Albany International (AIN) as of March 31, 2026 carries a deeply negative liquidation value under standard haircut assumptions, consistent with the MFFAIS metrics (CLV -$793M, LLV -$551M, OLV -$411M). Total reported assets are $1.74B against total liabilities of $1.00B, yielding GAAP book equity of $735M. Under the liquidation lens, the asset side deteriorates sharply: cash of $123M recovers at par; net AR of $242M recovers ~90-95% (~$217-230M); inventory of $140M recovers at 60% (~$84M); net PP&E of $472M recovers at 50-70% (~$236-330M); goodwill of $161M and intangibles net $20M recover at 0%; deferred tax assets of $64M recover at 0 in a liquidation context. Total tangible recoverable assets are approximately $640-760M before held-for-sale assets. The liability stack at face value totals ~$1.0B, including $477M of bank revolver debt, $144M accrued liabilities, $75M accounts payable, $22M taxes payable, $84M other noncurrent liabilities, and $2M deferred tax liabilities (noncurrent) — all surviving liquidation at full face. Pension and postretirement obligations are not separately disclosed in the TAG_CONTEXT as a standalone XBRL line, but the OCI component of ($23.3M) in accumulated pension adjustments flags an underlying net liability that would crystallize at windup. The filing does not separately tag the gross defined benefit obligation in XBRL for this period. The most significant development since the prior filing (10-K, December 31, 2025) is the held-for-sale classification of the Amelia Earhart Drive (Salt Lake City) facility, which carries $294M in assets against $197M in liabilities — a net book value of $97M. The composition of HFS assets includes $94M net PP&E, $77M contract assets, $22M accounts receivable, $22M goodwill, and $13M intangibles; recoveries on these under liquidation haircuts would be materially lower. Long-term debt increased from $456M to $477M QoQ ($23M net draw on the revolver), modestly worsening the liability stack. The $800M unsecured revolver matures August 2028 with leverage ratio covenant at 1.83x as of quarter-end, well inside the 3.75x limit, so near-term covenant-triggered acceleration is not a concern for the liquidation timeline assumption. Treasury stock of $567M is a significant reduction to equity book value and does not recover in liquidation. Asbestos contingency (3,682 open claims) is largely covered by $140M of confirmed insurance; residual self-insured exposure is immaterial based on historical settlement costs of $10.9M total.
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