Nordyne Chapter 11

[superheatbob]

This is public knowledge.

Google it.

Affects all the 'appliance name' brands. The manufacture and label the products under Miller, Nordyne, Broan, Maytag, Tappan, Kelvinator, Frigidiare. Whirlpool, Gibson, Philco, Intertherm, and Grandaire

Even more trouble ..... their warranties are backed by Equigard, another company in Chapter 11.

Hmmmmmmm:

nopity:

[hangfirew8]

I might point out that Chapter 11 means they are trying to stay in business. Chapter 7 is the really bad news, liquidation.

Does this means that people will get their warranty? That's up to the courts. Maybe, maybe not. I'm just saying it's not a certainty that the warranties will go away.

-HF

[BaldLoonie]

NTK Holdings and Nortek, Inc. announced today that the company has entered into a debt restructuring and lock up agreement with a substantial portion of its bond holders. When concluded, the Agreement will eliminate approximately $1.3 billion of total indebtedness, providing considerable financial strength and flexibility to the Company’s balance sheet.

A formal process is expected to be followed that will include a pre-packaged chapter 11 filing. As noted in the attached, trade creditors, suppliers and employees will continue to receive all amounts owed to them in the ordinary course of business. The agreement provides that allowed claims of trade creditors, suppliers and employees will be paid in full and operations will continue on an as usual basis.

At NORDYNE, we view this announcement as good news and a continuation of the process Nortek announced in June of this year. We continue to be well supported with available operating cash and NORDYNE will manage our business as usual as we continue to serve our customers and position our business for future growth.

My staff and I would be pleased to discuss these matters with you personally should you require additional information. As always, we value our customers, suppliers and employees and thank you for your cooperation.

Sincerely,
David J. LaGrand
President & CEO of Nordyne

9/3/09

[moindigo]

To clarify, a pre-packaged Chapter 11 filing means there is agreement up front to the restructing plan. Pre-packing allows for the courts to direct all parties to comply with what has already been agreed upon between those parties.

Equiguard's filing is not structured the same way. They are resolving their restructure as they go through the proceedings.

It also should be clarified NORDYNE, and several other manufacturers, distributors and contractors have direct relationships with Equiguard for the ESAs purchases. Therefore, these are non-related events, though the timing of the events is just unfortunate for NORDYNE.

All manufacturers have been communicating with their distributors and dealers about the Equiguard situation. Certainly, any communications is dependent on the information coming from Equiguard. And, this impacts how quickly a manufacturer or distributor will be able to do to help resolve the situation.

I guess what it comes all down to is not everyone is privy to all the information from any of these events. So speculation at this point is probably just creating more worries for dealers, and given the economy, they can do without the extra headaches.

[the editor]

Please people -- Do not post your opinions as facts. It is misleading and libelous. I just posted an interview with Dave LaGrand that details what is going on. Read it here. (http://hvac-talk.com/vbb/showthread.php?t=383042&highlight=nordyne+chapter&page=2)

[klesnrub]

NTK Holdings and Nortek, Inc. announced today that the company has entered into a debt restructuring and lock up agreement with a substantial portion of its bond holders. When concluded, the Agreement will eliminate approximately $1.3 billion of total indebtedness, providing considerable financial strength and flexibility to the Company’s balance sheet.

A formal process is expected to be followed that will include a pre-packaged chapter 11 filing. As noted in the attached, trade creditors, suppliers and employees will continue to receive all amounts owed to them in the ordinary course of business. The agreement provides that allowed claims of trade creditors, suppliers and employees will be paid in full and operations will continue on an as usual basis.

At NORDYNE, we view this announcement as good news and a continuation of the process Nortek announced in June of this year. We continue to be well supported with available operating cash and NORDYNE will manage our business as usual as we continue to serve our customers and position our business for future growth.

My staff and I would be pleased to discuss these matters with you personally should you require additional information. As always, we value our customers, suppliers and employees and thank you for your cooperation.

Sincerely,
David J. LaGrand
President & CEO of Nordyne

9/3/09

Mr. LaGrand, It's so good (for me) that you happen to be a member of this forum. I happened onto your particular post by searching for Broan HVAC units.........I was wondering who manufactures Broan HVAC units. It appears Nordyn makes the Broan HVAC units......is this correct?. What other HVAC units does Nordyne manufacturer?

I'm poised to purchase a new 15 or 16 SEER Broan Air Handler (20KW electric furnace), along with a matching 2.5 or 3.0 ton Broan Heat Pump within the next few weeks. Should I be at all concerned about my installer being able to find the necessary parts that may be needed in the course of my 10 year warranty period should my unit require repairs?

I'd appreciate hearing from you Sir. Thank you in advance.

[klesnrub]

The manufacture and label the products under Miller, Nordyne, Broan, Maytag, Tappan, Kelvinator, Frigidiare. Whirlpool, Gibson, Philco, Intertherm, and Grandaire, nopity:

superheatbob, if you meant to say "They" instead of "The"...are you saying Nordyne manufactures all of the brands you listed above?

If so, Nordyne has to be a great company. Whirlpool and Maytag are excellent products in my opinion. I don't know anything about Broan HVAC units however.....never heard of them before to be honest with you. So I know nothing about their reliability.

What are your thoughts about using 15 or 16 SEER 2.5 or 3 ton Broan HVAC split systems for residential use?

[Pete3]

What HVAC/R companies use Equigard for extended or reguler warranty coverage?

[BaldLoonie]

Whirlpool has nothing to do with Nordyne.

The rest of the appliance brand HVAC units are made by Nordyne under license from Electrolux. Broan is a name Nortek owned so it they used it & NuTone for names sold through R E Michel and Winair/Noland respectively.

Everyone has their own opinion of what brand is good or not. Nordyne equipment is in my house, others will disagree.

[klesnrub]

The rest of the appliance brand HVAC units are made by Nordyne under license from Electrolux.


Broan is a name Nortek owned so it they used it & NuTone for names sold through R E Michel and Winair/Noland respectively.

I don't understand what you mean by either of the above two statements. Could you explain please?

My question is simply this: What brand of "residential HVAC units" does Nordyne manufacture?

Thank you in advance for responding BaldLoonie.

[Artietech]

Nordyne Brands from their website...
Broan
Frigidaire
Gibson
Kelvinator
Light Commercial (mammoth)
Maytag
NuTone
Philco
Tappan
Westinghouse

[klesnrub]

Thanks artdavila, very good response. That's what I wanted to hear.

[flange]

we do service on several commercial lines owned by nordyne, and i can assure you there is no financial trouble, in fact payments have never been better. they simply restructured their debt to get more favorable financing, making the balance sheet better, knida like refinancing your home with a lower rate.

[klesnrub]

we do service on several commercial lines owned by nordyne, and i can assure you there is no financial trouble, in fact payments have never been better. they simply restructured their debt to get more favorable financing, making the balance sheet better, knida like refinancing your home with a lower rate.

Thank you flange, that's very helpful. I was concerned after reading those posts about chapter 11.