MONTEREY PARK, CA -- International Aluminum Corporation, a manufacturer of aluminum and vinyl products, filed for Chapter 11 bankruptcy protection this week--the latest victim of a brutal housing downturn and recession.
"International Aluminum Corporation is a strong and viable Company. We are securing the Company's long-term future by taking this decisive action to restructure our debt and strengthen our balance sheet," said International Aluminum Chief Executive Officer, Dick Almy. "We believe that through this process the Company will emerge stronger, more competitive, and unburdened by debt allowing for future growth."
As is standard in cases such as this, International Aluminum is seeking authority from the Court that will enable it to continue to operate its business without interruption. The requests include authority to continue to honor all customer programs such as warranties and to continue to pay salaries and provide benefits to employees.
In addition, the Company is in a very strong cash position, allowing it to continue to support its day-to-day and ongoing operations, including paying vendors and suppliers for goods and services provided after the Company's Chapter 11 case filings. The proposed reorganization Plan also provides for the full payment of all pre-Chapter 11 claims of the Company's vendors and suppliers.
"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," said Mr. Almy. "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."
International Aluminum Corporation operates across North America under the brand names United States Aluminum, Raco Interior Products, International Window, and International Extrusion. Interested parties can find updates and additional information at the Company's website at www.intalum.com/reorg or by calling 877-499-4509.
Moelis & Company is serving as financial advisor, and Weil, Gotshal & Manges LLP is serving as legal counsel to the Company and its subsidiaries in connection with the restructuring.