SIDNEY, Ohio – Refrigeration manufacturer Norcold LLC, a longtime supplier for the recreational vehicle industry, has filed for Chapter 11 bankruptcy protection in Delaware, revealing more than $300 million in debt and an urgent plan to sell its business to Dave Carter & Associates, a major RV components producer, according to a report at USAHerald.com.
The filing, made Monday, marks a dramatic turn for the Ohio-based company founded in 1959 — a trusted name in RV refrigeration.
$300M Debt and a Buyer in Line
In its first-day declaration, Chief Restructuring Officer Richard Wu detailed Norcold’s financial position, disclosing $312 million in term loan debt and a $32.5 million revolving credit facility. The company said the Chapter 11 process will pave the way for an asset sale to Dave Carter & Associates, which has also agreed to provide $13 million in debtor-in-possession financing to keep Norcold’s operations afloat during restructuring.
The deal names Dave Carter & Associates as a stalking horse bidder, setting the floor price for Norcold’s assets and ensuring a competitive auction process. According to Wu, the company plans to confirm a Chapter 11 liquidation within 90 days, marking a swift conclusion to one of the RV industry’s most high-profile financial unravelings in recent years.
