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