According to an April 2, 2009 article in The Deal, bankrupt Smitty's Building Supply Inc. has proposed a reorganization plan that would pay creditors with the aid of a sale and exit financing.
Judge Stephen Mitchell of the U.S. Bankruptcy Court for the Eastern District of Virginia in Alexandria is scheduled to consider the disclosure statement of the homebuilding materials supplier on April 29. Under the terms of the plan, the debtor would sell an 8.2-acre parcel of commercial land located in Alexandria, Va., valued at about $9.5 million, some of its equipment and new common stock. The proceeds of the sales would be distributed to creditors.
Venable partner Andrew Currie is one of the proposed debtors' counsel and restructuring advisers for Smitty's. Partner Larry Katz and associates Kristen Burgers and Abby Clifton also worked on this matter.
Founded in 1975, Smitty's is an Alexandria, Va., supplier of homebuilding materials and operates a lumber yard in the Washington area.