Accent Windows Inc. Files Chapter 11 Reorganization; May be Acquired by P.H. TechApril 5th, 2011 by DWM Magazine
Accent Windows Inc., based in Westminster, Colo., announced recently that the company has filed for Chapter 11 reorganization to facilitate a sale of the company’s assets and operations through a public auction. As a result, Accent has entered into an Asset Purchase Agreement with its largest creditor, P.H. Tech.
Accent Windows president Terry Marcovich says the company anticipates emerging from Chapter 11 in approximately 60-75 days with the new ownership and a significantly strengthened balance sheet.
“We’re excited about the prospect of quickly implementing the sale through the Chapter 11 process which will allow us to emerge with greater stability and financial flexibility to promote future growth and success,” he says. “The company will be secured by debtor in possession financing to meet all of its operating needs throughout the sale process.”
This is the second time Accent has filed for Chapter 11 reorganization. The first time was in September 2008.
“ … Although sales volume has increased, the lack of financial funding and the continued economic downturn has prevented the company from performing under the plan,” says Marcovich.
In conjunction with the filing, the company filed a motion for the establishment of bidding procedures to allow other qualified bidders to submit higher and better offers for its assets. Accent anticipates that the auction will occur later this month.
According to court documents, the U.S. Bankruptcy Court for the District of Colorado authorized Accent to obtain up to $56,625 on an interim basis and $135,000 on a final basis in aggregate principal amount of post-petition financing.