Canadian PVC window profile extruder P.H. Tech Inc. wants to buy one of its customers, Colorado window fabricator Accent Windows Inc., which filed for Chapter 11 protection from creditors March 4.
Accent Windows owes $776,271 to P.H. Tech, its largest creditor. Officials of the window fabricator said the firm filed for Chapter 11 to facilitate the sale to P.H. Tech.
U.S. Bankruptcy Court in Denver will conduct an auction of the company in Westminster, Colo., a Denver suburb. Accent Windows issued a news release saying the company expects to emerge from Chapter 11 in about 60-75 days, with new ownership. Accent thinks the auction will happen in late April.
We're excited about the prospect of quickly implementing the sale through the Chapter 11 process, which will allow us to emerge with greater stability and financial flexibility to promote future growth and success, Accent President Terry Marcovich said in the release, which was issued the same day as the bankruptcy filing.
The bankruptcy judge has set a March 31 deadline for objections to the auction and bid procedures.
Serge Falardeau, president of P.H. Tech in Lévis, Canada, could not be reached for this story. According to Plastics News ranking data, P.H. Tech generates an estimated $17 million in sales from PVC window and door profiles, extruded at its Canadian headquarters. The company also has a patio-door assembly plant and distribution center in Leetsdale, Pa.
This is the second Chapter 11 filing for Accent Windows, which was founded in 1982 by Terry Marcovich's parents, Tim and Sherry Marcovich, who have retired. The window maker filed in late 2008, in part because of the major downturn in construction. Accent came out of bankruptcy in 2009, after restructuring to cut costs. But the construction sector did not rebound in 2010, as officials had hoped, according to court documents.
P.H. Tech has loaned money to Accent Windows, including debtor-in-possession financing, court documents said. That will allow Accent Windows to continue operating throughout the sale process.