Reddy Ice prepares to operate without revolver that matures next year

By Sara Rosenberg

New York, May 1 - Reddy Ice Holdings Inc. is setting itself up to be able to operate without its revolving credit facility that expires on Aug. 12, 2010, according to a 10-Q filed with the Securities and Exchange Commission on Friday.

The company is preparing for this potential event by managing its cash position and capital requirements over the next 18 months.

Currently, the company projects having sufficient cash on hand at the end of 2010 to allow it to safely operate throughout 2011, by which time it expects to refinance its debt.

Reddy Ice is a Dallas-based manufacturer and distributor of packaged ice.

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