Tiger Finance said on Aug. 19 it closed on a $15.5 million in debtor-in-possession financing to facilitate the Chapter 11 restructuring of Pennsauken-based Aluminum Shapes LLC, a fully integrated manufacturer and distributor of aluminum products serving multiple industries.
Aluminum Shapes LLC, which operates a 500,000-square-foot facility in Pennsauken, filed for Chapter 11 bankruptcy protection on Aug. 15 in the U.S. Bankruptcy Court in Camden.
“This short-term, debtor-in-possession loan will be used to facilitate a restructuring and potential sale process in which multiple interested parties have already stepped forward,” noted Andrew Babcock, managing director, Tiger Finance. “We’re excited to continue working with Aluminum Shapes and believe that, with the right partner, it has a bright future as a going concern.”
Aluminum Shapes operates one of the most comprehensive soft-alloy aluminum extrusion facilities in North America. At the Pennsauken plant, the company melts scrap and primary ingot to cast billets that are then extruded in small, medium and large presses. Its 200 pieces of fabrication equipment are used to punch holes, execute precision cuts, create forms, and make welds for highly customized aluminum products.
“Aluminum Shapes products have been used for scaffolding, pipes, furniture, fencing, doors, windows, street signs, HVAC ducts, stadium seating, automotive trim, and even domes for major arenas, to name a few of the many applications,” Babcock said.
“We are grateful to Tiger for continuing to support the company through this restructuring process,” said Jordan Meyers, interim chief financial officer of Aluminum Shapes. “This gives us the liquidity we need to determine the best course of action for the company and to maximize the value of these assets.”