Reddy Ice Enters Ch. 11 With Plan To Acquire Arctic Glacier

Law360, New York (April 12, 2012, 1:55 PM EDT) -- Packaged ice leader Reddy Ice Holdings Inc. filed for Chapter 11 protection Thursday, setting in motion plans to cut down its $471 million debt through an investment deal with hedge fund Centerbridge Partners II LP and the acquisition of bankrupt competitor Arctic Glacier Income Fund.

The move confirms reports earlier this week that the ice company was nearing a deal that would transfer an ownership stake to New York-based Centerbridge.

Under a proposal detailed to investors Thursday, Centerbridge would overtake all voting rights in the restructured...
To view the full article, register now.