BuildDirect Obtains Creditor Approval of Recapitalization Plan
Vancouver, B.C. — March 12, 2018 — BuildDirect, the first technology platform for the home improvement industry, is pleased to announce that at a meeting of creditors convened on March 12, 2018, the Company received creditor approval of its Plan of Compromise and Arrangement filed under the Companies’ Creditors Arrangement Act (CCAA).The Plan was approved 100% by voting secured noteholders and nearly 95% by voting unsecured creditors.
“Since initiating our restructuring process, we’ve received an overwhelming amount of support from our stakeholders including suppliers, investors, and employees, among many others. It is truly appreciated,” said Dan Park, CEO of BuildDirect. “With the Plan approved by both our suppliers and lenders, we’re now focused on securing our immediate exit from the CCAA proceedings, and executing on our go-forward plan.”
The Company’s application to the Supreme Court of British Columbia for the sanction order, which formally approves and directs the Company to implement the Plan, is scheduled to be heard on March 13, 2018. If the sanction order is granted, on March 15, 2018, the Company will be applying in the Chapter 15 Proceedings in the United States for an order recognizing and enforcing the sanction order in the United States.
BuildDirect is reinventing the home improvement industry with the first artificial intelligence (AI)-driven technology platform for heavyweight products. The BuildDirect platform includes two core business units:
- BuildDirect Marketplace: An online marketplace that offers Homeowners and Pro Buyers the ability to purchase heavyweight home improvement products direct from Sellers and receive efficient direct-to-home (or jobsite) shipping of those products.
- Gateway Supply Chain: The first anywhere-to-the-home supply chain for heavy and bulky goods that equips manufacturers, distributors and retailers with efficient and cost-effective shipping solutions to move their products from anywhere in the world, to locations across North America.
The platform is powered by proprietary AI, machine learning, and predictive analytics that drives robust efficiencies for the innovation of heavyweight product services, distribution, and sales across buyers, sellers, shippers, and everyone in between.
BuildDirect is headquartered in Vancouver, British Columbia with warehouse locations across North America. For more information:
- Shop: BuildDirect.com or search our products online
- Sell: BuildDirect.com/seller
- Ship: GatewaySupplyChain.com