Nortek Enters Ch. 11 With Plan To Chop $1.3B In Debt

Law360, New York (October 22, 2009, 1:18 PM EDT) -- NTK Holdings Inc. — the parent company of heating, ventilation and consumer technology manufacturer Nortek Inc. — has filed for bankruptcy complete with a prepackaged restructuring plan, citing a crushing debt burden and slumping sales due to the collapsed housing market.

Nortek, a unit of private equity firm Thomas H. Lee Partners, and 36 subsidiaries filed for Chapter 11 protection Wednesday in the U.S. Bankruptcy Court for the District of Delaware, saying that the prepackaged restructuring plan will slice $1.3 billion from its outstanding indebtedness....
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