-emergence total is not stated here.
Chapter 11 was positioned as a balance-sheet restructuring to keep operations running, not a liquidation.
How the Restructuring Plan Treated Creditors and Equity
Support and financing
USS announced that more than 75% of eligible creditors backed the plan before voting. A $120 million DIP facility, fully backstopped by Ad Hoc Group members, funded the case, with a first draw of $62.5 million. The plan also provides Exit Term Loan, Exit RCF and Exit ABL facilities, and the company said existing lenders who signed the RSA would fund a $480 million rights offering.
Treatment by group
- Administrative, priority non-tax, other secured: cash in full or unimpaired treatment.
- ABL and First-Out claims: paid in full in cash.
- Class 6A Second-Out and 6B Amended Term Loan: impaired and entitled to vote, with first-lien treatment subject to intercreditor turnover. No realized recovery figure is readily available.
- Class 7 unsecured funded debt: a pro rata share of a defined recovery pool. No actual percentage has been reported.
- Class 8 general unsecured, including trade: paid in full in cash or unimpaired, per plan terms. That is plan treatment, not proof of payment.
- Existing equity: diluted by plan, rights-offering and other new-share issuances. No final ownership percentage is readily available.
Voting and CastleKnight
The February 6, 2026 voting declaration reported acceptance in Classes 6A, 6B and 7. Class 7 alone had 158 accepting ballots totaling about $1.77 billion. The confirmation order states all voting classes accepted.
After mediation on January 13, 2026, CastleKnight settled. The deal covered its Third-Out and Amended Unsecured Notes treatment, governance rights and support obligations, plus a 6.24953622974% rights-offering backstop allocation. That is a backstop share, not an ownership stake.
What changed
Economic control moved from prepetition equity toward participating lenders, who supplied new capital while funded debt fell.
Case Timeline, Emergence, and Current Status
| Date | Event |
|---|---|
| Aug 22, 2024 | Out-of-court recapitalization announced |
| Sept 30, 2025 | Forbearance agreements |
| Dec 28-29, 2025 | RSA signed; petitions filed |
| Dec 30, 2025 | Combined hearing process scheduled |
| Feb 6, 2026 | Voting declaration filed |
| Feb 27, 2026 | Confirmation order entered |
| Mar 3, 2026 | Plan effective date |
| Mar 5, 2026 | Company announces recapitalization complete |
| Apr 2026 | Final decree closes 21 affiliate cases |
Confirmation, Effectiveness, and Final Decree
These are three separate steps:
- Confirmation is court approval under Section 1129
- Effectiveness is when the plan becomes binding (March 3, 2026 in this case)
- A final decree follows full administration of the estate under Bankruptcy Rule 3022
In April 2026, the court closed 21 affiliate cases. PECF USS Intermediate Holding II Corporation, Case No. 25-23631, stayed open for claims reconciliation and other matters. That is why a lead case can remain active after emergence.
Post-Confirmation Docket
The Verita docket lists a first omnibus claims objection and an order sustaining it, notices of satisfied and amended claims, and later claim-specific objections. One order amends the deadline for OMJ LLC Claims 58 and 63, with a hearing adjourned to December 3, 2026. Check the docket for anything newer.
Professionals tracking this case past the emergence headline can use BankruptcyData, which offers court, docket, stakeholder and restructuring-outcome intelligence across 600k+ records spanning 45+ years.
What the United Site Services Case Means for Stakeholders
Trade creditors and suppliers
Trade payables sit within Class 8 general unsecured claims. Under section 502(a), a filed claim is deemed allowed unless a party objects.
Administrative expenses fall under section 503 and get second priority under section 507(a)(2). A prepetition invoice is not automatically an administrative expense.
Lenders and investors
ABL and First-Out holders received cash treatment. Second-Out and Amended Term Loan holders got first-lien treatment, and Class 7 holders received a pro rata recovery. Intercreditor terms and the CastleKnight settlement shaped distributions.
Platinum and prepetition equity
Platinum was the prepetition owner, but historical sponsorship does not establish post-emergence ownership. The company said it partnered with an investor group of former lenders.
What to monitor
- Claims objections and reconciliation
- Distributions to impaired classes
- Governance changes
- Exit financing terms
- Refinancing or asset sales
- Operating performance after emergence
Frequently Asked Questions
What happened to United Site Services?
USS and 22 affiliates filed Chapter 11 on December 29, 2025. A lender-supported plan was confirmed February 27, 2026, and became effective March 3, with new capital and reduced debt. Claims work continues in one open case.
Is United Site Services a real company?
Yes. It is a U.S. portable sanitation and site-services business that kept operating through the case. The restructuring concerned its debt and debtor affiliates, not a shutdown.
Who currently owns United Site Services?
Existing equity was diluted by new issuances, and the company says an investor group of former lenders partnered in the recapitalization. Public filings do not list a holder-by-holder ownership breakdown.
