Encompass To Focus On Residential Services
The company expects to emerge from Chapter 11 in the second quarter of 2003. The new company will be headquartered in Dayton, Ohio, with operations in nine states. Eric Salzer will be its chief executive officer, Tim Johnston will serve as the chief financial officer, and both Richard Siefring and Tom Vossman are the company's senior vice presidents of operations. All are current Encompass management staff.
The reorganization plan is contingent on the approval of the bankruptcy court. New York-based private equity firm Wellspring Capital Management is supplying the investment funds to support the reorganization. If the plan is approved, Encompass will become a private company as Wellspring and Salzer's management team will own all outstanding shares of the new entity.