Construction and Engineering
Company Overview of WASCO, Inc.
WASCO, Inc. provides commercial masonry services. Its masonry services include brick installation, block installation, glazed/ground face CMU, glass block installation, limestone installation, cast stone installation, fieldstone installation, precast erection, brick/concrete pavers, cost/value engineering, and masonry budgets. The company also offers restoration services, such as historical masonry, advice and estimates on various projects, masonry cleaning, caulking and tuck pointing of masonry structure, deck coating, membrane coating, epoxy injection, waterproofing, concrete restoration, pressure washing, leak investigation, flashing repairs, exterior building maintenance, emergency repai...
1138 2nd Avenue North
Nashville, TN 37208
Founded in 1966
Key Executives for WASCO, Inc.
Chief Executive Officer and President
Director of Business Development
Vice President of Safety & Insurance
Compensation as of Fiscal Year 2016.
WASCO, Inc. Key Developments
Amended DIP Financing Approved for WASCO, Inc.
Nov 5 15
The US Bankruptcy Court gave an order approving the amendments to DIP financing agreement for WASCO, Inc. on November 5, 2015. As per the order, the maturity date has been extended to March 1, 2016 or 30 days after the day on which the United States District Court for the Middle District of Tennessee issues its ruling in the appeal currently pending before it as case number 3:15-cv-00977. The maximum aggregate principal amount that may at any one time be outstanding under the DIP Credit Agreement is hereby reduced to $1.1 million. Within 5 business days after this order becomes final, debtor shall pay to the DIP lender a fee of $11,000.
Second Amended Joint Plan of Reorganization Approved for WASCO, Inc.
Sep 2 15
The US Bankruptcy Court approved the second amended joint plan of reorganization of WASCO, Inc. on September 2, 2015. As per the approved plan, administrative claims of $0.35 million, US trustee fees and priority tax claims of $0.05 million shall be paid in full in cash. Fee Claims of debtor and official committee of unsecured creditors amounting to $0.6 million and $0.12 million respectively will be paid in full in cash. The debtors are not aware of any other priority claims under the plan. Secured claims of archway insurance, ltd. shall retain its lien under the plan. Secured Claim of The Fidelity and Deposit Company of Maryland of $0.25 million will be paid in full in cash. Secured claim of great America financial services corp. of $0.04 million shall be satisfied as monthly payments from sale proceeds of collateral under their existing equipment finance agreements. Secured claim of Kingston capital, llc of $2.21 million shall be satisfied in full by payment plus interests at the rate of 2% over prime rate. Secured claim of Kingston capital, llc includes DIP loan of $0.90 million and secured claim of $1.31 million. Unsecured claims of pension fund and union, unsecured claims of insiders and other unsecured claims will be paid pro rata distributions of $0.55 million and debtor shall distribute $0.3 million on a pro rata basis to holders of unsecured claims of pension fund and union and other unsecured claims on or about the effective date. Penalty claims will be subordinate claim to the unsecured claims in the plan and shall not receive any distribution. Ownership interests in Wasco and Lovell shall contribute on pro rata share of $0.9 million and shall retain their interests. The plan shall be funded through cash in hand and exit financing of $1.50 million.
Second Amended Joint Reorganization Plan Filed by WASCO, Inc.
Aug 17 15
WASCO, Inc., along with its affiliate, filed second amended joint plan of reorganization with related disclosure statement in the US Bankruptcy Court on August 17, 2015. As per the plan filed, Unsecured Claims of $13.68 million will be paid $0.55 million, a recovery of 4.02%. There are no other changes in the treatment of claims.
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