Kimball Hill Homes, which on Monday (Feb. 18) disclosed in a Securities and Exhange Commission filing that it was considering a bankruptcy filing, announced today (Feb. 22) that it has appointed Andrew Hede, managing director of Alvarez & Marsal, the New York-based restructuring firm, as Kimball Hill's chief restructuring officer, effective on Feb. 15.
Hede, with more than 14 years of financial restructuring and business experience, specializes in financial and operational restructurings, business plan preparation and review, and recapitalization strategies.
"We are very pleased to have someone of Andrew's caliber joining the Kimball Hill team," said Kenneth Love, CEO of Kimball Hill, in a prepared statement. "Andrew has worked with a number of local and national home builders and provides a valuable perspective and experience to the Kimball Hill management team as we continue to explore strategic alternatives available to the company."
Based in Rolling Meadows, IL, Kimball Hill currently builds in 5 states and 11 major markets that include: Chicago, Houston, Dallas-Ft. Worth, Austin, San Antonio, Tampa, Sarasota-Bradenton, Naples-Marco Island, Las Vegas, Sacramento and Stockton. It disclosed in its Feb. 18 10-Q filing with the SEC that it is currently in violation of more than two dozen debt covenants and that it "is considering a number of alternatives, including the appointment of a chief restructuring officer and whether to seek a complete restructuring under Chapter 11."