Robertshaw US Holding Corp., a global manufacturer of flow control components for appliance, HVAC, and transportation markets headquartered in Itasca, Illinois, filed for Chapter 11 protection with affiliated debtors on February 15, 2024 in the Southern District of Texas (Case No. 24-90052) before Judge Christopher M. Lopez. The company, acquired by One Rock Capital Partners in 2018 for approximately $900 million, entered bankruptcy carrying about $833 million of funded debt across seven superpriority tranches plus a Mexican promissory note, along with approximately $37 million in trade debt. Operational distress from pandemic-era supply chain disruptions, customer de-stocking, and inflation combined with a May 2023 uptier transaction that subordinated certain lenders—including Invesco—and triggered inter-lender litigation. A $56 million DIP facility funded operations during a court-supervised 363 sale process. Range Red Operating, Inc., formed by Bain Capital, Eaton Vance, Canyon Partners, and One Rock, acquired substantially all operating assets through a credit bid for all DIP obligations plus $217 million of first-out indebtedness. The sale order was entered June 21, 2024, and the first amended liquidation plan—confirmed August 16, 2024—established a liquidation trust for retained causes of action, a $10 million funded debt deficiency pool, and an $11 million GUC recovery pool. Trade creditors recovered over 75% of pre-bankruptcy claims. The plan became effective October 1, 2024, completing a seven-month restructuring that eliminated approximately $650 million of debt.
