Privately-held International Aluminum and 11 affiliated Debtors filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case 10-10003. The Company is represented by John H. Knight of Richards, Layton & Finger. The Company stated that it filed for Chapter 11 protection to facilitate a restructuring agreement with holders of approximately 72% of its senior debt: “The goal of the restructuring agreement is to significantly reduce the Company’s debt and other guaranteed obligations, allowing it to maximize its product offerings, customer experience, and profitability for long-term success.” Concurrent with the petition, the Company also filed a Joint Prepackaged Plan of Reorganization and related Disclosure Statement with the Court. The Disclosure Statement asserts, “The Debtors believe that the proposed restructuring will substantially reduce uncertainty with respect to their future and better position them to develop and maintain new customers.” International Aluminum’s Canadian subsidiaries are not included in the Chapter 11 filing. International Aluminum’s chief executive officer, Dick Almy, comments, “Like many other manufacturing companies in the United States, the protracted recession has had a dramatic impact on our ability to manage debt costs and comply with our debt guidelines. But International Aluminum is resolute and committed to the future, and we believe that this restructuring will ultimately benefit our customers, business partners, and employees.”
About Brandy Chetsas
Brandy L. Chetsas is editor in chief at Bankrupt Company News. She joined New Generation Research, Inc. in 1998. As Director of Strategic Content, she leverages 20+ years of communications and project management experience for the distressed investing sector–with particular expertise on corporate restructurings via Chapter 11. Brandy began her career writing for a law enforcement-related publication and teaching English courses at numerous colleges in the U.S. and abroad.