United Site Services, Lenders involved Advisors for Debt Conversations

(Bloomberg) Platinum stock-backed portable toilet business United Site Services works with advisors, as its performance still struggles, according to people with knowledge of the matter. The cash -trapped company has PJT Partners Inc. and Milbank got involved again, while a group of lenders used Centerview Partners for debt advice, people said who asked not to be identified on a private matter. The money shooting group, which owns more than half the debt, previously rented Akin Gump Strauss Hauer & Feld, and Bloomberg previously reported. A PJT representative refused to comment, while representatives of Platinum, Milbank, Centerview and AKIN did not respond to requests for comment. United Site Services is low on cash after poor results of the second quarter in which revenue year-on-year fell by 11% to $ 222 million. It also had about $ 69 million in liquidity in the quarter, Bloomberg reports. Last August, the company had a restructuring of debt with an ad hoc group lenders, which was also advised by AKIN. The agreement required new money to be injected from the company and changed the priority of the repayment of creditors to include a new second loan. Borrowers who left the negotiating group received worse treatment. The ad hoc lender group indicated that second-out containers, who are not part of the consortium, are likely to get little to no recovery in the event of a restructuring or default, some of the people said. Platinum, which acquired USS in 2017, transferred its ownership of the company to a continuation fund in 2021, as it was better than expected in the aftermath of the pandemic. More stories like these are available on Bloomberg.com © 2025 Bloomberg LP