International Aluminum Emerging from Chapter 11
International Aluminum Corp. reports that its plan of reorganization has been confirmed by the United States Bankruptcy Court for the District of Delaware. The company expects to emerge from Chapter 11 this month as International Architectural Group LLC.
“We have accomplished what we set out to do and are very enthusiastic about our company’s future outlook,” says Dick Almy, CEO. “Having dramatically reduced our financial debt and strengthened our balance sheet, we are now well positioned to emerge as a stronger, more competitive company, ready for future growth, while continuing to offer superior products, and outstanding customer service.”
While the parent company will be known as IAG, the company’s brands—United States Aluminum, Raco Interior Products, International Window, and International Extrusion—will retain their names. Customers, employees and other company partners will not be affected by the new corporate structure, it is reported.
“The formation of IAG marks a new era of our company’s 50 year history,” Almy continues. “Relieved of any burdensome debt, the new IAG entity will capitalize on the assets of IAC’s success—state of the art manufacturing, industry-leading products and dedicated employees—to ensure our longevity well into the future.”
Under the confirmed reorganization plan, the company’s secured indebtedness will be satisfied through a combination of new equity, new term notes and a cash payment to its senior lenders, executives report. Trade vendors and suppliers will receive full payment of all pre-Chapter 11 claims upon the company’s effective date or in the ordinary course of business, it is also noted.
International Aluminum was first incorporated in California in 1963 as successor to an aluminum fabricating business begun in 1957. International Window, the residential window unit, produces a broad line of aluminum and vinyl horizontal sliding windows, vertical sliding windows, casement windows, garden windows, bay and bow windows, special configuration windows, louver windows, patio doors, and related products. Commercial products are fabricated from aluminum into curtainwalls, window walls, slope glazed systems, storefront framing, entrance doors and frames, and commercial operable windows for exterior applications, including storm and blast resistant applications and office fronts, office partitions, doors, and frames for interior applications.
A 2010 Window & Door Top 100 manufacturer, the company is headquartered in Monterey Park, Calif. It has approximately 1,000 employees working in 24 facilities in the United States and Canada.