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Real Industry Bankruptcy Auction Cancelled, Credit Bid Detailed

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Real Industry filed with the U.S. Bankruptcy Court a notice of credit bid amount and cancellation of auction.

The notice states, “The Required DIP Noteholders and the Debtors have agreed to a total purchase consideration valued by the Debtors at approximately $364 million, plus the assumption of certain liabilities. Specifically…the Purchase Price consists of (a) Purchaser’s assumption of the Assumed Liabilities; (ii) a cash payment equal to the sum of (A) an amount equal to, and used to pay and discharge, the DIP ABL Obligations, plus (B) an amount equal to, and used to pay and discharge, (x) the New Money DIP Notes Obligations and (y) the administrative claims set forth in Schedule 3.1(a) to the Asset Purchase Agreement, plus (C) an amount equal to, and used to pay and discharge, the aggregate Cure Amounts for the Assumed Contracts as of March 27, 2018, plus (D) without duplication, an amount equal to, and used to pay and discharge, the administrative claims set forth in Schedule 3.1(a) to the Asset Purchase Agreement; and (iii) the Credit Bid in an amount equal to $183,470,000 as of the Effective Date (the ‘Credit Bid Amount’)….As of March 19, 2018, which is the Bid Deadline, the Debtors had not received any bids for which the value of the purchase price set forth in such bid with respect to the Real Alloy Debtors’ Assets equalled at least the value of the Purchase Price. After consultation with the Consultation Parties, the Debtors are hereby providing notice that the Auction scheduled for March 27, 2018 has been cancelled.”

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The post Real Industry Bankruptcy Auction Cancelled, Credit Bid Detailed appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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