Concrete construction products supplier and rental specialist Dayton Superior recently warned investors that it may not be able to resolve a severe debt crisis and may not be able to find a buyer.
The Dayton, Ohio-based company, the leading North American provider of specialized products consumed in non-residential concrete construction and the largest concrete forming and shoring rental company serving the domestic, non-residential construction market, had hired Morgan Stanley & Co. in January to advise it on refinancing or restructuring its debt. However, Dayton Superior recently ended its relationship with Morgan Stanley and began working with Moelis & Co.
In a statement saying the company has amended terms on a $150 million revolving credit facility with a lender, Dayton Superior said it could not provide assurance that an exploration of “strategic alternatives” would result in a transaction or that its debt would be restructured.
Dayton Superior went public in late 2006, however its shares closed Friday at $0.42.
Dayton Superior is No. 30 on the RER 100.