The Westborough, Massachusetts-based company, which operates roughly 350,000 portable restrooms and employs 3,000 people, said a majority of its lenders have agreed to support the proposed restructuring. However, court filings indicate that one significant creditor opposes the plan and could seek to slow the process through litigation.
Founded more than a decade ago, United Site Services’ clientele spans major sporting events like the Super Bowl, federal agencies including FEMA, music festivals, and residential construction projects. The company provides a range of products from standard single-user portable toilets to high-end mobile trailers equipped with running water, electricity, and air conditioning. It also offers services such as waste transport, cleaning, maintenance, and temporary fencing and barricades.
The bankruptcy plan calls for the full repayment of senior lenders while converting $2.4 billion of lower-priority debt into equity, effectively wiping out existing equity ownership, including that of private equity firm Platinum Equity Partners. Platinum, which acquired United Site Services in 2017, had attempted to sell the company in 2021 but instead retained ownership through a new fund. Under the proposed restructuring, Platinum would lose its stake entirely.
The company said it accumulated unsustainable debt over years of expansion and acquisitions. In recent years, high inflation, rising labor and fuel costs, and a slowdown in U.S. residential construction eroded revenues, particularly since construction sites represent a major portion of United Site Services’ business.
To support the bankruptcy process, the company has secured a $120 million debtor-in-possession loan from existing lenders and plans to raise additional post-bankruptcy capital, including a $480 million equity rights offering and a $300 million exit loan. United Site Services aims to complete its court-approved restructuring by February 2026.
The case is United Site Services Inc., U.S. Bankruptcy Court for the District of New Jersey, No. 25-23630.