UPDATE 1-International Aluminum to emerge from Chapter 11

* Bankruptcy court approves company plan of reorganization

* Sees emerging from Chapter 11 in May

* To be called International Architectural Group upon exit

NEW YORK, April 30 (Reuters) - International Aluminum Corp [GNSCPI.UL] said on Friday that its plan to emerge from Chapter 11 bankruptcy has been approved by a U.S. Bankruptcy Court.

The company, which manufactures aluminum and vinyl products, said it expects to emerge from Chapter 11 bankruptcy protection in May. Upon its emergence, the company will be known as International Architectural Group LLC.

Under its plan, the company said its debts will be satisfied through a combination of new equity, new term notes and a cash payment to its senior lenders. In addition, its trade vendors and suppliers will receive full payment of all their pre-Chapter 11 claims, it said.

The company's plan was approved by the U.S. Bankruptcy Court for the District of Delaware. (Reporting by Martinne Geller; Editing by Marguerita Choy)