Building Materials exits Chapter 11 protection

AP News
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Posted: Jan 04, 2010 5:13 PM

Building Materials Holding Corp. said Monday it completed a financial restructuring and emerged from bankruptcy protection as a privately held company, BMC Select.

Secured lenders converted debt into stock and became owners of the reorganized company, which sells construction services and material to builders.

Building Materials also said it was moving its headquarters back to Boise from San Francisco.

New CEO Paul Street said the company had suffered along with others in the residential housing and construction industry. He said the company emerged from Chapter 11 protection with a stronger balance sheet, more liquidity and lower costs.

Street and six independent directors will form the company's board.