United Site Services: Chapter 11 Prepack Converts $2.4B Debt

United Site Services, Inc.—the nation's largest provider of portable sanitation and site services—filed for chapter 11 bankruptcy on December 29, 2025, in the U.S. Bankruptcy Court for the District of New Jersey alongside 21 affiliated debtors. The Westborough, Massachusetts-based company entered court with a prepackaged restructuring support agreement signed by over 75% of eligible creditors, the Ad Hoc Lender Group. United Site Services reported approximately $2.8 billion in funded debt. The prepackaged plan will reduce net debt by $2.4 billion, transfer ownership to senior lenders, and inject $1.1 billion in new capital while paying vendors, landlords, and general unsecured creditors in full.

The restructuring marks the conclusion of Platinum Equity's eight-year ownership. Since acquiring USS from Calera Capital in August 2017, the Beverly Hills-based private equity firm executed approximately 45 add-on acquisitions, expanded the location count from 80+ to 140+, and drove revenue and EBITDA growth that doubled and tripled, respectively, between 2017 and 2021. A continuation fund formed in December 2021 with Fortress Investment and Landmark Partners extended the ownership period. The prepackaged filing includes $120 million in DIP financing from Ad Hoc Lender Group members and a committed exit financing package including a $480 million rights offering; the company reports 75,000+ customers through 140+ locations coast-to-coast.

Debtor(s)	United Site Services, Inc., et al.
Court	U.S. Bankruptcy Court, District of New Jersey (Trenton Division)
Case Number	3:25-bk-23630
Petition Date	December 29, 2025
Plan Type	Prepackaged Chapter 11
Administration	Jointly Administered (22 Debtors)
Headquarters	Westborough, Massachusetts
Founded	1999
Owner	Platinum Equity (acquired August 2017)
CEO	Bobby Creason (appointed October 2024)
Locations	140+ coast-to-coast
Customers	75,000+
Inventory Items	300,000+
Portable Restrooms	200,000+
Services Annually	20+ million
Funded Debt	~$2.8 billion
Net Debt Reduction	~$2.4 billion
Estimated Assets	$1-10 billion
Estimated Liabilities	$1-10 billion
Creditors	25,001-50,000
RSA Support	75%+ of eligible creditors
DIP Facility	$120 million
New Capital Commitment	$1.1 billion
Lead Counsel	Milbank LLP
Investment Banker	PJT Partners
Financial Advisor	Alvarez & Marsal
Communications Advisor	FTI Consulting

Nation's Largest Portable Sanitation Provider

United Site Services expanded through acquisitions and organic growth over more than two decades, providing portable sanitation equipment and temporary site services for construction projects, special events, and disaster response operations across the United States. The company's scale—200,000+ portable restrooms, 300,000+ total inventory items, 140+ locations—makes it the largest U.S.-based provider in a $3.3 billion domestic market, though the industry includes numerous regional competitors and independent operators that serve local markets.

Business model and service offerings. USS provides portable sanitation equipment and temporary site services to a diverse customer base spanning construction, commercial/industrial, residential construction, special events, government/military, disaster relief, and agricultural markets. Core offerings include porta potty rentals, restroom trailers, holding tanks, temporary fencing, roll-off dumpsters, and portable sinks and hand sanitizer stations. The company performs 20+ million services annually through a delivery, setup, and maintenance network that leverages the 140+ location footprint to provide geographic coverage for customers with multi-site operations or national event calendars.

Geographic footprint and scale. Founded in 1999, USS expanded from Massachusetts origins to operate 140+ locations coast-to-coast by the time of the bankruptcy filing. At the time of Platinum Equity's 2017 acquisition, the company operated through more than 80 locations; growth to 140+ represents a near-doubling of geographic presence under private equity ownership. The national footprint allows USS to serve large-scale infrastructure projects, national event promoters, government contracts requiring multi-state coverage, and disaster response operations where rapid deployment across affected regions is required.

