February 28, 2011
Penguin Windows plans Chapter 11 reorganization
Although no company wants to find itself in Chapter 11, sometimes there is simply no alternative. Our client Statewide, Inc., known by its trade name Penguin Windows, faced devastating losses in early 2011 from a variety of factors, including a restricted financing environment and bad weather in several of its markets. Chapter 11 was used to save the company and to streamline and consolidate remaining operations after substantial cuts were made. We are not unwilling to talk to the press to help our client tell their story, and the resulting story told the world that Penguin wasn’t going away.