Former Indalex’s trustee granted approval of $56.45 million PBGC deal

By Caroline Salls

Pittsburgh, Dec. 12 – The Chapter 7 trustee for IH 1, Inc., formerly Indalex Holdings Finance, Inc., obtained court approval of a $56.45 million settlement reached with the Pension Benefit Guaranty Corp., according to an order filed Tuesday with the U.S. Bankruptcy Court for the District of Delaware.

Trustee George L. Miller said the PBGC filed more than $66.2 million in claims against IH 1, including $11.96 million in administrative claims, plus unknown unliquidated amounts, $192,370 in priority claims, plus unknown unliquidated amounts, and $54.07 million in general unsecured claims, plus unknown unliquidated amounts.

Under the settlement, PBGC will have a $100,000 administrative claim and $56.35 million in general unsecured claims.

The administrative claim “shall be promptly paid,” the motion said.

Indalex, a Chicago-based aluminum extruder and producer of soft alloy extrusion products, filed for bankruptcy on March 20, 2009. Its Chapter 11 case number is 09-10982.

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