Customer base and market segments. USS serves 75,000+ current customers across market segments that range from single-site residential construction projects to Fortune 500 companies with ongoing infrastructure and maintenance needs. The construction sector—spanning infrastructure, commercial, and residential projects—represents the primary revenue driver, consistent with industry dynamics where construction accounts for approximately half of portable toilet rental revenue. Special events including concerts, festivals, and sporting events provide diversification, as do government and military contracts with recurring demand. Disaster response operations—hurricanes, wildfires, and other emergencies requiring temporary sanitation infrastructure—are episodic and require rapid deployment across affected regions.

Acquisition-Fueled Growth Under Platinum Equity

The company reported $2.8 billion in funded debt at filing and completed 45+ acquisitions under Platinum Equity's ownership. Platinum Equity combined operational initiatives with strategic add-on acquisitions that expanded the business and increased revenue and EBITDA between 2017 and 2021.

The 2017 acquisition. Platinum Equity completed the acquisition of United Site Services from Calera Capital on August 28, 2017, following definitive agreement announcement on July 24, 2017. Founded in 1995 by Tom Gores—who also owns the Detroit Pistons—Platinum Equity manages more than $25 billion in assets with a portfolio of approximately 50 operating companies. At acquisition, USS was based in Westborough, Massachusetts with the largest fleet of portable sanitation equipment in the country and more than 80 locations serving customers throughout the United States. Financial terms were not disclosed, and the transaction began an eight-year ownership period that included add-on acquisitions. Ron Carapezzi, who had served as President and CEO since 2009, continued leading the company following the acquisition.

Acquisition pace and growth metrics. Under Platinum Equity's ownership, USS acquired approximately 45+ companies that expanded the location footprint and service platform. Between 2017 and 2021 alone, Platinum executed 36 "highly accretive add-on acquisitions" that grew the location count from 80+ to 120 by 2021, with continued expansion reaching 140+ by 2025. Revenue doubled and EBITDA tripled between 2017 and 2021 compared to pre-acquisition levels. The debtors filing for chapter 11 include regional subsidiaries and holding companies that reflect the acquisition history—entities such as Northeast Sanitation, Inc., United Site Services of Maryland, Inc., and Vortex Opco, LLC represent acquired operations integrated into the USS platform.

Continuation fund structure. In December 2021, Platinum Equity formed a continuation fund involving Fortress Investment and Landmark Partners to support USS's sustained growth beyond the typical private equity holding period. The continuation fund structure allowed existing limited partners to realize partial liquidity while providing fresh capital for continued acquisitions and organic investment. The continuation fund extended Platinum's ownership period; by the filing date, the company reported approximately $2.8 billion in funded debt.

Leadership evolution. Bobby Creason was appointed CEO of United Site Services in October 2024, approximately 14 months before the bankruptcy filing. Creason joined the company in 2021 as Vice President of the West Region and served as Chief Administrative Officer since 2023. His background includes executive roles at equipment rental and construction companies including BlueLine Rental, Volvo Construction Equipment, Nuprecon, DPR Construction, and Herc Rentals.

Overleveraged Capital Structure and Reasons for Filing

At filing, USS reported approximately $2.8 billion in funded debt.

Debt accumulation dynamics. By the filing date, USS had accumulated approximately $2.8 billion in funded debt. Bankruptcy schedules listed estimated assets and liabilities each in the $1 billion to $10 billion range, with creditors estimated at 25,001 to 50,000. The second-out term loans that comprise the bulk of the debt to be equitized represent the junior portion of the capital structure.

Private equity dynamics and leverage accumulation. Under Platinum Equity's ownership, USS completed 45+ acquisitions, and revenue doubled and EBITDA tripled between 2017 and 2021. The continuation fund formed in December 2021 with Fortress Investment and Landmark Partners. By the filing date, funded debt totaled approximately $2.8 billion.

Prepackaged resolution path. USS and its lenders negotiated a consensual resolution through the restructuring support agreement. The prepackaged plan provides for conversion of second-out term loans to equity, full payment to trade creditors, and a transfer of ownership from Platinum Equity to senior lenders through a court-supervised process.

Prepackaged Restructuring

The prepackaged filing structure is based on creditor approval obtained before the bankruptcy petition.

