DALLAS – Atrium Companies, Inc., the largest manufacturer of residential vinyl and aluminum windows and patio doors in North America, is pleased to announce that it has finalized its debt restructure with each of its major creditor groups. Atrium’s balance sheet has been restructured through a capital infusion to reduce overall debt. These actions improve Atrium’s liquidity and will enable management to effectively guide operations through the slowing economy.
As part of the restructuring, each of Atrium’s creditor groups has agreed to eliminate all financial covenants for the first year and impose only a minimum EBITDA (earnings before interest, taxes, depreciation and amortization) covenant in the following years. These relaxed lender requirements support Atrium’s efforts to work through the housing industry’s present challenge.
“In sum, this restructuring infuses new capital, reduces the company’s overall debt, and improves Atrium’s liquidity,” said Greg Faherty, Atrium’s president and chief executive officer. “While we anticipate difficult markets throughout 2009, this restructuring will allow us to effectively manage the business through the current downturn and be ready to grow when the markets turn around.”