Building Materials Holding (BMHC) announced that the Company has completed its financial restructuring and emerged from Chapter 11 protection. The secured lenders of BMHC have converted debt into equity and are now the owners of the reorganized company and operating entities BMC West Corp. and SelectBuild Construction, Inc. In addition, the Company has moved its corporate headquarters from San Francisco back to Boise, Idaho – the original home of BMC West – and will unify its operating brands as BMC SELECT(TM). “Like every business associated with residential housing and construction, our company has faced unprecedented challenges during the last few years,” says BMC SELECT’s new C.E.O., Paul Street. “However, we’ve emerged quickly with a stronger balance sheet, enhanced liquidity, and a streamlined cost structure. And we’re not just leaner, but greener, as well, with a deeper understanding of emerging trends like sustainable building and smart growth.” Street continues,”Our new name, BMC SELECT, celebrates our new beginning and leverages the important legacies and brand equity associated with BMC West and SelectBuild. We are the only company that consolidates construction services and building materials, and having one name, one company, and one brand going forward underscores this advantage.” A new executive management team comprised of Company veterans will lead BMC SELECT forward with the help of a new independent board. Street’s fellow executive team members include Stan Wilson, who continues to serve as president and chief operating officer, and Danny McQuary, who will serve as chief financial officer. Street has been with the Company since 1999 and previously served as BMHC’s outside general counsel and secretary while a partner at the Company’s law firm. In addition to Street, BMC SELECT’s board consists of six independent directors who draw upon a wide range of skills and experience: Jay B. Hunt, a turnaround consultant and non-executive chairman of DDi Corp., Peter C. Alexander, past president and C.E.O. of ORCO Construction Distribution, Marc Chasman, president of the real estate investment group Picerne Capital West and a former executive at Lennar Homes and KB Homes, Dennis Downer, founder and chairman of Intermountain Orient and former president of the North American Wholesale Lumber Association, Michael A. Maidy, co-managing director and co-founder of Sherwood Partners, and Carl R. Vertuca, Jr., president of The Vertuca Group.
About Brandy Chetsas
Brandy L. Chetsas is editor in chief at Bankrupt Company News. She joined New Generation Research, Inc. in 1998. As Director of Strategic Content, she leverages 20+ years of communications and project management experience for the distressed investing sector--with particular expertise on corporate restructurings via Chapter 11. Brandy began her career writing for a law enforcement-related publication and teaching English courses at numerous colleges in the U.S. and abroad.