A $25,000 buyout for AirCo air conditioning company
In March, AirCo’s owner filed for Chapter 11 bankruptcy protection.
The company, which owns about 40% of the air condition business, said in a filing last month that it planned to buy out some of its creditors and close up shop.
The plan was first reported by Business Insider.
In the filing, AirCO said that it expects to pay $25 million to $35 million to settle the Chapter 11 claim.
The remaining $2 million will be used to repay air conditioning equipment, the filing said.
In March of last year, the company reported a $4.8 billion loss, though AirCo had said that its net income before interest and taxes was $2.5 billion.