(Reuters) – Wilton Holdings Inc, one of the largest makers of equipment for decorating food, said its creditors had withdrawn the involuntary Chapter 11 petition filed against the company in July.
In a statement, Wilton said it reached an agreement with its largest creditors, under which affiliates of private equity firm TowerBrook Capital Partners and Deutsche Bank Trust Co Americas will be the new majority owners of the company.
In July, Wilton’s creditors had asked a court to put the company in Chapter 11 bankruptcy due to $208 million in debts.
The Woodridge, Illinois-based company is one of the leading makers of products for decorating cakes and cookies. (Reporting by Santosh Nadgir in Bangalore; Editing by Deepak Kannan)