Philip Services Corp (PSC) emerged from Chapter 11 effective Dec 31, 2003. The United States Bankruptcy Court for the Southern District of Texas confirmed the company's plan of reorganization Dec 10, 2003.
Pursuant to the plan sponsored by an entity owned by Carl C Icahn, the company received $170 million in equity and debt financing. As a result, as of Dec 31, 2003, entities held by Icahn own virtually all of the outstanding shares of the reorganized company. The reorganized company does not have publicly traded securities.
The Ontario Superior Court of Justice in Toronto, Canada, granted PSC an order facilitating the US plan of reorganization by authorizing sale of substantially all of the business assets of the company's two Canadian operating subsidiaries to two new subsidiaries of the reorganized company. These new subsidiaries will be known as PSC Industrial Services Canada Inc and PSC Analytical Services Inc. The company's Canadian entities emerged from Companies' Creditors Arrangement Act Dec 31, 2003.
“PSC is emerging from this restructuring as a financially sound, formidable competitor in the industrial cleaning, environmental, and metals services markets,” said Mike Ramirez, chief financial officer and senior vice-president.