The plan was accepted by “an overwhelming majority of Dayton Superior’s creditors,” said the nonresidential concrete construction products firm.
“We are pleased that the court has confirmed our plan of reorganization, clearing the way for us to officially exit bankruptcy on or about Oct. 26,” Eric Zimmerman, Dayton Superior president and chief executive, said in the company’s statement.
The Washington Twp.-based company sought bankruptcy protection in April after warning investors a month earlier that it might not resolve its debt. At the time, the company had about 140 employees locally and about 1,200 nationally.
Earlier in 2009, the company had retained Morgan Stanley & Co. to advise on refinancing or restructuring debt. Two months later, the company said it was ending its relationship with Morgan Stanley and working instead with another firm, Moelis & Co.
At its April filing, the company listed assets of $286 million against liabilities of $413 million.
Under its plan, Dayton Superior will eliminate $230 million in debt and annual interest payments will be reduced by about $24 million, the company said.
A message seeking comment from Zimmerman was not returned Thursday.