* Files prearranged Ch 11 in Delaware bankruptcy court
* Shareholders to get warrants for 15 pct of reorganized co
* Seeks court OK for $80 mln DIP loan
* Michigan JV not part of bankruptcy filing
* Shares fall more than 42 pct in morning trade
April 29 (Reuters) - U.S. Concrete Inc RMIX.O filed for Chapter 11 protection on Thursday as part of a pre-arranged restructuring deal with bondholders to cut its debt by $272 million.
Shares of the company tumbled more than 42 percent in morning trade, but pared some losses later and were down 35 percent at 55 cents in afternoon trade Thursday on Nasdaq.
The proposed restructuring will convert the company’s 8.325 percent senior subordinated notes due in 2014 into equity in the reorganized company.
Existing shareholders will get warrants to buy 15 percent of the reorganized company’s stock.
U.S. Concrete said its joint venture operations in Michigan are not part of the filing.
The company also sought bankruptcy court approval for an $80 million debtor-in-possession (DIP) financing led by JPMorgan to continue operations while under bankruptcy protection.
U.S. Concrete, which listed 43 affiliates in its bankruptcy petition, said it expects the Chapter 11 process to be concluded within 90 days.
In court papers, the Houston-based company reported assets of $389.2 million and debt of $399.4 million.
The case is In re: U.S. Concrete Inc, U.S. Bankruptcy Court District of Delaware (Delaware), No: 10-11407. (Reporting by Santosh Nadgir in Bangalore; Editing by Gopakumar Warrier)