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Article: Metals USA: the unraveling of a rollup: Metals USA is intent on emerging from bankruptcy as a leaner, financially stronger company with a new strategy and a more prudent frame of mind.
- Article from:
- Metal Center News
- Article date:
- October 1, 2002
- Author:
CopyrightCOPYRIGHT 2002 Sackett Business Media. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Metals USA was formed in 1996 through the merger of eight founding companies and quickly evolved into the service center industry's most aggressive consolidator. It went public in 1997 and by 1999 was the third largest metals distributor in the country. Then last November, at only five years old, the company suddenly was bankrupt.
J. Michael Kirksey, chairman, CEO and president, says Metals USA is made up of people who want to do the right thing. Once they recovered from the shock of declaring Chapter 11, these same people determinedly did their jobs as always.
The bankers have reviewed the company's balance sheet and appear eager to finance continuing ...