Wick Restructures Press Release

Wick Building Systems Announces Plans For Financial Reorganization Under A Voluntary Chapter 11 Filing
 
November 23, 2009 - Wick Building Systems, Inc. today announced that it filed a voluntary petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code. The company plans to continue its Wick Buildings business, the post-frame industry leader founded by John F. Wick in 1954 with operations in Mazomanie.
 
 
“After a catastrophic decline in the housing market, we recently made the hard decision to close our housing divisions. Losses in the housing industry made our balance sheet unsustainable,” said company CEO Jeff Wick. “We have determined that the Chapter 11 process provides the most orderly means to liquidate some of the Company’s assets, restructure its obligations, bring in additional investor capital, and facilitate the ongoing operations of Wick Buildings, either through a sale to a new ownership group or reorganization of the company.”
 
Motions will be made to the court this week to provide authority to continue daily operations and arrange for interim financing. The company expects that normal operations will continue at Wick Buildings in Mazomanie throughout the reorganization proceedings, and that there will be an orderly wind-down of operations in its housing divisions in Mazomanie and Marshfield, Wisconsin.
 
The Company filed its voluntary Chapter 11 petitions in U.S. Bankruptcy Court for the Western District of Wisconsin, under case number 09-17978. 
 
“We have a profitable business at Wick Buildings, and we believe the combination of a strong, committed management team lead by Vice President Tom Wick, a 43-year industry veteran, great builders and loyal customers will bring our Company through a most difficult time,” said Jeff Wick. “Together with our independent builders, the Wick Buildings team creates a striking variety of award-winning building solutions, to meet the needs of its customers, who have always played a critical role in the design process.”
 
Wick Buildings was founded with a vision of service to the farmer and while it now serves many additional markets, the company’s values are rooted in farm country.