Company Overview
American Architectural, Inc. and Advanced Acquisitions, LLC, debtors-in-possession (collectively referred to as “AAI” or the “Company”), a Bensalem, Pennsylvania-based designer and manufacturer of high-end, customized architectural metal and glass products, had been in business for over 35 years. The Company’s clients were typically Fortune 500 companies engaged in major building and construction projects throughout the United States. The Company specialized in the engineering, design and fabrication of bronze, stainless steel, aluminum, steel and glass systems that are generally installed on the ‘podium’ of large, high profile metropolitan structures. These systems range from the very basic aluminum storefront to the most ornate bronze entrances,windows and curtain wall. Additionally, the Company provided all types of metal fabrication, including brake formed metals, extruded sections, cast medallions and signs, built-up sections and straight-cut framing.
Situation
Despite a strong reputation, AAI struggled to sustain itself during the recent slowing economy. Although the Company managed to maintain all of its major contracts, liquidity constraints impaired its ability to perform and deliver its contracted work. In addition, delays in processing change orders and slow payments from building owners (private, institutional and government agencies) to the corresponding general contractors and/or construction managers exacerbated AAI’s cash flow problems.
Solution
AAI retained Griffin as its exclusive financial advisor in the sale of substantially all of its assets to prospective purchasers through section 363 of the bankruptcy code. Due to continuing cash and other liquidity restraints, the timing of any transaction within the bankruptcy process precluded Griffin from seeking a stalking horse buyer and, therefore, resulted in an open auction process without a named stalking horse. These efforts resulted in the successful sale of the assets of AAI.
For more information on this transaction, contact Thomas G. Whalen, Managing Director, at 610.205.6115 or Glenn S. Bernabeo, Managing Director, at 610.205.6034.
