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ModSpace News

ModSpace Successfully Completes Financial Restructuring

Receives New Equity Investment; Reduces Debt by Over $400 Million

Strengthened Balance Sheet Provides Foundation for Profitable Growth

BERWYN, Pa., March 6, 2017—Modular Space Corporation (“ModSpace”) today announced that it has successfully exited its pre-packaged chapter 11 bankruptcy with a $90 million equity investment, a new $640M asset-backed credit facility and the elimination of more than $400 million of debt.

“This is great news for all of our stakeholders. ModSpace’s financial condition is strong. Our commitment to providing industry-leading customer service and innovating with new products and services has never been firmer. And our appreciation of our vendors who help us deliver the world-class customer experience that our clients expect has never been deeper.” said President and CEO Charles Paquin.

“I’m especially proud of our employees across North America. Throughout this process, they never lost sight of our customers and vendors. With the strength of our employees and our post-emergence financial position, ModSpace is well-positioned for greater success in the industry,” added Paquin.


ABOUT MODSPACE
Modular Space Corporation (ModSpace), based in Berwyn, Pa., is the largest U.S.-owned provider of office trailers, portable storage units and modular buildings for temporary or permanent space needs. Building on nearly 50 years of experience, ModSpace serves a diverse set of customers and markets—including commercial, construction, education, government, healthcare, industrial, energy, disaster relief, franchise and special events—through an extensive branch network across the United States and Canada. For more information, visit https://www.modspace.com/en/ or http://blog.modspace.com

Media Contact:

Jeff Dusing
Communications Manager
610.232.0836 o
484.356.4051 m
Jeff.Dusing@ModSpace.com