We are extremely excited that on February 6th
the bankruptcy court overwhelmingly approved our re-structuring plan. Over 95% of our pre-petition unsecured creditors voted in favor of our plan, and each of our secured lenders also supported us.
Some of the plan highlights are as follows:
- FTL Capital has agreed to convert its secured pre-petition debt into 100% of the new equity in the company, so FTL Capital becomes the sole owner,
- All unsecured creditors will receive 100% of their pre-petition claims plus interest through a future profit sharing arrangement,
FTL Capital is fully committed to the long term success of the company. And now with 100% control over the business, are able to ensure follow through on the commitment Benada has made to our customers as their preferred supplier.
It is a reality that the overwhelming majority of companies facing the challenge of a Chapter 11 situation never emerge and eventually liquidate. That success in being able to emerge brings a sense of accomplishment and reason to give credit:
Despite the obvious uncertainty caused by our reorganization, our staff has persevered. Their unwavering belief in themselves, support of each other, and confidence in ownership have been key factors during our transition. Extremely low turnover in all departments facilitated continued synergies of operation. In addition, we have been able to add industry-leading talent in major functional areas including sales, finance and operations. Acquisition of high-level talent is difficult in the best of times, unprecedented during times of uncertainty, and a definite tribute to Benada’s existing leadership.
Most importantly we would like to thank our customers. Facing the uncertainty of supply and of our future viability, many stood by us, continuing to support us by placing orders and encouraging our success. As we continue to demonstrate our ability to deliver and improve metrics in key areas of service and quality, that confidence has continued to grow. We are confident that we will meet and exceed customer expectations and are energized by the opportunities we have to grow our business and establish ourselves as the preferred supplier of aluminum extrusions.
Welcome to Benada Aluminum Products, LLC
Benada Aluminum Products, LLC is a full service American owned and operated aluminum extruder located in Sanford, Florida USA. With over 60 years of industry experience, Benada has the manufacturing capabilities, service, and commitment to quality that leads the industry. We offer precise custom engineered solutions, with personal relationship based service you can only get with an experienced independent aluminum extruder. From our extensive library of extrusion standards, custom tooling capabilities, fabrication equipment, and state of the art powder coating facilities, Benada has the technology and the resources to meet and exceed your expectations.