International Aluminum Corporation files Pre-Negotiated Chapter 11
On January 4, 2010, International Aluminum Corporation (IAC) and 11 affiliates filed for protection under Chapter 11 of the Bankruptcy Code in Delaware. According to the supporting declaration filed by Jeffrey B. Park, CFO of certain of the debtors, IAC is an integrated manufacturer of quality aluminum and vinyl products for use in commercial and residential applications.
The Park declaration notes that the bankruptcy cases were commenced primarily because of the decline in the commercial and residential construction activity in the U.S.
According to the Park declaration, the Debtors, and certain “Required Supporting Holders” entered into a restructuring support agreement on December 31, 2009. In accordance with the restructuring support agreement, the Debtors filed their bankruptcy cases and a Plan and accompanying Disclosure Statement on January 4, 2010. The proposed plan – if confirmed – provides for payment in full of general unsecured claims.
The case has been assigned to the Honorable Mary F. Walrath, and the main case number is 10-10003.
