Robertshaw US Holding Corporation has completed its Chapter 11 sale and restructure.
Robertshaw also announced its new ownership by a group of Robertshaw’s pre-existing primary senior secured lenders and an affiliate of the pre-existing sponsor corporation.
Through completion of the sale and emergence from Chapter 11, Robertshaw eliminated approximately $US650 million of debt.
This has allowed Robertshaw to substantially reduce its debt service burden, greatly improve its liquidity, and give it the financial flexibility to invest in growth and better serve its global customer base.
Robertshaw also entered into a settlement with the Creditors’ Committee and resolved litigation issues related to the May 2023 and December 2023 liability management transactions.
Throughout the restructuring process, Robertshaw prioritised supporting its customers as well as trade creditors to secure the subcomponents needed to meet customer demand.
With the confirmation of the Chapter 11 plan and completed sale, trade creditors (as a whole) will receive payment of over 75 per cent of their pre-bankruptcy claims, according to Robertshaw CEO, John Hewitt.
“This important milestone marks the conclusion of Robertshaw’s seven month restructuring process at a time when we are celebrating our 125th anniversary,” he said.
“With a stronger balance sheet, we look forward to continuing to serve our valued customers.
“We appreciate the overwhelming and meaningful support of our customers, vendors, and employees during this process, and we are excited to bring innovative and high-quality products to our customers for the next 125 years.”
Robertshaw is headquartered in Itasca, Illinois, and employ more than 5,000 employees in 14 countries.