After “extensive negotiations,” the Oreck family has made an offer to buy back the legendary vacuum cleaner company that bears its name.
Oreck filed for bankruptcy last week. (Read more here.)
According to bankruptcy court documents, the family's bid is approximately $21.9 million, including $14.5 million in cash and other warranties, liabilities and fees.
The Oreck Corp. claims that the sale should be approved in order to “instill confidence on the part of consumers, employees, suppliers and other stakeholders that a 'New Oreck' — one that is viable and competitive — will quickly emerge from bankruptcy.”
The court must approve the transaction.