Court, creditors approve Amtrol’s reorganization

WEST WARWICK – A Chapter 11 reorganization plan for Amtrol Holdings Inc., Amtrol Inc., Water Soft LLC and Amtrol International Investments Inc. has been approved by Judge Kevin Gross of the U.S. Bankruptcy Court for the District of Delaware.
The plan – proposed jointly by Amtrol and an official panel of the company’s unsecured creditors – also won the unanimous approval of the holders of the company’s senior subordinated notes, Amtrol said.
The holders of more than 98 percent of those notes, led by Newport Global Advisors, agreed to convert their notes into equity as part of the restructuring, thereby reducing Amtrol’s debt by about 45 percent. The remaining holders elected to receive cash in exchange for their notes.
The company, which last year recorded global revenue of $231.1 million, filed for Chapter 11 protection for its domestic operations in December.
Amtrol makes water heaters and other products for water storage and pressure control.