Accent Windows May Become Part of P.H. Tech
Colorado-based Accent Windows filed for Chapter 11 reorganization in early March, with plans for the replacement window maker to be acquired by P.H. Tech Corp., its supplier of vinyl extrusions.
Company officials explain that Accent entered into an asset purchase agreement with its largest creditor, which is P.H. Tech, according to court papers. Under the Chapter 11 process, the purchase agreement sets the terms and conditions for an initial auction bid, with third parties invited to participate to submit bids at an upcoming auction.
Officials at P.H. Tech have declined to comment until the transaction is complete. Located in Lévis, Quebec, the extruder also operates an assembly plant and warehouse in Leetsdale, Pa.
Accent, which is based in Westminster, Colo., expects the auction will take place in late April and that the company will re-emerge from the bankruptcy process in approximately 60 days to 75 days "with new ownership and a significantly strengthened balance sheet," officials state.
“We’re excited about the prospect of quickly implementing the sale through the Chapter 11 process which will allow us to emerge with greater stability and financial flexibility to promote future growth and success,” says Terry Marcovich, Accent president. He also notes that the company will be secured by debtor in possession financing to meet all of its operating needs throughout the sale process.
This is the second time Accent has filed for bankrupty protection. It had filed in 2008 and re-emerged in September 2009 after completing a restructuring process. Company officials emphasize that although sales volumes have increased, the lack of financial funding and the continued economic downturn have prevented the company from performing under the 2009 plan.
Founded in 1982, Accent Windows sells and installs windows, doors and siding, operating a showroom in Westminster, Colo., near Denver. It also works with licensees in Colorado Springs, Western Colorado, New Mexico, Utah and Montana.
“I am proud of my association with Accent Windows and the professionalism my teammates bring to work every day," says Karl Mecklenburg, the former Denver Bronco and long-time Accent Windows spokesperson. "The opportunity to be capitalized in such a tough economy provides an optimistic future for the company and its hard-working employees who have served the Denver market for almost 30 years.”