Reuters: Regulatory News: UPDATE 1-Reddy Ice says to file for bankruptcy protection

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UPDATE 1-Reddy Ice says to file for bankruptcy protection Apr 12th 2012, 10:29 Thu Apr 12, 2012 6:29am EDT April 12 (Reuters) - Troubled packaged-ice maker Reddy Ice Holdings Inc said it plans to file for Chapter 11 bankruptcy protection to restructure its balance sheet and has the support of its majority lender and other creditors. The company said it will make a bid for bankrupt Canadian rival Arctic Glacier, which had also racked up massive debt battling lawsuits and government investigations into the packaged-ice market's practices. Reddy Ice said it has secured a $70 million debtor-in-possession financing from Macquarie Bank Ltd and that $50 million in exit financing will be available to the company once it emerges from bankruptcy. The company intends to file its bankruptcy petition in the Northern District of Texas.

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