Indalex Liquidation Needed To Save $80M: Creditors

Law360, New York (September 23, 2009, 2:55 PM EDT) -- Indalex Holdings Finance Inc. and its parent company, private equity firm Sun Capital Partners, have made more than $80 million in unnecessary payments, the company's unsecured creditors committee claims in a bid to convert Indalex's Chapter 11 into a Chapter 7 liquidation.

According to the conversion motion, filed Sept. 21 in the U.S. Bankruptcy Court for the District of Delaware, the potentially unnecessary transactions will leave Indalex's estates in a $761,000 hole, which means no unsecured creditors would see any recovery.

“Potential value can be derived...
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