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Atrium obtains consents to waive defaults on 11½% notes due 2012
By Jennifer Chiou
New York, Aug. 15 - Atrium Cos. Inc. parent ACIH, Inc. said it received consents from a majority of the holders of its 11½% senior discount notes due 2012 to waive the past defaults, according to an 8-K filing with the Securities and Exchange Commission.
As of 5 p.m. on Aug. 11, ACIH obtained consents from holders of $174 million principal amount at stated maturity or about 100% of the notes.
Defaults, as previously reported, pertain to the company's failure to provide audited financial statements for 2004 and unaudited first-quarter statements on time.
As already announced, ACIH requested that investors waive its obligation to provide its 2004 financial statements as well as its first- and second-quarter statements, allowing the company to amend the notes' indenture to extend the reporting deadline to Nov. 12 from June 30.
Those who gave consent will receive a fee of 1% of the accreted value of the notes.
Based in Dallas, Atrium manufactures aluminum and vinyl windows.
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