Leon Silverstein: We Are Not Going Away
November 30, 2009

"We 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 balance sheet."

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 available.

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