International Aluminum Enters Ch. 11 With Plan In Hand

Law360, New York (January 5, 2010, 1:17 PM EST) -- Citing a decline in the residential and commercial construction market, International Aluminum Corp. has entered Chapter 11 bankruptcy protection with a reorganization plan already prepared.

The plan, filed late Monday in the U.S. Bankruptcy Court for the District of Delaware, calls for senior lenders to receive pro rata shares of International Aluminum's excess cash plus all remaining shares of the reorganized company's equity that have not been distributed to the company's management.

International Aluminum said the restructuring plan had received support from 72 percent of the...
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