Nortek Files for Chapter 11

NTK Holdings Inc. (Nortek), a Providence, R.I.-based maker of ventilation, air conditioning and heating products, has filed for Chapter 11 bankruptcy protection. The move was expected, and is part of a restructuring agreement with its lenders.

Nortek listed estimated assets of $1.65 billion and estimated liabilities of around $2.77 billion.

THL Partners acquired NTK from Kelso & Co. in 2004, and held a 66.48% equity stake as of late 2007, when NTK canceled a proposed $690 million IPO.