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January 23, 2008 |
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FEDDERS CORP: Sells Eubank Coil to National Oil for $2.3 Million The United States Bankruptcy Court for the District of Delaware approved the sale of substantially all of Eubank Coil Company's assets to National Oil Company, United Refrigeration Inc., and Tersco Property Management Limited for $2,340,000. Eubank Coil is a subsidiary of Fedders Corporation. Eubank entered into an asset purchase agreement dated Dec. 14, 2007, with National Oil Company for the sale of its assets. Under the sale agreement, National Oil will assume certain liabilities and certain executory contracts and unexpired leases. About Fedders Corporation Based in Liberty Corner, New Jersey, Fedders Corporation -- http://www.fedders.com/ -- manufactures and markets air treatment products, including air conditioners, air cleaners, dehumidifiers, and humidifiers. The company has production facilities in the United States in Illinois, North Carolina, New Mexico, and Texas and international production facilities in the Philippines, China and India. The company filed for Chapter 11 protection on Aug. 22, 2007, (Bankr. D. Del. Case No. 07-11182). Its debtor-affiliates filed for separate Chapter 11 cases. Norman L. Pernick, Esq., Irving E. Walker, Esq., and Adam H. Isenberg, Esq., of Saul, Ewing, Remick & Saul LLP represents the Debtors in their restructuring efforts. The Debtors have selected Logan & Company Inc. as claims and noticing agent. The Official Committee of Unsecured Creditors is represented by Brown Rudnick Berlack Israels LLP. When the Debtors filed for protection from its creditors, it listed total assets of US$186,300,000 and total debts of US$322,000,000. As reported in the Troubled Company Reporter on Jan. 21, 2008, the Court extended the Debtors' exclusive period to file a Chapter 11 plan until Feb. 29, 2008. |
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