USGlass - October 2008 - USGlass Magazine

FinancialFlash
continued
one at Bank of America, etc.) and then
each account is insured individually for
up to $100,000.
An exception for businesses comes
when the company places funds on behalf
of employee benefit accounts.
“Those are insured up to $100,000 per
the participant’s interest in the plan,” says
Deveney.
But what if a company has more than
$100,000 in its banking account and that
institute fails? The FDIC only insures that
account up to $100,000; are the uninsured
funds gone for good? Not exactly, according
to Deveney.
“In the unlikely event of a bank failure,
if the account is in your name alone,
you’re entitled to a portion of the amount
over insured based on what we receive
continued on page 44
Shapes/Arch Holdings Confirms
Chapter 11 Plan of Reorganization
Following its filing for reorganization under Chapter 11, Shapes/Arch Holdings
LLC in Pennsauken, N.J., and its businesses Aluminum Shapes LLC, Delair
LLC, Ultra Hardware LLC and Accu-Weld LLC, a supplier of industrial and
building products, is now owned by H.I.G. Capital, a global private equity firm.
The affiliate of H.I.G. Capital has provided debtor-in possession financing to
and been the plan sponsor for the company since May.
H.I.G. Capital is the owner of Signature Aluminum, a provider of custom aluminum
extrusions and alloyed aluminum billet. When combined with the company,
Signature Aluminum will become the fourth largest extruder and remelter
in North America.
“Signature and H.I.G. understand the challenges facing our industry and the
tremendous opportunity it will create for well-positioned market leaders like us
when sector fundamentals rebound,” says Frank A. Papa, chairperson and chief
executive officer of Signature Aluminum. “We will rely on the company’s management
team and hourly workforce and our ability to work with them to capitalize
on our complementary capabilities to develop new markets and grow this
business.”
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42 USGlass, Metal & Glazing | October 2008 www.usglassmag.com