Indalex

Indalex Limited, together with Indalex Holdings (B.C.) Ltd., 6326765 Canada Inc. and Novar Inc., commenced CCAA proceedings on April 3, 2009 in the Ontario Superior Court of Justice under court file CV-09-8122-00CL, and the proceedings remain active. The April 7 cash flow forecast shows an opening pre-filing Revolving Credit Facility balance of USD $21,361,000 owing to the Senior Secured Lenders for the week ending April 10, 2009; the Monitor's counsel has opined that the security over the Applicants' accounts and inventory is valid and holds priority, subject to stated assumptions and qualifications. Sun Indalex LLC holds USD $30 million of secured debt ranking subordinate to the Senior Secured Lenders. The related US Debtors, including Indalex Holding Corp. and Indalex Inc., carry approximately $306 million of secured debt, a figure put forward by Jefferies in the context of DIP financing negotiations.