Universal Molding Co. to Purchase International Window Parent Assets for $8 Million, Pending Court Approval
June 23, 2011
Downey, Calif.-based Universal Molding Co. emerged as the “highest and best overall” bidder at an auction held Tuesday for the sale of the assets of U.S. Aluminum’s parent company, International Architectural Products. The company’s bid totaled $8 million.
The asset purchase will include the majority of the company’s assets, with the exclusion of a few items, according to court documents. Excluded items include the company’s cash, accounts receivable, tax refunds, causes of action, books and records, non-assignable permits and any and all leases. However, International’s owned property in Waxahachie, Texas, where U.S. Aluminum was headquartered, including its factory, was included in the sale, according to court documents.
The trustee appointed in the Chapter 7 case, David Gill, filed a notice of motion late yesterday requesting that the court confirm the sale during an upcoming June 29 hearing (“or such other date and time as to be set by the court”).
International Architectural Products filed for Chapter 7 bankruptcy in early May.
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