Compass Diversified (CODI) said late Sunday its unit Lugano Holding filed for bankruptcy after an independent Lugano board committee determined the process would best maximize value.
CODI, Lugano's senior secured lender, will provide debtor-in-possession financing to support the case, the company said.
The filing does not involve CODI's other eight units, Elias Sabo, CODI's chief executive officer, said.
Lugano will be deconsolidated from CODI's results beginning in Q4, it said.
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