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Aluminum extruding giant Indalex files for bankruptcy

March 25, 2009 – Indalex Aluminum Solutions Group made up of aluminum extruder Indalex and its four affiliates filed for Chapter 11 bankruptcy protection on but it is unclear whether the firm will reorganize, seek a buyer or liquidate.

Indalex Aluminum Solutions Group made up of aluminum extruder Indalex and its four affiliates filed for Chapter 11 bankruptcy protection on but it is unclear whether the firm will reorganize, seek a buyer or liquidate.The Lincolnshire, Ill.-based supplier has operations in the US, Canada and China. A Reuters report says the group listed assets of between $100 million to $500 million and liabilities of between $100 million to $500 million. The company's biggest unsecured creditors are Alcoa which it owes $6 million and Rio Tinto Alcan which it owes $5 million.

The bankruptcy protection announcement came as little surprise to the depressed extrusion market that has been plagued for many years with excess supply. Also, Indalex announced in February that it already had defaulted on a $11.4-million interest payment on its $200 million, 11.5 percent second priority senior secured notes, according to a filing with the US Securities and Exchange Commission.
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