Kraus Carpet wins U.S. recognition of CCAA case; sale order enforced

By Caroline Salls

Pittsburgh, Oct. 2 – Kraus Carpet Inc. obtained U.S. court recognition of a Companies’ Creditors Arrangement Act case filed in the Ontario Superior Court of Justice and enforcement of a Canadian court order approving a sale of its TPS business and broadband business, according to orders filed Monday with the U.S. Bankruptcy Court for the District of Delaware.

Kraus said it has “concluded that it was in the best interests of the debtors and their stakeholders to pursue a sale of the two operating divisions of the company, the TPS business and the broadloom business.”

The company said it executed a purchase agreement for the TPS business with buyers Q.E.P. Co., Inc. and Roberts Co. Canada Ltd.

The purchase price was not disclosed in the court documents.

Kraus is a Waterloo, Ont.-based flooring company that filed bankruptcy on Sept. 11 under Chapter 15 case number 18-12057.

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