Smitty

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The Alexandria-based supplier of buildint materialsto homebuilders, remodelers and contractor had been affected by the crumblingb housing industry and filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcyg Court for the Eastern Districgt of Virginia in Alexandriaon Jan. 5. is providing Smitty’s with a revolving line of creditytotaling $5 million, and a term loan of $9.5 million. Ever y voting creditor class acceptedthe plan, which forms a distribution trust that offers potential payout s for secured and unsecured creditors.
“With Bank of America’ws continued support through an exitloan facility, Smitty’s is successfullyu emerging from bankruptcy as a new company that will continud to serve our local said CEO Rick Smith. The family-owned businesas was founded in 1975 by Nelson and Pat It was the first time the company filed forChaptet 11.