According to articles in the June 15, 2009 editions of The Deal, the Washington Business Journal and Bloomberg.com, Smitty's Building Supply Inc. plans to emerge from bankruptcy protection by the end of the month following confirmation of its amended reorganization plan.
The Venable team included partner Andrew Currie, partner Larry Katz and associates Kristen Burgers and Abby Clifton.
Currie was quoted in The Deal article, saying Judge Stephen Mitchell of the U.S. Bankruptcy Court for the Eastern District of Virginia in Alexandria confirmed the plan for the homebuilding materials supplier on Friday, June 12, after minor objections were resolved.
According to the Washington Business Journal article, Bank of America is providing Smitty's with a revolving line of credit totaling $5 million, and a term loan of $9.5 million. "With Bank of America's continued support through an exit loan facility, Smitty's is successfully emerging from bankruptcy as a new company that will continue to serve our local community," said Smitty's CEO Rick Smith.
Under the terms of the reorganization plan, the debtor will sell an 8.2-acre parcel of commercial land in Alexandria, Va., valued at about $9.5 million, some of its equipment and new common stock. The proceeds of the sales will be distributed to creditors.
Founded in 1975, Smitty's is an Alexandria, Va., supplier of homebuilding materials and operates a lumber yard in the Washington area.