Court Confirms Dayton Superior's Plan of Reorganization

Dayton Superior Corporation (Pink Sheets: DSUPQ) (the "Company"), the leading North American provider of specialized products for the nonresidential concrete construction market, today announced that the U.S. Bankruptcy Court for the District of Delaware in Wilmington has confirmed the Company's Plan of Reorganization (the "Plan"). The Plan was accepted by an overwhelming majority of Dayton Superior's creditors.

"We are pleased that the court has confirmed our Plan of Reorganization, clearing the way for us to officially exit bankruptcy on or about October 26th," said Eric R. Zimmerman, Dayton Superior's President and Chief Executive Officer. "We want to thank our employees, customers, distributors, and suppliers, who supported us during this process as well as our new financial sponsors, Oaktree Capital Management, L.P. and Solus Alternative Asset Management LP; and our exit lenders -- Bank of America, UBS, Key Bank, Silverpoint and Davidson Kempner."

Under the Plan as confirmed by the court, Dayton Superior will eliminate $230 million in debt, or approximately 65% of its total debt at filing, and annual interest payments will be reduced by approximately $24 million. All existing common shares in the Company are being cancelled and will receive no recovery. The Company will emerge with a new $110 million, four-year revolving credit facility and a $100 million term loan.

"This financial reorganization has been transformative for Dayton Superior," said Zimmerman. "We have substantially reduced the debt burden that the Company has labored under for nearly a decade and positioned the Company for a bright future. The new financing will provide more than adequate liquidity to meet all of our working capital needs, including future capital investments, and the capacity to endure an extended weak economic environment."

Under the confirmed Plan, $170 million prepetition senior subordinated notes will be converted into new stock of the reorganized Company. Qualified note holders have purchased additional shares of stock through a $100 million rights offering which was backstopped by Oaktree, the largest prepetition note holder. When the Plan becomes effective, Oaktree will own a substantial majority of the stock of the reorganized Company, which will be privately held and operated by the current management team.

Dayton Superior filed a voluntary petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware in Wilmington on April 19, 2009. Additional information for creditors and other parties is available through a link on the Company website, www.daytonsuperior.com.

ABOUT DAYTON SUPERIOR CORPORATION

Dayton Superior is the leading North American provider of specialized products consumed in nonresidential, concrete construction, and we are the largest concrete forming and shoring rental company serving the domestic, nonresidential construction market. Our products can be found on construction sites nationwide and are used in nonresidential construction projects, including: infrastructure projects, such as highways, bridges, airports, power plants and water management projects; institutional projects, such as schools, stadiums, hospitals and government buildings; and commercial projects, such as retail stores, offices and recreational, distribution and manufacturing facilities.

SOURCE: Dayton Superior Corporation

Dayton Superior Corporation 
Eric R. Zimmerman, President & Chief Executive Officer 
Phone: 937-428-7172 
Fax: 937-428-9115

Related terms: bank, bankruptcy, ceo, commercial, construction, debt, delaware, government, manufacturing, market, note, power plant, president, products, retail, water