Norcold LLC has filed a voluntary petition for Chapter 11 relief in the United States Bankruptcy Court for the District of Delaware to facilitate a sale of its assets to Dave Carter & Associates.
Norcold is a distributor of RV refrigerators, marine equipment and related aftermarket parts and products.
The sale transaction with Dave Carter & Associates, which will be implemented through a Chapter 11 plan, will be subject to a court-approved marketing process.
In connection with the restructuring process, Norcold has reached an agreement with DCA to provide the company with $13 million of new capital in the form of a debtor-in-possession financing facility. Upon approval by the court, this financing facility is expected to provide sufficient liquidity to operate Norcold’s business during the pending of the Chapter 11 cases.
As part of the restructuring process, Norcold will file customary “First Day” motions to allow it to maintain normal business operations. The company expects and intends to continue to honor warranty claims and to pay vendors under customary terms for goods and services received on or after the filing date.
Click here for the complete court filings.
