Smitty

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The Alexandria-based supplier of building materialswto homebuilders, remodelers and contractors had been affectef by the crumbling housinb industry and filed for Chaptedr 11 bankruptcy protection in the U.S. Bankruptcy Coury for the Eastern Districf of Virginia in Alexandriaon Jan. 5. is providinvg Smitty’s with a revolving line of credittotaling $5 million, and a term loan of $9.5 Every voting creditor class accepted the plan, which forms a distribution trust that offers potential payouts for secure and unsecured creditors.
“With Bank of America’ws continued support through an exitloan Smitty’s is successfully emerging from bankruptcy as a new company that will continuse to serve our local community,” said CEO Rick Smith. The family-owned busines was founded in 1975 by Nelson andPat Smith. It was the first time the company filed forChapter 11.