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A.M. Castle & Co. to File Bankruptcy

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On June 5, 2017, A. M. Castle & Co. announced that it has executed commitment letters with PNC Bank, National Association for (1) a $125 million senior-secured, revolving credit facility that will close when Castle completes its prepackaged financial restructuring later this summer and will be utilized, in part, to repay certain existing debt; and (2) an $85 million senior-secured, revolving, debtor-in-possession credit facility, as needed, during the Company’s restructuring. As previously announced, the Company has solicited votes on its proposed Prepackaged Joint Chapter 11 Plan of Reorganization and expects to announce the results of the solicitation shortly.

On June 9, 2017, A.M. Castle & Co. announced it has achieved the support of an overwhelming majority of its secured creditors by aggregate number and dollar value for its Prepackaged Joint Chapter 11 Plan of Reorganization. The Company also announced that certain creditors have agreed to extend, under the terms of the previously announced Restructuring Support Agreement, the date for filing of the Company’s Plan with the U.S. Bankruptcy Court in Delaware by five days, to June 20, 2017, and set the deadline to complete the Company’s restructuring to August 31, 2017. Read more on distressed companies.

The post A.M. Castle & Co. to File Bankruptcy appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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