BMHC names new management team
Building Materials Holding Corporation announced a number of actions to prepare the company for its expected emergence from Chapter 11 later this year.
The Boise, Idaho-based provider of building materials and construction services filed a transition plan for its senior management team and named a proposed board of directors.
As previously announced, the U.S. Bankruptcy Court in Delaware has approved BMHC’s disclosure statement and authorized the company to begin soliciting approvals of the company’s plan of reorganization. Under the plan, BMHC will reduce its outstanding debt by approximately $150 million to $135 million upon emergence. The company has obtained commitments for $103.5 million of exit financing to support its ongoing operations and future growth.
Paul S. Street will serve as Chief Executive Officer. He is currently Senior Vice President, Chief Administrative Officer, General Counsel and Corporate Secretary.
Stanley M. Wilson will continue to serve as President and Chief Operating Officer. Wilson is a 40-year veteran of the building products industry, first at Boise Cascade and, since 1987, at BMC West and BMHC.
Daniel McQuary will serve as Chief Financial Officer. McQuary currently serves as Vice President – Director of Finance for BMHC’s operating brands, BMC West and SelectBuild.
Current officers Robert E. Mellor, Chairman and Chief Executive Officer, William M. Smartt, Senior Vice President and Chief Financial Officer, and Mark R. Kailer, Vice President and Treasurer, all based in San Francisco, will leave the company following its emergence from bankruptcy.
“With the groundwork in place for BMHC’s emergence from Chapter 11 later this year with far less debt and an improved capital structure, we are turning our attention to the consolidation of administrative functions in Boise and implementation of a seamless transition in the senior leadership team,” Mellor said.
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