Company also announces it has agreed to sell its assets to private equity firm.
Arch Aluminum & Glass Co. and its affiliated companies, has reached an agreement on all material terms to sell substantially all of its assets to an affiliate of Grey Mountain Partners LLC, a private equity firm located in Boulder, Co. Arch and GMP are finalizing the provisions of a definitive asset purchase agreement regarding the acquisition and expect it to be signed imminently.
To accomplish the transaction, Arch filed for Chapter 11 bankruptcy protection on Nov. 25. Arch is seeking immediate approval for the sale of its assets to GMP as the so-called “stalking horse” bidder in an expedited auction process pursuant to Section 363 of the United States Bankruptcy Code.