ROUND ROCK, Texas - American Plumbing & Mechanical Inc. (AMPAM) announced that it has filed petitions under Chapter 11 of the U.S. Bankruptcy Code and intends to implement a restructuring plan. The company also announced that it has negotiated a financial restructuring plan with its senior lenders and other major constituents that will significantly reduce the debt on its balance sheet and strengthen the company's overall financial position.
The filing takes place several months after a management shake-up, which saw the resignation of then-president, COO, and CFO David Baggett. After Baggett's resignation in April, four AMPAM directors quit their positions in May. The four departed board members are Michael Workman, Albert Niemi, Richard Pollard, and Susan Rheney.