Restructuring support agreement mechanics. Prior to filing, USS secured an RSA with over 75% of eligible creditors comprising the Ad Hoc Lender Group. The RSA establishes terms for a debt restructuring that will reduce net debt by approximately $2.4 billion through conversion of second-out term loans to equity in the reorganized company. In a prepackaged bankruptcy, the debtor negotiates and obtains creditor approval for a plan of reorganization before filing the chapter 11 petition.

DIP financing terms. USS secured $120 million in debtor-in-possession financing from Ad Hoc Lender Group members to fund operations through the bankruptcy process. DIP financing in prepackaged cases can convert to exit financing upon emergence.

Exit Financing and New Capital

The RSA contemplates $1.1 billion in total new capital:

Rights offerings allow creditors to purchase equity in the reorganized company at a discount. Research indicates rights offerings increase total creditor recoveries by approximately 40% and were used in 87% of bankruptcies by asset size in 2019. The $480 million rights offering—committed by existing financial stakeholders—provides the largest component of new capital. The $300 million exit term loan from existing lenders provides additional financing. The ABL and revolving credit facilities—$195 million and $100 million, respectively, each with 5-year terms—add liquidity.

Treatment of claims under the RSA. The RSA provides for differential treatment across creditor classes:

The RSA provides full payment to vendors, landlords, and general unsecured creditors. Platinum Equity's existing equity will be diluted or eliminated as lenders convert approximately $2.4 billion of second-out term loans to ownership in the reorganized company, ending the eight-year private equity ownership period.

Professional Retentions

The case lists the following professionals:

Debtor Professionals:

Ad Hoc Lender Group Professionals:

The professional team includes Milbank, PJT Partners, Alvarez & Marsal, Akin Gump, and Centerview.

Industry Context and Competitive Position

U.S. portable toilet rental market. The U.S. portable toilet rental market has grown at a CAGR of 5.1% over the past five years, reaching estimated revenue of $3.3 billion in 2025. Construction activity—spanning infrastructure, commercial, and residential projects—accounts for approximately half of industry revenue. Large outdoor events including concerts, festivals, and sporting events provide additional demand, as do public infrastructure projects where permanent facilities are unavailable during construction phases.

Global market dynamics and growth projections. The global portable toilet rental market was valued at $19-22 billion in 2024, projected to reach $34-37 billion by 2032-2033 at CAGRs of 6.1-7.7% depending on research methodology. The construction application segment is expected to capture 55.40% of market revenue share in 2025.

Temporary fencing market. USS's temporary fencing business operates in a U.S. market valued at $1.4 billion in 2025, projected to reach $1.9 billion by 2035 at a 3.5% CAGR. Trends include anti-climb designs that enhance security, rental service integration that bundles fencing with other site services, and event infrastructure demand that pairs fencing with portable sanitation for concert venues, festivals, and sporting events. Digital tracking of fence inventory and integration with CCTV and access control systems represent emerging technology applications.

Competitive positioning. USS is identified as a prominent player in the portable toilet market alongside PolyJohn Enterprises Corporation and Satellite Industries—though the latter two are primarily equipment manufacturers rather than service providers. The company's scale—200,000+ portable restrooms, 140+ locations, 300,000+ total inventory items—positions it as the largest U.S.-based service provider, though the market includes numerous regional competitors and independent operators serving local markets.

Debtors and Corporate Structure

The chapter 11 filing encompasses 22 debtors—the parent company and 21 affiliated entities.

Debtor entities. The filing includes United Site Services, Inc. and 21 affiliated entities that comprise the operating platform:

The holding company structures include "PECF" entities. The operating companies and regional subsidiaries include the locations and customer relationships that generate revenue and serve the 75,000+ customer base.

Joint administration. The 22 debtors are jointly administered under the lead case, streamlining court proceedings while maintaining separate estates for asset and liability tracking. Joint administration reduces administrative costs and provides unified representation before the court while preserving the separate legal status of each debtor entity for creditor claims and distributions.

