Leon Silverstein: We Are Not Going Away
November 30, 2009
are not going away," said Arch Aluminum chief executive officer
Leon Silverstein of his company in an exclusive interview with USGNN.com
this morning. Arch filed for Chapter 11 bankruptcy reorganization
in the Southern District of Florida federal bankruptcy court late
last week (CLICK
HERE for related story). The bankruptcy filing does not include
Arch's Canadian holdings or Trulite.
"We are in the process of selling the assets and we will be
out of bankruptcy in 45 days," said Silverstein. "We are
not disappearing. The sad truth is that we have spent five months
trying to work out our situation with our banks that have been impossibly
difficult to work with.
"It's not what we wanted to do," he added, "but
it's the only way we can do it. We are going to emerge with 75 percent
less debt. We did this because we had to do so to restructure our
Silverstein said he anticipated little change at Arch. "We
have done a tremendous job of cost cutting and we are performing
well. We just could not over come the amount of debt we had as we
were a company built for growth."
He added that there will be no employee changes at Arch and that
the management team will remain in place. "My personality has
not changed," he said, adding, "We have found new partners
that want to grow. We can't grow with the debt we have and we have
to restructure. It's not our end. Unfortunately we are forced to
go through this
we spent the last few months trying to avoid
this but the banks have made it very difficult.
"In business, it's always the survival of the fittest,"
Silverstein added, "and this puts us in the position to survive
and grow. We have new, deep-pocketed investors who want to grow
and I fully expect us to do so in the future.
"This is not something we wanted to go through; I didn't want
to be first in this, but we plan to emerge stronger."
Stay tuned to USGNN.com for further updates as they become
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