As we emerge from re-organization, we do so after a thorough evaluation of our strengths to determine what differentiates Phoenix from the rest.
We are truly global, allowing us to operate customers’ sites worldwide.
We are experts in steel, but also have capabilities with other metals and alloys.
We invest in having the industry’s best technology.
We sustainably source and structure capital for financially viable operations.
We operate with environmental intelligence to ensure profitability while being compliant.
We bring a proven and proprietary methodology to the sites we operate.
We reimagined ourselves in multiple ways.
Our new name and focus speak to our commitment to providing critical solutions, not just services, for our customers worldwide in metals and mining, with a continued emphasis on profitability and sustainability.
Our new brand is a sleek yet strong design that represents us and sets us apart with its GLOBAL look.
As of today, we are Phoenix Global.
Phoenix Global is who we are, and as our tagline says, we provide industry-leading Integrated Solutions in Metals and Mining.
Phoenix Services LLC (the “Company” or “Phoenix”), a premier provider of mission-critical services to leading, global steel producing companies, today announced that it has successfully completed its financial restructuring process and has emerged as a reorganized company from its chapter 11 case after only nine months. Phoenix’s chapter 11 plan and the transactions contemplated thereunder were supported by the Company’s lenders, who provided $45 million in new-money exit financing to support the operations going forward.
Through its successful restructuring efforts, Phoenix has:
deleveraged its balance sheet by more than $400 million;
strengthened its portfolio of customer contracts;
preserved more than 1500 employee positions across the United States and internationally;
successfully restructured its capital lease portfolio; and
assumed over 200 contracts with important counterparties.
“This milestone marks the final step in the Phoenix’s comprehensive restructuring,” said Mark Porto, Chief Executive Officer of Phoenix Services LLC. “As we launch this next phase of the company’s story, I want to express my sincere gratitude to our employees for their unwavering dedication to safety, reliability, and operational excellence at all of our sites. With a deleveraged balance sheet, strengthened customer and lease portfolios and a committed workforce, Phoenix Services is well positioned to realize its long-term growth potential.”
Phoenix Services LLC was advised by Weil, Gotshal & Manges LLP and Richards, Layton & Finger, P.A. as its legal advisors, AlixPartners, LLP as its financial advisor, PJT Partners LP as investment bankers and Sitrick And Company as strategic communications advisors.
Phoenix Services LLC is dedicated to sustainable solutions and maximizing efficiency for the global steel industry with minimal environmental impact. Services include removal, handling, and processing of molten slag at customer sites, as well as preparation and transportation of metal scraps, raw materials, and finished products.
Manage Cookie Consent
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
The technical storage or access that is used exclusively for statistical purposes.The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.