Oreck Reaches Deal With Creditors On Expedited Asset Sale

Law360, New York (May 21, 2013, 2:35 PM EDT) -- Bankrupt vacuum cleaner manufacturer Oreck Corp. and its unsecured creditors on Tuesday came to a working agreement on a streamlined asset sale to an inside stalking-horse buyer, assuaging some concerns by creditors that Oreck was trying to skirt reorganization plan requirements and other creditor protections.

Oreck and the official committee of unsecured creditors were able to work out a deal on the sale process for largely all of Oreck’s assets, including equity interests of subsidiaries and joint ventures to related stalking-horse bidder Oreck Acquisition Holdings LLC,...
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