Key Timeline

Case Features and Structure

Acquisition history and capital structure. Under Platinum Equity's ownership, USS completed 45+ acquisitions, and revenue doubled while EBITDA tripled between 2017 and 2021. By the filing date, the company reported approximately $2.8 billion in funded debt.

Prepackaged restructuring structure. USS obtained RSA support from over 75% of eligible creditors before filing. The plan provides for conversion of second-out term loans to equity and full payment to vendors, landlords, and general unsecured creditors.

Rights offering capital. The plan includes a $480 million rights offering. Research indicates rights offerings increase total creditor recoveries by approximately 40% and were used in 87% of bankruptcies by asset size in 2019.

Frequently Asked Questions

When did United Site Services file for chapter 11 bankruptcy, and why?

United Site Services filed for chapter 11 on December 29, 2025 after accumulating approximately $2.8 billion in funded debt during Platinum Equity's eight-year ownership. The 45+ acquisitions since 2017 built a portable sanitation provider with 140+ locations, 75,000+ customers, and 300,000+ inventory items. The prepackaged filing—supported by an RSA with over 75% of eligible creditors—provides for conversion of $2.4 billion of second-out term loans to equity while paying trade creditors in full.

What is a prepackaged chapter 11 bankruptcy?

In a prepackaged bankruptcy, the debtor negotiates and obtains creditor approval for a plan of reorganization before filing the chapter 11 petition. USS secured an RSA with over 75% of eligible creditors before filing.

Will vendors and suppliers be paid?

Yes. Under the RSA, vendors, landlords, and general unsecured creditors will be paid in full with 100% recovery.

What happens to Platinum Equity's ownership?

Platinum Equity's existing equity will be diluted or eliminated as lenders convert approximately $2.4 billion of second-out term loans to equity in the reorganized company. Platinum acquired USS in August 2017 and owned the company for approximately eight years, during which revenue doubled and EBITDA tripled through acquisitions. The continuation fund formed in December 2021 with Fortress Investment and Landmark Partners extended the ownership period. Post-emergence, the lending group will control the reorganized company.

What is the DIP financing?

USS secured $120 million in debtor-in-possession financing from Ad Hoc Lender Group members to fund operations through the bankruptcy process.

What is the exit financing package?

The RSA contemplates $1.1 billion in total new capital including: a $480 million equity rights offering from existing financial stakeholders, a $300 million exit term loan from existing lenders, a $195 million 5-year ABL facility, and a $100 million 5-year revolving credit facility. The rights offering allows creditors to purchase equity at a discount.

How large is United Site Services?

USS is the nation's largest provider of portable sanitation and site services, operating 140+ locations coast-to-coast with 300,000+ inventory items including 200,000+ portable restrooms. The company serves 75,000+ current customers and performs 20+ million services annually across construction, events, government, and disaster response markets. Core services include porta potty rentals, restroom trailers, temporary fencing, roll-off dumpsters, holding tanks, and portable sinks. The company was founded in 1999 and has been headquartered in Westborough, Massachusetts since inception.

What is a rights offering in bankruptcy?

A rights offering allows creditors to purchase equity in the reorganized company at a discount. USS's $480 million rights offering is committed by existing financial stakeholders who will become equity holders in the reorganized company. Research indicates rights offerings increase total creditor recoveries by approximately 40% compared to cases without rights offerings, and the mechanism was used in 87% of bankruptcies by asset size in 2019.

What is the current case status?

The case was filed on December 29, 2025. On January 6, 2026, professional retention applications were filed for Milbank LLP (legal counsel, Dkt. 134), Alvarez & Marsal (financial advisor, Dkt. 136), PJT Partners (investment banker, Dkt. 138), Verita Global (claims agent, Dkt. 137), and PricewaterhouseCoopers (audit services, Dkt. 140). FTI Consulting serves as communications advisor. The Ad Hoc Lender Group is advised by Akin Gump Strauss Hauer & Feld LLP and Centerview Partners LLC. First day motions are pending.

Who is the claims agent for United Site Services?

Verita Global (Kurtzman Carson Consultants) serves as the claims and noticing agent. The firm maintains the official claims register and distributes case notifications to creditors and parties in interest.

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