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The provider of building materials and construction services to professional residential builders and contractors has secured a commitment for $83.5 million of exit financing that will be available to the company upon its emergence from Chapter 11 to help meet its operating needs and grow its business. The agreement includes an option to expand the facility by up to $20 million, for a total of $103.5 million, subject to certain conditions.
Additionally, BMHC filed an Amended Disclosure Statement and Plan of Reorganization with the U.S. Bankruptcy Court in Wilmington, Delaware, providing for BMHC's secured lenders to convert debt into equity, becoming majority owners of the company upon emergence.
"We are very pleased to have obtained a commitment for exit financing, which is an important step in preparing the company for emergence and keeps us on track to complete our balance sheet restructuring before year-end," CEO Robert E. Mellor said.
BMHC and all of its subsidiaries voluntarily initiated reorganization cases in Delaware on June 16, 2009, under Chapter 11 of the U.S. Bankruptcy Code.
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