NORWALK, Conn.--Friday, December 18, 2009-- GE Capital, Restructuring Finance today announced it is co-collateral agent in a $250 million plan of reorganization credit facility for Nortek, Inc., a manufacturer of residential and commercial building products. The loan supports Nortek's pre-packaged exit from bankruptcy and ongoing working capital needs. GE Capital Markets served as joint-lead arranger.
Based in Providence, RI, Nortek -- through its subsidiaries -- is a manufacturer of residential and commercial ventilation, HVAC and home technology convenience and security products. Branded products include: range hoods, bath fans, indoor air quality systems, medicine cabinets, central vacuums, heating and air conditioning systems, and home technology offerings.
"This plan of reorganization financing is an important part of our successful emergence from chapter 11," said Almon Hall, chief financial officer of Nortek, Inc. "In a tight timeframe, GE Capital provided the know-how and liquidity we needed to successfully complete our financial restructuring."
"Working with borrowers and their advisors, we aim to provide businesses with the capital necessary to help them move forward," said Rob McMahon, managing director of GE Capital, Restructuring Finance. "Today's fast pace requires deep industry experience, knowledge of the bankruptcy code and an appreciation of our client's business."
For a brief video featuring Rob McMahon on the availability of debtor-in-possession and exit finance, visit: gelending.com/video/market_minute/11302009/
About GE Capital, Restructuring Finance
GE Capital, Restructuring Finance is a leading provider of senior secured loans to distressed companies supporting Chapter 11 filings, plan-of-reorganizations and out-of-court restructurings. Visit gelending.com/clnews.
About GE Capital
GE Capital offers consumers and businesses around the globe an array of financial products and services. Visit gecapital.com or follow company news via Twitter (@GECapitalNews). GE (NYSE: GE) is Imagination at Work - a diversified technology, media and financial services company focused on solving some of the world's toughest problems. Visit ge.com.
Ned Reynolds
GE Capital
ned.reynolds@ge.com
+1 203 2295717
+1 203 8370699
Jeff Wilson
GE Capital Corporate Finance
Jeffrey.Wilson@ge.com
1-203-749-6340