MONTEREY PARK, CA -- International Aluminum Corporation, a manufacturer of diversified lines of quality aluminum and vinyl products, announced that its Plan of Reorganization was confirmed by the United States Bankruptcy Court for the District of Delaware.
"We have accomplished what we set out to do and are very enthusiastic about our Company's future outlook," said Dick Almy, International Aluminum Chief Executive Officer. "Having dramatically reduced our financial debt and strengthened our balance sheet, we are now well-positioned to emerge as a stronger, more competitive Company, ready for future growth, while continuing to offer superior products, and outstanding customer service."
Under the confirmed Plan, the Company's secured indebtedness will be satisfied through a combination of new equity, new term notes and a cash payment to its senior lenders. Moreover, trade vendors and suppliers will receive full payment of all pre-Chapter 11 claims upon the Company's effective date or in the ordinary course of business.
The Company expects to emerge from Chapter 11 in May 2010. Upon emergence from Chapter 11, the Company will be known as International Architectural Group LLC (IAG). The Company's brands United States Aluminum, Raco Interior Products, International Window, and International Extrusion will retain their names. International Architectural Group LLC will continue to manufacture and sell high-quality aluminum and vinyl products. Customers, employees and other valued Company partners will not be affected by the new corporate structure.
"The formation of IAG marks a new era of our Company's 50 year history," said Mr. Almy. "Relieved of any burdensome debt, the new IAG entity will capitalize on the assets of IAC's success – state of the art manufacturing, industry-leading products and dedicated employees to ensure our longevity well into the future."