On Feb. 15, 2024, Itasca, Ill.-based components and control systems manufacturer Range Parent Inc. (Robertshaw) filed for Chapter 11 bankruptcy protection. Therefore, we lowered our issuer credit rating on Robertshaw to 'D' from 'CCC-'. We also lowered our issue-level rating on the company's first-out term loan to 'D' from 'CCC+' and our issue-level rating on its second-out, third-out, fourth-out, and fifth-out term loans to 'D' from 'C'. Robertshaw entered into a restructuring support agreement with a significant portion of its current lending group. The company intends to finance its operations throughout Chapter 11 proceedings with cash on hand and access to an approximately $55 million, new money debtor-in-possession financing facility, subject to bankruptcy court approval. Criteria Corporates General:
