Invesco demands $100M in Robertshaw bankruptcy
Invesco Ltd. demanded over $100 million more from Robertshaw on Monday as part of its ongoing court battle against the bankrupt appliance parts maker, saying the company should be forced to pay for helping strip the asset manager of its senior position in Robertshaw’s reorganization.
In a new claim filed as part of Robertshaw’s bankruptcy, Invesco repeated many of the allegations it made in a trial that ended last month in a partial victory for the lender. Invesco had previously sought about $248 million.
Houston-based US Bankruptcy Judge Christopher Lopez rejected Invesco’s attempt to gain control of Robertshaw’s restructuring case, but agreed that the company itself violated its credit agreement with Invesco and said that the firm could seek monetary damages over the breach.
It’s unclear how much money Robertshaw will have to pay after lenders including Bain Capital, Eaton Vance Management, Canyon Capital Advisors and private equity owner One Rock Capital Partners were approved to buy the company’s assets by swapping their debt for ownership.
Invesco had challenged the December financing that pushed the firm out of its senior position in Robertshaw’s restructuring.
The move follows the courtroom unraveling last week of a 2022 rescue financing for bankrupt Platinum Equity backed Incora. Another US bankruptcy judge in Texas, Marvin Isgur, said the controversial $250 million financing for the aerospace parts supplier wrongly stripped collateral from other investors.
A Robertshaw lawyer indicated during a court hearing Monday that the company intends to object to Invesco’s claim. A bankruptcy judge is scheduled to consider the claim at a hearing in early August, lawyers said.
The case is Robertshaw US Holding Corp.,
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