Filing Alert: Norcold Chapter 11
Norcold Files Chapter 11 in District of Delaware
Update (Nov. 3, 2025): A comprehensive case summary is now available for the Chapter 11 bankruptcy filing of Norcold LLC.
Norcold LLC, an Ann Arbor, MI-based distributor of RV refrigerators and related parts, filed for Chapter 11 protection on Nov. 3 in the U.S. Bankruptcy Court for the District of Delaware.
The filing aims to facilitate a pre-arranged §363 sale of substantially all assets to Dave Carter & Associates ("DCA") and implement a liquidating plan. DCA has been selected as the stalking horse bidder and will provide a $13 million new-money DIP facility to fund the case and sale process, which contemplates a credit bid of the DIP for a total purchase price of $13 million.
Norcold, which has no employees and operates as a "buy and sell" distributor after closing its Ohio manufacturing facilities in 2022, attributes its financial distress to declining market share as the RV industry shifted to DC compressor technology, and a significant financial overhang from product liability litigation and recall costs.
The company reports $10 million to $50 million in assets and $100 million to $500 million in liabilities. The filing indicates that there will be funds available for distribution to unsecured creditors. The case number is 25-11933.
Top Unsecured Claims
Key Parties
Counsel:
- Sean M. Beach
Young Conaway Stargatt & Taylor, LLP
Email: sbeach@ycst.com
Financial Advisor / CRO:
- Alvarez & Marsal North America, LLC (Richard Wu)
Investment Banker:
- Hilco Corporate Finance, LLC
Identified Stalking Horse Bidder:
- Dave Carter & Associates, Inc.
Claims Agent:
Equity Security Holders:
- Thetford LLC – 100% Equity Interest
Bondoro Insights is continuing to monitor this case and will provide further coverage as appropriate.
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