A U.S. Bankruptcy Court in Maine has approved the timeline for Correct Building Products to sell itself to a subsidiary of Building Materials Corporation of America (BMCA), Correct announced today. It said the sale is expected to close on Aug. 28.
Biddeford, Maine-based Correct first announced its plans on July 2, at which point it filed for Chapter 11 bankruptcy-law protection and sought a sale under the bankruptcy code's Section 363, which allows for the sale of assets free of liens and other claims.
Correct is a 10-year-old manufacturer of composite decking products. BMCA, which does business as GAF Materials, will add Correct's assets to its existing composite decking business.
"The addition of the [Correct] CX product line will enhance the composite decking offerings produced and marketed by BMCA," Correct said in a statement. "Shipments of CorrectDeck CX and related products continue uninterrupted by the sale process."