Bankruptcy Court Approves International Aluminum's
February 24, 2010
Last week the United States Bankruptcy Court for the District of
Delaware approved the "Disclosure Statement Relating to the Joint
Plan of Reorganization Under Chapter 11 of the Bankruptcy Code"
for International Aluminum Corp. (IAC).
A hearing to consider the confirmation of the plan will be held
April 19, 2010 at 10:30 a.m.
The proposed restructuring plan will allow the reorganized IAC
to "enter into a New Credit Agreement with the Senior Lenders pursuant
to which the Senior Lenders will lend Reorganized IAC $38,000,000.
The New Term Loan will be guaranteed by Reorganized Holdings and
each of IAC's domestic wholly-owned subsidiaries (other than Maestro
the New Term Loan has a maturity date of
The plan also notes that "Newco, a legal entity organized pursuant
to the laws of Delaware, will acquire the assets of IAC and assume
the liabilities and other obligations of IAC under the Plan."
Regarding its subsidiaries, the plan notes that the reorganized
debtors may, among other things "cause any or all of the Debtors
to be merged into one or more of the Reorganized Debtors or any
of their affiliates, dissolved or otherwise consolidated, cause
the transfer of assets between or among the Reorganized Debtors
or any of their affiliates, or engage in any other transaction in
furtherance of the Plan
HERE to read the order approving the disclosure statement.
HERE to read the related story.
Stay tuned to USGNN.com for further updates.
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