BMHC unveils plans to emerge from Chapter 11 

Building Materials Holding Corp. has proposed a new senior management team and board of directors as part of its plans to get out of Chapter 11 bankruptcy.

Based in Boise, BMHC is a leading provider of building materials and construction services to professional residential builders and contractors.

Under the proposed plan, Paul Street will serve as chief executive officer. He is currently senior vice president, chief administrative officer, general counsel and corporate secretary; Stanley Wilson will continue to serve as president and chief operating officer; and Daniel (Danny) McQuary will serve as chief financial officer. He currently serves as vice president – director of finance for BMHC’s operating brands, BMC West and SelectBuild.

In June 2009, BMHC filed for Chapter 11 bankruptcy, though it reached a deal with lenders to restructure. The pre-negotiated restructuring plan calls for the company to reduce outstanding debt, establish a new revolving credit facility and lower annual interest payments, according to a news release.

BMHC, one of the largest material and service providers to residential builders and contractors in the United States, moved its corporate headquarters from San Francisco to Boise in December as part of ongoing restructuring to deal with the housing downturn and deepening recession.

The company, which filed for bankruptcy in Delaware, said it has received commitments for $80 million in debtor-in-possession financing from Wells Fargo and other lenders.

Current officers Robert Mellor, chairman and chief executive officer, William Smartt, senior vice president and chief financial officer, and Mark 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.

The new board will consists of Peter Alexander, past president and CEO of ORCO Construction Distribution; Marc Chasman, president of Picerne Capital West, a real estate investment group; Dennis Downer, a 35-year veteran of the forest products industry and founder of Intermountain Orient; Jay Hunt, a turnaround consultant based in Sacramento, Calif.; Michael Maidy, co-managing director and co-founder of Sherwood Partners; and Carl Vertuca Jr., president of The Vertuca Group.

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