Another P/E Casualty: Indalex Holdings To Restructure

Sun Capital portfolio company Indalex, maker of extruded aluminum products, announced today it has not made the coupon payment on its 11.5% Notes due 2014 and has hired Jefferies as an advisor for its upcoming restructuring. Indalex said in a statement "The extrusion industry has experienced a deep and unprecedented downturn, and it is unclear when the downturn will end." The Company was acquired in 2006 by Sun Capital in a $425 million purchase from Honeywell International. The mid-cap focused private equity firm has had a horrendous track record recently with some of its other companies such as Wickes Furntire, Sharper Image, Lilian Vernon, Jevic Holdings and others already having gone under.