Reddy Ice Holdings, Inc. is the largest packaged ice manufacturer in the United States, serving approximately 82,000 customer locations under the Reddy Ice brand name.
It was originally a division of the
Southland Corporation
7-Eleven, Inc., stylized as 7-ELEVE, is a multinational chain of retail convenience stores, headquartered in Dallas, Texas. The chain was founded in 1927 as an ice house storefront in Dallas. It was named Tote'm Stores between 1928 and 1946. A ...
(the parent company of 7-Eleven), who sold it off to what would become
Suiza Foods in 1988. It was sold to private investors in 2000 and went public in 2005.
The company declared Chapter 11 bankruptcy on April 5, 2012, in Dallas citing $434 million in assets against $531 million liabilities. According to a
prepackaged bankruptcy
Pre-packaged insolvency (a "pre-pack") is a kind of bankruptcy procedure, where a restructure plan is agreed in advance of a company declaring its insolvency. In the United States pre-packs are often used in a Chapter 11 filing. In the United King ...
plan backed by
Centerbridge Partners
Centerbridge Partners is a multi-strategy private investment firm focused on leveraged buyouts and distressed securities.
The firm manages over $32 billion of assets the company would merge
Arctic Glacier
Arctic Glacier Inc. is a manufacturer of packaged ice products and ice services in North America. The company was founded in 1996 and has rapidly grown to become the largest producer of ice for the Canadian market and one of the largest for the A ...
which is also in bankruptcy with Centerbridge forgiving the debt in exchange for an ownership position in the new company.
On January 16, 2013, their CEO Gilbert Cassagne resigned,
the position was taken over by Bill Corbin, who was named board chairman in November, and is now executive chairman and interim CEO.
References
7-Eleven
Manufacturing companies based in Dallas
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