Dayton Superior Corp., leading North American provider of specialized products for the nonresidential concrete construction market and the largest concrete forming and shoring rental company serving the domestic, non-residential construction market, last week said it has emerged from Chapter 11 bankruptcy protection, effective immediately.

The company filed for protection in April, listing assets of $286 million with liabilities of $413 million. A federal court in Delaware approved its reorganization plan October 14. As part of the agreement, the company agreed to close its $110 million exit financing facility and new $100 million term loan.

“All of us at Dayton Superior are very pleased to be out of Chapter 11,” said Eric Zimmerman, Dayton Superior president and CEO. “We set four goals when we began this process: significantly reduce our debt, maintain business as usual through the reorganization, create the most value for our creditors, and emerge in an expedited manner with a sustainable capital structure. We believe we have accomplished all those.”

Under the plan, $161 million of prepetition Senior Subordinated Notes were converted into new stock of the reorganized company and $70 million debt obligations were paid down, resulting in a total reduction of more than two-thirds of the company’s pre-petition debt.

“Through this financial reorganization, we have substantially reduced the debt burden that severely restricted the company for nearly a decade,” Zimmerman said. “Our exit facility will provide more than adequate liquidity to meet all our working capital and capital investment needs. Our conservative capital structure provides the capacity to endure an extended period of economic weakness and still take advantage of investment opportunities that come our way. We also took advantage of the reorganization process by rationalizing our physical infrastructure and consolidating regional operations. As a result, we are a stronger, better-integrated operation today, with a more efficient distribution and rental operations footprint.”

Based in Dayton, Ohio, Dayton Superior Corp. is No. 33 on the RER 100.