Burnham Holdings Initiates Chapter 11 Restructuring for Crown Boiler Company

Burnham Holdings, Inc. has recently taken a significant step towards optimizing its business strategy by announcing a voluntary Chapter 11 filing for its subsidiary, Crown Boiler Company. This decision, made on February 25, 2026, comes after extensive evaluations and wind-down processes aimed at streamlining operations and resolving legacy obligations.

A Necessary Move for Value Maximization

Chris Drew, President and CEO of Burnham Holdings, expressed that this initiative is essential for maximizing value for creditors while aligning with the company's long-term growth strategy. The decision to file for Chapter 11 protection emphasizes the company's commitment to addressing its remaining obligations in a structured manner, ultimately aiming to create a financially sound environment for its core businesses.

The restructuring is a strategic measure that not only signifies a response to past operations but also reinforces the company's focus on high-growth segments of its business portfolio. Crown Boiler Company had already initiated operational wind-downs throughout the previous year, addressing non-core activities and emphasizing financial flexibility. This move is being seen as a critical adjustment in preparing the company to capitalize on evolving market demands.

Financial Implications and Future Prospects

While specific financial implications of the Chapter 11 filing remain uncertain, the company has proactively secured a formal waiver from its banking group, ensuring that operational stability continues for its other active subsidiaries. This proactive approach allows Burnham Holdings to maintain overall financial flexibility while maneuvering through the restructuring process. Drew indicated, “By resolving these legacy liabilities and concentrating on our core boiler and service offerings, we are reinforcing our foundation for sustainable growth.”

In the context of the ongoing transformation of Burnham Holdings into a leaner, more efficient organization, the Chapter 11 proceedings at Crown Boiler are being considered an integral component of this larger infrastructure overhaul. The company aims to focus its resources on enhancing their Center of Excellence for high-efficiency boiler products as well as expanding its commercial service platforms, which have shown robust market demand.

The Path Forward

Throughout the Chapter 11 process, Burnham Holdings is collaborating with legal and financial advisors to ensure smooth execution and conformity with disclosure requirements. The overarching goal remains to deliver long-term value not only for shareholders but also for employees and customers.

As the company prepares to emerge from this restructuring phase, it looks to strengthen its market position and evolve in the competitive landscape of heating solutions, all while ensuring that operational capacity and market needs are effectively met.

About Burnham Holdings, Inc.

Burnham Holdings, Inc. serves as a parent company to a variety of manufacturers producing boilers, furnaces, and HVAC products for residential, commercial, and industrial applications. Focused on value creation through portfolio optimization and operational efficiency, Burnham Holdings is dedicated to providing high-performance heating solutions. The company can be found trading on the OTC Exchange under the symbol "BURCA.” For additional information, visit Burnham Holdings.