Reddy Ice to File for Bankruptcy Reddy Ice, the largest manufacturer and distributor of packaged ice in the United States, said on Thursday that it expected to file for bankruptcy as it confronted a huge debt load, stiffer competition and broader economic uncertainty. The company, based in Dallas, also plans to acquire another embattled ice maker, Arctic Glacier, which filed for bankruptcy in February. Centerbridge Partners, a hedge fund that is a major creditor of Reddy Ice, has "indicated its interest" in financing the acquisition, Reddy Ice said in a regulatory filing on Thursday. Macquarie Bank, meanwhile, is expected to provide a $70 million debtor-in-possession revolving credit facility. The credit will address the company's capital needs while in bankruptcy, and provide $50 million once Reddy Ice emerges from Chapter 11 proceedings. In a statement, Reddy Ice said it would file for bankruptcy "promptly" in the United States Bankruptcy Court for the Northern District of Texas. It plans to seek approval from the court to emerge from bankruptcy in 45 days or less. The company said it did not expect the bankruptcy process to disrupt its business operations. "We expect to emerge from this restructuring as a much stronger company that is well positioned for investment in growth and enhanced profitability," Gilbert M. Cassagne, the company's chief executive officer and president, said in a statement. Still, the company faces a challenging road to recovery. It lost nearly $70 million last year, on top of more than $40 million in losses in 2010. The company suffered as its prices declined amid deeper industry competition, and racked up a mounting debt load. It currently has $516 million in liabilities. The company was delisted from the New York Stock Exchange in December after its stock price failed to meet the exchange's listing requirements. Reddy Ice said in recent months that it had formed an informal committee of creditors to renegotiate and restructure the company's debt burden. A majority of lenders and major creditors support the restructuring plan, Reddy Ice said on Thursday. The company's legal advisor is DLA Piper, while its financial advisers are Jefferies & Company and FTI Consulting.