I am not sure the current management really understood the ice business model. With the uncertainty of the weather, large debt load and high overhead along with trying to safisfy Wall Street it is not surprising that the company has ended up like it has. Maybe the private equity guys can get in there and hire the right management that understands the dynamics of the ice industry and help make the company profitable.
They didn't plan this. They ran the company in the ground and then when it was too late, (the same way they deal with customers) they try to put a deal together to save it. Because they are incompetent. They hire about 25-40 old cronies from the beverage industry, who were conveniently all out of work and wouldn't fire them no matter how bad they screwed up the business.