U.S. Concrete, based in Houston, filed for Chapter 11 bankruptcy on Thursday through a U.S. Bankruptcy Court in Wilmington, Delaware. 

 In December, the company reported assets worth $389.2 million versus a debt worth $399.4 million. The company has now announced a plan to reorganize and reduce its debt by $272 million. The restructuring process could take anywhere from 75 to 90 days. During this time, operations or suppliers should not be affected. U.S. Concrete is in the process of seeking approval of an $80 million loan from JPMorgan Chase & Co to help fund their operations during the bankruptcy proceedings. U.S. Concrete has 150 total production facilities, 43 of which also sought bankruptcy protection. 

If your business is in severe financial trouble, Chapter 11 bankruptcy may be the best option for your situation. To learn more, contact a Galveston Chapter 11 bankruptcy lawyer from Gipson, Norman & Root by calling 800-291-0898.