NTK Holdings Inc, more commonly known as Nortek, has filedfor Chapter 11 bankruptcy protection after agreeing on a restructuring planwith creditors.

The filing aims to eliminate $1.3 billion in debt. Thecompany, based in Providence, Rhode Island, listed debt of $2.78 billion andassets of $1.65 billion, according to papers filed in the U.S. Bankruptcy Courtin Wilmington, Delaware.

A statement released by Nortek said “The company’s operatingsubsidiearies will remain well supported with cash on hand in excess of $170million as of August 31, 2009.”

Richard L. Bready, Nortek chairman and CEO, released the astatement saying

“We continue to believe that Nortek has fundamentally soundbusinesses operating in established markets that are poised for growth aseconomic conditions improve. The Chapter 11 process will enable Nortek toemerge as an even stronger company with substantially less debt. Going forward,we anticipate no disruption in product availability or delivery of products andremain focused on meeting customer needs worldwide.”

If your company is considering filing for bankruptcy andneeds assistance with any part of the process, please contact the GalvestonBankruptcy Lawyers of Gipson, Norman & Root by calling 409-765-6000.