Private equity owners will be wiped out in bankruptcy

USS said that its high debt, which funded several expansions and acquisitions over the years, became unsustainable in recent years due to high inflation and a downturn in residential housing construction in the U.S.

Many of the company’s biggest customers are construction sites, and lower construction activity cut into the company’s revenues while interest payments, fuel and labor became increasingly expensive, according to the company’s court filings.