Newsline

Encompass Files For Reorganization

November 24, 2002
/ Print / Reprints /
ShareMore
/ Text Size+
HOUSTON, TX — Encompass Services Corp. announced that it has filed a voluntary petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas.

The company stated that during the Chapter 11 process, it expects operations to continue as normal and customer work to proceed as scheduled. As part of its first-day motions, Encompass expects to receive court orders authorizing ongoing payment of its employee wages and benefits, payment of its vendors for goods and services provided under normal credit terms, as well as other customary first-day orders.

“We believe today’s filing alleviates much of the uncertainty that has surrounded our business in the last few weeks and months,” said Joe Ivey, president and CEO of Encompass. “We look forward to moving rapidly through the Chapter 11 process.”

The company also stated that it expects to file a plan of reorganization with the Bankruptcy Court before the end of the year. This plan will anticipate the company continuing its current program of divestitures of noncore or underperforming assets.

Publication date: 11/25/2002

Did you enjoy this article? Click here to subscribe to The NEWS Magazine

Recent Articles by James Siegel

You must login or register in order to post a comment.

Multimedia

Videos

Image Galleries

2014 MCAA Annual Convention

Scenes from the 2014 MCAA Annual Convention in Scottsdale, Ariz.

Podcasts

NEWSmakers: Julian Scadden

Training is an ongoing process. Julian will discuss how you can generate maximum return on time and energy invested training by following a three part process. Listen to this podcast to get expert tips on training, tracking and follow up. 

More Podcasts

THE MAGAZINE

ACHRNEWS

NEWS 04-14-14 cover

2014 April 14

Check out the weekly edition of The NEWS today!

Table Of Contents Subscribe

SERVICE CALLS POLL

Which statement on service calls best applies to your business?
View Results Poll Archive

HVACR INDUSTRY STORE

plumbing-hvac.gif
2014 National Plumbing & HVAC Estimator

Every plumbing and HVAC estimator can use the cost estimates in this practical manual!

More Products

Clear Seas Research

 

Clear Seas ResearchWith access to over one million professionals and more than 60 industry-specific publications, Clear Seas Research offers relevant insights from those who know your industry best. Let us customize a market research solution that exceeds your marketing goals.

DON'T MISS A THING

Magazine image
 
Register today for complete access to ACHRNews.com. Get full access to the latest features, Extra Edition, and more.

STAY CONNECTED

facebook icontwitter iconyoutube iconLinkedIn i con