Advanced Lighting emerges from bankruptcy, obtains $30 million from Saratoga Partners

By Carlise Newman

Chicago, Dec. 10 - Advanced Lighting Technologies Inc. has emerged from Chapter 11 bankruptcy protection, and as part of its reorganization plan, has obtained a $30 million investment from Saratoga Partners, following court approval of the plan.

The plan, filed in the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division on Oct.3, had the support of all classes, including the creditors committee and the equity committee, and provides that the creditors will be paid in full.

The transaction gives Saratoga a controlling interest in the company. Operating management will also have a significant equity investment in the company.

Solon, Ohio-based Advanced Lighting is a lighting products manufacturer

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