BankruptcyData’s detailed analysis and summary of A.M. Castle & Co.’s Amended Prepackaged Joint Chapter 11 Plan of Reorganization, dated July 25, 2017, is now available. The U.S. Bankruptcy Court confirmed the Plan on August 2, 2017; however, an effective date has not yet been issued.
BankruptcyData notes, “Upon emergence from chapter 11, the Reorganized Debtors expect to have outstanding debt primarily consisting of obligations under a contemplated new $75 million asset based revolving credit facility and New Notes that will be issued in an aggregate initial principal amount of up to $167.4 million. Accordingly, the Reorganized Debtors will have a significantly deleveraged and improved balance sheet and a more appropriate capital structure. Moreover, the New Notes will be convertible into shares of New Common Stock pursuant to the terms and conditions set forth in the New Notes Documents. ”
BankruptcyData’s Plan Summary continues, “The Valuation Analysis estimates the Total Enterprise Value of the Reorganized Debtors to be approximately $234 million to $264 million, with a mid-point of $249 million” BankruptcyData subscribers receive access to the full summary, which provides further details on corporate background, events leading to A.M. Castle & Co.’s June 18, 2017 Chapter 11 filing, recovery specifications and a comprehensive break-down of all claimant classes.
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