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Real Industry Plan Confirmed

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The U.S. Bankruptcy Court confirmed Real Industry’s Plan of Reorganization [Revised]. As previously reported, “For the avoidance of doubt, as of the Effective Date, the total number of (x) authorized shares of New Common Stock in the Reorganized Debtor shall be 500,000, (y) issued and outstanding shares of New Common Stock in the Reorganized Debtor shall be approximately 739,185 if Class 5 votes to accept the Plan or approximately 923,981, if Class 5 votes to reject the Plan, and (z) authorized shares of Series A Preferred Stock shall be 5,000….The aggregate amount of Cure Claims and other General Unsecured Claims as of the Effective Date that are not subject to an objection shall be an amount not greater than $1,000,000.

The SPA, SPA Ancillary Documents, and the Restricted Shareholder Agreements with each party that under the terms of the Plan will become a Restricted 5% Holder on the Effective Date, shall have been executed and delivered by the respective parties thereto, and all conditions precedent to the effectiveness of such documents shall have been satisfied or shall have been waived by the SPA Investors in their sole discretion.” This aluminium processor filed for Chapter 11 protection on November 17, 2017, listing more than $645 million in pre-petition assets.

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