Modular Space Holdings and affiliates entered chapter 11 on Dec. 21, 2016 with a prepackaged restructuring for ModSpace, described as the largest U.S.-owned provider of temporary and permanent modular buildings, operating in the U.S. and Canada with about 69,000 units and roughly $1.4 billion of fleet gross book value. The opening record put the capital structure at about $609.2 million outstanding under the ABL facility and about $410.4 million of 10.25% senior secured second-lien notes, with Wilmington Savings Fund Society, FSB serving as successor trustee for the noteholders source filing.

The confirmed plan leaves general unsecured claims unimpaired while restructuring funded debt through impaired first-lien facility and noteholder classes, a $90 million rights offering for 18.3 million new common equity interests at $4.91 per interest, backstop commitments, exit financing documents, warrants, and a management incentive pool source filing. The court approved the disclosure statement and confirmed the joint prepackaged plan on Feb. 15, finding that all impaired voting classes accepted and that all confirmation objections were withdrawn, settled, or overruled; the order made the plan binding and set discharge to occur on the effective date once plan conditions were satisfied or waived source filing.