Atrium Corp. Emerges from Chapter 11
May 3, 2010
Atrium Corp. has successfully completed its balance sheet restructuring
and has emerged from Chapter 11. The company filed for bankruptcy
on January 20, 2010 (CLICK
HERE for related story).
A hearing last week approved the companys second reorganization
Atrium officials say the company has reduced its outstanding debt
by almost 60 percent, from $680 million at the time of filing to
approximately $280 million at emergence. In addition, the company
has secured $170 million in new equity from Golden Gate Capital
and Kenner and Co. and $280 million in new financing.
As a result of the restructuring, Golden Gate Capital and Kenner
and Co. have acquired 92.5 percent of the reorganized companys
new common stock and former bondholders have received the remaining
7.5 percent of the reorganized companys new common stock.
Company subsidiary North Star Windows also has completed the restructuring
process in Canada, under the Companies Creditors Arrangement
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