International Aluminum Creditors Fight Ch. 11 Plan

Law360, New York (April 19, 2010, 2:16 PM EDT) -- International Aluminum Corp.'s unsecured creditors aren't pleased with the company's proposed Chapter 11 plan, arguing in an objection filed in bankruptcy court that the exit strategy "gives the company away" to senior lenders.

The official committee of unsecured creditors, which filed its objection Friday in the U.S. Bankruptcy Court for the District of Delaware, argues that International Aluminum's reorganization plan undervalues the company and should not be confirmed.

The committee also argues that the plan improperly transfers valuable assets to old equity holders, including private equity...
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