Tiger Finance closed on $15.5 million in debtor-in-possession financing to facilitate the Chapter 11 restructuring of Pennsauken, NJ-based Aluminum Shapes, a manufacturer and distributor of aluminum products.
Aluminum Shapes, which operates a 500,000-square-foot facility in Pennsauken, NJ, filed for Chapter 11 bankruptcy protection on Aug. 15 in the U.S. Bankruptcy Court in Camden, NJ.
“This short-term debtor-in-possession loan will be used to facilitate a restructuring and potential sale process in which multiple interested parties have already stepped forward,” Andrew Babcock, managing director of Tiger Finance, said. “We’re excited to continue working with Aluminum Shapes and believe that, with the right partner, it has a bright future as a going concern.”
At its soft-alloy aluminum extrusion facility in Pennsauken, NJ, Aluminum Shapes melts scrap and primary ingot to cast billets that are then extruded in small, medium and large presses. Its 200 pieces of fabrication equipment are used to punch holes, execute precision cuts, create forms and make welds for aluminum products.
“Aluminum Shapes’ products have been used for scaffolding, pipes, furniture, fencing, doors, windows, street signs, HVAC ducts, stadium seating, automotive trim and even domes for major arenas, to name a few of the many applications,” Babcock said.
“We were able to act decisively because we understood the global asset value in play,” Bob DeAngelis, executive managing director of Tiger Finance, said. “It’s another example of Tiger thinking creatively and acting proactively to serve our clients.”
“We are grateful to Tiger for continuing to support the company through this restructuring process,” Jordan Meyers, interim CFO of Aluminum Shapes, said. “This gives us the liquidity we need to determine the best course of action for the company and to maximize the value of these assets.”