Hurd Parent Files for Chapter 11
Monarch Holdings Inc. and its operating affiliates filed voluntary petitions for relief under chapter 11 of the United States Bankruptcy Code earlier this week. Officials of Hurd Windows & Doors, part of Monarch, report that operations will continue as normal through the reorganization process.
In a letter to customers, Dominic Truniger, Hurd president stated, “Our plan is to continue to provide the best possible customer service to you, in all facets of our business, delivery, quality and sales support.”
The voluntary filings were necessary due to the high cost of lawsuits Monarch assumed when it purchased Hurd Millwork, reports Larry Haberman, Monarch president. The company’s senior secured lender, LaSalle Bank National Association, has committed to provide Monarch access to its operating cash and, as a result, provide necessary liquidity during the chapter 11 process, he continues.
As a part of the reorganization, Monarch shut down American Weather-Seal Co., its vinyl operation in Ohio.
The closing was the first step in a financial restructuring plan Monarch expects will result in increased stability for the company and continued service to its network of customers, its creditors and its employees, Haberman reports.
Monarch expects to continue to operate in the normal course of business during the chapter 11 reorganization process with its current team of management and employees. "All of the company’s services will continue to be offered and the company will vigorously pursue every alternative to maximize value, provide certainty for our customers, creditors and employees, and position the company for success in the future," according to Haberman.
In addition to Hurd, based in Medford, Wis., Monarch Holdings also includes Monarch Manufacturing.