Court Approves $13M Sale Of Fedders Subsidiary

Law360, New York (March 13, 2008, 12:00 AM EDT) -- Bankrupt air conditioner manufacturer Fedders Corp. took another step toward emergence from Chapter 11 protection on Wednesday, when a bankruptcy court judge gave the nod to the company's plan to sell its U.S.-based residential heating, ventilating and air conditioning business.

Judge Brendan Shannon of the U.S. Bankruptcy Court for the District Delaware approved the sale of the business, which operates under the names Fedders North America Inc. and Emerson Quiet Kool Corp., to Elco Holdings Ltd. for $13.25 million.

Judge Shannon approved the sale after Fedders...
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