Robertshaw Emerges from Chapter 11 with Renewed Growth Strategy
Robertshaw's Successful Emergence from Chapter 11
Robertshaw US Holding Corporation, a prominent player in the design, engineering, and manufacturing arena, has marked a significant chapter in its history. The company recently announced the successful completion of its Chapter 11 bankruptcy sale and its restructuring. This transition positions Robertshaw for long-term growth and sustainability, with new ownership emerging from a consortium of Robertshaw’s primary senior secured lenders and an affiliate of the previous sponsor.
Financial Restructuring Highlights
By successfully navigating the sale and restructuring, Robertshaw has eliminated an impressive $650 million in debt. This substantial reduction in debt alleviates the company’s financial strain and greatly enhances its liquidity. With improved cash flow, Robertshaw is now equipped to strategically invest in growth initiatives and better serve its diverse global customer base.
Settlement with Creditors
Additionally, the company has successfully entered into a settlement agreement with the Creditors’ Committee and resolved various litigation issues associated with liability management transactions conducted earlier in the year. This resolution brings a measure of stability to the company’s operations and relations with stakeholders.
Focus on Customers and Trade Creditors
Throughout its restructuring journey, Robertshaw has remained committed to its customers and trade creditors. The company ensured adequate support to source essential subcomponents necessary to fulfill customer demands. With the confirmation of its Chapter 11 plan and the completion of the sale, over 75% of pre-bankruptcy claims from trade creditors will be satisfied, showcasing the company's dedication to maintaining strong relationships with its partners.
Looking Ahead: A Bright Future
As Robertshaw celebrates its 125th anniversary, this pivotal moment signifies a new beginning. The company now boasts a stronger balance sheet, paving the way for continued service excellence for its valued customers. John Hewitt, the Chief Executive Officer, expressed gratitude towards customers, vendors, and employees, acknowledging their critical support throughout this process. He stated, “With a fortified position, we are excited to deliver innovative, high-quality products to our customers over the next century and beyond.”
About Robertshaw
Founded over a century ago, Robertshaw has forged a path as a leading global design and manufacturing entity. The company specializes in crafting components and systems tailored for various industries including residential and commercial appliances, HVAC, and transportation. With a history steeped in innovation, Robertshaw excels in flow control for diverse fluids, establishing a robust reputation in the field.
Company Mission and Impact
The mission of Robertshaw encompasses delivering top-notch service to customers by providing innovative product solutions that enhance safety, improve operational efficiency, and protect the environment. By equipping manufacturers with the tools needed to actualize their visions, Robertshaw continues to be a transformative force within its sectors.
Advisors Supporting the Transition
To navigate this complex restructuring process, Robertshaw engaged several esteemed advisors. Latham & Watkins LLP and Hunton Andrews Kurth LLP provided legal guidance, while Weil, Gotshal & Manges LLP acted as counsel to the Restructuring Committee. Guggenheim Securities, LLC played the role of investment banker, AlixPartners LLP fulfilled the duties of financial advisor, and C Street Advisory Group handled strategic communications advice.
Frequently Asked Questions
What significant changes occurred during Robertshaw's restructuring?
Robertshaw successfully eliminated around $650 million in debt and strengthened its financial position for future growth.
How does Robertshaw intend to support its customers post-restructuring?
The company aims to enhance customer satisfaction by ensuring the timely provision of products and innovative solutions tailored to customer needs.
What is Robertshaw's history of innovation?
With over 125 years of experience, Robertshaw has been at the forefront of innovation in flow control systems for various industries.
How will Robertshaw's financial flexibility impact its operations?
The improved liquidity will empower Robertshaw to invest strategically in growth areas and innovate its product offerings.
Who were Robertshaw's key advisors during the restructuring?
Notable advisors included Latham & Watkins LLP for legal counsel, Guggenheim Securities, LLC as an investment banker, and AlixPartners LLP as a financial advisor.
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