AMPAM Obtains Final DIP Order
"The decisive actions by the court to date, together with the substantial financing facility that has been arranged, have moved AMPAM further down the path toward a successful reorganization," commented Robert Christianson, chairman and chief executive officer of AMPAM, one of the largest plumbing-heating-cooling and mechanical contractors in the country.
"Our customers have indicated they intend to remain with us-and we intend to reward that loyalty with a determined commitment to provide the best plumbing and HVAC solutions in the industry," Christianson added.
AMPAM, which employs more than 5,500 people in 35 operations in 18 states, filed for relief under Chapter 11 on Oct. 13. Its proposed financial restructuring plan would convert all of the company's subordinated debt into preferred stock and would significantly reduce annual cash interest payments.