Subsequent Events

6 Months Ended

Jun. 30, 2012

SUBSEQUENT EVENT [Abstract]

Subsequent Events

SUBSEQUENT EVENT

On July 11, 2012, we announced that we have entered into a Master Agreement on the Restructuring (the "Agreement") of Alno AG ("Alno"), one of Germany's leading kitchen manufacturers and a longstanding Whirlpool customer in Europe. Subject to shareholder approval, the Agreement provides a framework to strengthen Alno's equity base and reduce its long-term debt, through the issuance of 44 million additional shares at a per share price of Euro 1.05, which will be used to retire substantially all of its bank debt. We have agreed to subscribe for all shares for which we are entitled and have also agreed to acquire any additional unsubscribed shares as may be necessary to yield minimum gross proceeds to Alno of Euro 46.2 million. We have also agreed to retroactively extend payment terms in favor of Alno, whereby $84 million of receivables that existed at June 30, 2012 are all considered current. We expect the restructuring actions contemplated by the Agreement will be completed by the end of the fourth quarter of 2012 or the first quarter of 2013. On a pre-restructuring basis, Whirlpool owns approximately 18.25% of Alno's ordinary shares. Once the restructuring is completed, we could own indirectly through one or more subsidiaries, more than 50% of Alno's ordinary share capital.