Company Continues to Operate without Interruption
International Aluminum Corporation (the "Company"), a manufacturer of diversified lines of quality aluminum and vinyl products, today announced that it has received approval of all of its requested motions at its "first day" hearing on January 6, 2010. The Company announced that it received Court approval to, among other things, pay pre-petition insurance obligations, employee wages, salaries, health benefits and other employee obligations during its restructuring under Chapter 11. The Company was also provided authority to continue to honor its current customer programs, including warranties. The Company will continue to have access to its cash and is authorized to pay ordinary course post-petition expenses without seeking Court approval.
As previously announced, the Company reached an accord with more than 72% of its senior secured lenders on the terms of a pre-negotiated financial restructuring. On January 4, 2010, the Company filed its proposed Plan of Reorganization and related Disclosure Statement. The Court set February 17, 2010 as the date to consider approval of the Disclosure Statement. The Company intends to move as swiftly as possible through approval of the Disclosure Statement and confirmation of the Plan by the Court.
"We are pleased to have received approval of all of these very important motions and a date to consider approval of the Disclosure Statement," said International Aluminum Chief Executive Officer, Dick Almy. "We are now well on our way to emerging a stronger and more competitive Company poised for growth."
The Company filed voluntary petitions to reorganize under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware on January 4, 2010. The case number is 10-10003 and is being presided over by the Honorable Judge Mary F. Walrath. Moelis & Company is serving as financial advisor, and Weil, Gotshal & Manges LLP is serving as legal counsel to the Company and its subsidiaries in connection with the restructuring.
About International Aluminum
International Aluminum is an integrated building products manufacturer of diversified lines of quality aluminum and vinyl products. The Company was incorporated in California in 1963 as successor to an aluminum fabricating business begun in 1957. Residential products are fabricated from aluminum and vinyl into a broad line of horizontal sliding windows, vertical sliding windows, casement windows, garden windows, bay and bow windows, special configuration windows, louvre windows, patio doors, and related products. Commercial products are fabricated from aluminum into curtainwalls, window walls, slope glazed systems, storefront framing, entrance doors and frames, and commercial operable windows for exterior applications, including storm and blast resistant applications and office fronts, office partitions, doors, and frames for interior applications. The Company is headquartered in Monterey Park, California and has approximately 1,000 employees. Operations are conducted through 24 facilities throughout the United States and Canada.
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