San Francisco, CA-based Building Materials Holding Corp. announced it is out of compliance with financial covenants under its current credit facility, based on preliminary evaluation of its financial results for the second quarter ended June 30, 2008.
The company has been in discussions with lenders to address the default and prevent disruption to business operations. BMHC expects it will reach an agreement on a temporary waiver of covenants to preserve liquidity and an amendment to the credit facility that will better reflect current market conditions.
Continuing weakness in the residential housing market has troubled the provider of building materials and construction services for the past year, leading to facility closures in California and Arizona. Employee …
Building Materials Holding Corp. In Danger of Breaching Loan Covenants
San Francisco, CA-based Building Materials Holding Corp. announced it is out of compliance with financial covenants under its current credit facility, based on preliminary evaluation of its financial results for the second quarter ended June 30, 2008.
The company has been in discussions with lenders to address the default and prevent disruption to business operations. BMHC expects it will reach an agreement on a temporary waiver of covenants to preserve liquidity and an amendment to the credit facility that will better reflect current market conditions.
Continuing weakness in the residential housing market has troubled the provider of building materials and construction services for the past year, leading to facility closures in California and Arizona. Employee …
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