Smitty

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The Alexandria-based supplier of building materialdsto homebuilders, remodelers and contractors had been affected by the crumbling housing industry and filed for Chapter 11 bankruptc y protection in the U.S. Bankruptcty Court for the Eastern District of Virginia in Alexandriqon Jan. 5. is providing Smitty’s with a revolvingv line of credittotaling $5 million, and a term loan of $9.5 Every voting creditor class accepted the which forms a distribution trust that offers potential payouts for secured and unsecurecd creditors.
“With Bank of America’xs continued support through an exitloan facility, Smitty’s is successfully emerginh from bankruptcy as a new compant that will continue to serve our locak community,” said CEO Rick The family-owned business was founded in 1975 by Nelsonh and Pat Smith. It was the first time the companuy filed forChapter 11.