(Reuters) – Appliance component manufacturer Robertshaw U.S. Holdings said it has emerged from Chapter 11 bankruptcy and eliminated approximately $650 million of debt.
The company filed for Chapter 11 bankruptcy protection in February and was seeking to cut $670 million in debt and resolve litigation between its lenders.
With the confirmation of the sale, trade creditors as a whole will receive payment of more than 75% of their pre-bankruptcy claims, the Itasca, Illinois-based company said in a statement on Tuesday.
Robertshaw makes components, such as thermostats, valves, switches, and timers that are used in household and commercial refrigerators, dishwashers, laundry machines, and other appliances.
(Reporting by Harshita Meenaktshi in Bengaluru; Editing by Rashmi Aich)