Generation Brands, a major manufacturer of lighting-fixtures and ceiling-fans, has filed for Chapter 11 bankruptcy protection.

According to a statement released by the company the pre-packaged reorganization plan should be completed by the end of January, allowing the company to exit Chapter 11. The companies lenders and noteholders reportedly voted strongly in favor of the plan. President and Chief Executive Officer T. Tracy Bilbrough said of the filing “We are obviously very pleased that after reviewing our business and our business plan, our lenders and noteholders approved our restructuring plan. This vote of confidence means a great deal to both the management and employees of our company and we believe it should be viewed by all of our constituents as the positive resolution that it is for our company.”

The company will eliminate more than $150 million in debt as a result of the restructuring plan.

If you are considering filing for bankruptcy, please contact the Boston bankruptcy lawyers of Joshua Spirn & Associates by calling 800-975-5346.