International Aluminum Corp., a manufacturer of diversified lines of aluminum and vinyl products, said Jan. 5 it has entered into a restructuring agreement with holders of approximately 72 percent of its senior debt.
In a news release, the Monterey Park firm said its U.S. subsidiaries including International Window Corp., which manufactures vinyl windows and doors filed for Chapter 11 protection in U.S. Bankruptcy Court in Wilmington, Del. The company's Canadian subsidiaries were not included in the Chapter 11 filing.
We are securing the company's long-term future by taking this decisive action to restructure our debt and strengthen our balance sheet, CEO Dick Almy said in the release. 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.
International Aluminum operates across North America under the brand names United States Aluminum, Raco Interior Products, International Window, and International Extrusion.
Moelis & Co. of New York is serving as financial adviser, and New York-based Weil, Gotshal & Manges LLP is serving as legal counsel to International Aluminum during the restructuring.
International Aluminum employs about 1,000 at 24 facilities in the U.S. and Canada, including International Window plants in Phoenix; and in Hayward and South Gate, Calf.
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