Round Rock, Texas-based American Plumbing & Mechanical Inc. filed for Chapter 11-bankruptcy protection Oct. 13, 2003. It also worked out a financial restructuring plan with its senior lenders. The proposed plan, which must be approved by the bankruptcy court, would convert the company's subordinated debt into preferred stock.
“When AMPAM initially came together approximately four years ago, the company had a strategy of becoming a publicly held company,” said Robert Nagel, AMPAM's corporate executive vice president. “In the past year, we have found that this goal was simply unattainable, as did other consolidators, due to adverse conditions in the capital markets and business challenges in our commercial start-up operations.”