Arch glass company bankruptcy

arch glass company bankruptcy

Arch Aluminum emerges from bankruptcy protection Arch Aluminum & Glass has announced that it has emerged from Chapter 11 bankruptcy protection. This follows the asset purchase by Arch Glass Acquisition Corp., an affiliate of Sun Capital Partners, in a $ million cash deal. Nov 30,  · Arch was a glass fabrication company, not one of these financial super markets. The bankruptcy won't interfere with their core business. Sure, the bankruptcy is going to hurt their vendors and the owning family, but the glass and metal customers will come out ahead. If you were an Arch customer, continue to be one. They are not going anywhere. Nov 30,  · The decline of the construction market has taken another South Florida company into bankruptcy. But, Arch Aluminum and Glass, which filed for Chapter 11 bankruptcy .

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Thereafter, a liquidating trustee was appointed to wind down the estate for the benefit of creditors. Requests for reasonable referral or finder fees will be considered. Please note that Oak Point did not acquire books and records. We are unable to assist with claim, warranty or product inquiries.

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The company served more than 5, customers and operated 28 manufacturing and distribution facilities in 19 states. Oak Point Partners has completed purchases of the remaining known and unknown assets in hundreds of Chapter 11 and Chapter 7 bankruptcy cases. Click here for a listing of Oak Point owned estates.

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We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, or suitability with respect to the information contained or services offered on the website for any purpose. Bankruptcy Court for the Southern District of Florida.

As a result of the defaulted payments, Arch entered into a "Forebearance Agreement" with Churchill Financial, dated May 29, under which Churchill agreed to defer the late payments.

The conditions of default arose from "the borrowers' failure to comply" with various provisions of the loans, according to Colistra's declaration. Based on this, Arch management entered into a forbearance agreement with PNC and the other banks included in the original loan , which required the company to meet several provisions, as follows:.

This agreement was set to expire on August 15 and, on July 31, as required by the agreement, Arch provided its restructuring term sheet to the lenders, according to court documents. Along with these steps, Colistra says Arch "undertook significant cost-cutting initiatives in an effort to improve its cash-position and maximize its ability to satisfy the requirements of the forbearance agreements and cure the Events of Default.

Once August 15 came, and the first forbearance agreement with the senior secured lenders expired, Arch entered into a second agreement with them, according to Colistra. This agreement required that the company retain the services of an independent restructuring officer "to direct the company in improving [its] operations and financial performance. PJC to explore a potential "de-leveraging transaction.

In October, as the deadline for the expiration of the second forbearance agreement with the senior secured lenders approached, Colistra says he recommended that "a further forbearance agreement be entered into that would allow the company to continue operating while PJC endeavored to locate an investor that could provide a permanent solution to the company's financial distress.

As PJC continued to solicit interest from potential investors and purchasers, two more agreements were made with the senior lenders, the second of which was set to expire on November The final agreement required that Arch provide to the lenders at least three firm offers to purchase substantially all of its assets, according to Colistra, and the company presented these on November

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