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United Site Services, the nation’s largest provider of portable sanitation, has entered bankruptcy court with a sweeping plan to slash billions in debt and transfer ownership to its lenders, marking a dramatic reset for a company whose products quietly underpin everything from construction sites to the Super Bowl.

The Westborough, Massachusetts-based firm filed for Chapter 11 protection Monday in New Jersey, outlining a restructuring designed to erase $2.4 billion in obligations and stabilize its finances after years of expansion collided with economic headwinds.

Lenders Back Plan, One Creditor Pushes Back

United Site Services, owned by private equity firm Platinum Equity Partners, said most of its lenders have signed on to support the restructuring. Court filings, however, reveal one sizable creditor is resisting the plan and could pursue what the company described as a strategy of “delay and litigation.”

Even with that opposition, the company said the deal has enough backing to move forward, pending court approval.

From Super Bowl to FEMA

USS says it operates roughly 350,000 portable restrooms, making it the largest portable sanitation provider in the United States. Its customer list spans high-profile events like the Super Bowl, emergency deployments for the Federal Emergency Management Agency, major music festivals and residential construction projects nationwide.

Debt-Fueled Growth Meets Economic Reality

If approved, the restructuring would fully repay senior lenders while wiping out $2.4 billion in lower-priority debt by converting it into equity, effectively handing ownership of the company to creditors.

USS told the court its debt load — built up through years of acquisitions and expansion — became untenable as inflation surged and U.S. residential construction slowed. With many of its biggest customers tied to building sites, reduced construction activity squeezed revenue just as interest costs, fuel prices and labor expenses climbed.

Private Equity Era Ends

The company has been under private equity ownership for more than a decade, reflecting a broader struggle among U.S. buyout firms to exit investments on the timelines promised to their backers. Platinum Equity bought USS in 2017 from another private equity owner and attempted to sell the business in 2021. Instead, it created a new investment fund to retain control.

Under the proposed restructuring, Platinum’s existing equity stake would be completely eliminated.

Financing the Exit From Bankruptcy

United Site Services plans to fund its bankruptcy process with a new $120 million loan from existing lenders. After emerging from court protection, it intends to bolster its balance sheet through a $480 million equity rights offering and a $300 million exit loan.

The company said it aims to complete the court-supervised restructuring by February 2026.