AMPAM Finalizes Sale of AMPAM Commercial Sherwood Mechanical
The Poway, Calif.-based AMPAM Commercial Sherwood Mechanical was one of the largest mechanical contractors in Southern California, providing full-service commercial plumbing and utility services. The sale is part of AMPAM's corporate restructuring strategy to improve its capital structure and focus on its core competency of residential plumbing and mechanical contracting.
This transaction was previously approved by AMPAM's board of directors, supported by AMPAM's senior lenders and the official unsecured creditors committee, and authorized by the bankruptcy court.
"The sale of Sherwood's assets is an important piece in finalizing our plan for reorganization," said Robert Christianson, AMPAM's chairman and chief executive officer. AMPAM, a Round Rock, Texas-based company that employs more than 5,500 people in 18 states, filed Chapter 11 bankruptcy reorganization petitions on Oct. 13, 2003.