New Delaware Chapter 11 Filing – CST Industries Holdings, Inc. (17-11292-BLS)

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CST Industries Holdings Inc., a provider of steel storage tanks, aluminum geodesic domes, and specialty covers used to store, among other things, architectural and agricultural products, oil and gas, and two of its affiliates, has filed for chapter 11 bankruptcy protection in the United States Bankruptcy Court for the District of Delaware (Lead Case No. 17-11292).  The Petition lists between $50 million and $100 million in assets and between $100 million and $500 million in liabilities. The Debtors intend to sell their assets through a section 363 sale, but are entering chapter 11 without a stalking horse.

Pursuant to the Petition and the First Day Declaration, the Debtors have secured DIP Financing in the aggregate principal amount of up to $15 million from BNP Paribas as DIP Agent.  The proposed claims agent is Epiq Bankruptcy Solutions. The Honorable Brendan L. Shannon will be presiding over these cases.

Contact Norman L. Pernick and Nicholas J. Brannick for more information.

As the law continues to evolve on these matters, please note that this article is current as of date and time of publication and may not reflect subsequent developments. The content and interpretation of the issues addressed herein is subject to change. Cole Schotz P.C. disclaims any and all liability with respect to actions taken or not taken based on any or all of the contents of this publication to the fullest extent permitted by law. This is for general informational purposes and does not constitute legal advice or create an attorney-client relationship. Do not act or refrain from acting upon the information contained in this publication without obtaining legal, financial and tax advice. For further information, please do not hesitate to reach out to your firm contact or to any of the attorneys listed in this publication.

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