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 company’s second reorganization plan.

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 company’s new common stock and former bondholders have received the remaining 7.5 percent of the reorganized company’s new common stock.

Company subsidiary North Star Windows also has completed the restructuring process in Canada, under the Companies’ Creditors Arrangement Act (CCAA).

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