| PROVIDENCE, RI -- Nortek, Inc., a maker of residential and commercial ventilation, HVAC and home technology convenience and security products, has filed for reorganization under chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware.
In addition, Nortek announced that its immediate and ultimate parent holding companies, Nortek Holdings, Inc. ("Nortek Holdings") and NTK Holdings, Inc. ("NTK Holdings"), respectively, also filed voluntary petitions for reorganization under chapter 11 of the United States Bankruptcy Code.
Nortek and its subsidiaries will continue to operate their businesses in the ordinary course throughout the chapter 11 process while they seek confirmation of their prepackaged plans of reorganization.
Richard L. Bready, Nortek Chairman and Chief Executive Officer, said, "We continue to believe that Nortek has fundamentally sound businesses operating in established markets that are poised for growth as economic conditions improve. The chapter 11 process will enable Nortek to emerge as an even stronger company with substantially less debt. Going forward, we anticipate no disruption in product availability or delivery of products and remain focused on meeting customer needs worldwide."
Nortek expects that the chapter 11 process will take approximately two to three months to complete. |
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