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Nov. 21, 2003: AMPAM Obtains Approval Of Debtor-In-Possession Agreement

November 21, 2003
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ROUND ROCK, Texas - American Plumbing & Mechanical Inc. (AMPAM) announced that it has obtained final approval of its Debtor-In-Possession (DIP) Agreement from Bankruptcy Judge Leif Clark in the United States Bankruptcy Court for the Western District of Texas, San Antonio Division. The DIP facility is provided by Ableco Finance LLC and was consented to by the debtors' pre-petition secured lenders, Harbert Management Corp. and Cerberus Capital Mgt., L.P.

"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 towards a successful reorganization," stated Robert Christianson, chairman of the board and CEO. "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."

AMPAM filed for relief under Chapter 11 on October 13, 2003 and is represented by Winstead Sechrest & Minick P.C. and Conway, Del Genio, Gries & Co. LLC, the financial advisors to the debtors.

In late October, the U.S. Trustee appointed an Official Committee of Unsecured Creditors, which is represented by Otterbourg, Steindler, Houston & Rosen, P.C. and FTI Consulting serving as the committee's financial advisor.

Publication date: 11/17/2003

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