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| Restructuring Information | |
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Restructuring InformationAtrium Companies, Inc. announced that it reached an agreement with over two-thirds of the Company’s senior secured lenders on a plan to restructure and significantly improve its balance sheet and put Atrium in a stronger financial position. Under the proposed plan, which is also supported by the Company’s majority owner, Kenner and Company, the Company will reduce its outstanding debt obligations by more than $350 million, or more than 50 percent of its existing debt, through a “pre-negotiated” restructuring of its balance sheet. To implement the balance sheet restructuring, Atrium and its U.S. subsidiaries have filed voluntary Chapter 11 petitions with the U.S. Bankruptcy Court in Wilmington, Delaware, and the Company’s Canadian subsidiary has initiated reorganization proceedings under the Companies’ Creditors Arrangement Act (CCAA) in the Ontario Superior Court of Justice in Toronto. Atrium and all of its subsidiaries intend to operate as usual during the debt restructuring process, including delivering on all commitments to customers and honoring warranties. The Company intends to move forward with its restructuring on an expeditious basis and complete the entire process in approximately three to four months. As an industry leader, Atrium takes pride in the exceptional quality of its products and services. This will not change. To the contrary, once its balance sheet is right-sized, Atrium will be stronger and more competitive than ever. We look forward to continuing to deliver the exceptional quality, value and service that have been a hallmark of Atrium and our brands for years. Additional information is available at the following links:
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