Reports: TTI Acquires Oreck at Bankruptcy Auction
July 10, 2013,
NASHVILLE, Tenn.-TTI, parent company of the Hoover and Dirt Devil vacuum brands, has purchased the assets of Oreck at an auction conducted in bankruptcy court here, according to various press reports.
Oreck filed for Chapter 11 bankruptcy protection in May in the bankruptcy court of the Middle District of Tennessee, Nashville division. According to a company statement, it intended to consolidate its assets and restructure its financing, thus enabling the sale of the business.
The reports said Royal Appliance Manufacturing, which is owned by TTI, won the auction on Tuesday. A rival bid was offered by Oreck Acquisition Holdings, owned by Tom Oreck, son of David Oreck, who founded the company in 1963. Chief Judge Keith M. Lundin of the bankruptcy court is scheduled to rule on the sale on July 16, according to one report.
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