New Delaware Chapter 11 Filings – Keystone Tube Company, LLC, A.M. Castle & Co. et al.

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Keystone Tube Company, LLC and four affiliates, including A.M. Castle & Co. (OTC: CASL), HY-Alloy Steels Company, Keystone Service, Inc. and Total Plastics, Inc., have filed chapter 11 petitions before the United States Bankruptcy Court for the District of Delaware (Lead Case No. 17-11330).  The debtors are a specialty metals distribution company.  According to the first day declaration, the filing appears to be attributable to the debtors being over-leveraged.  The petition for Keystone Tube Company, LLC indicates $100-$500 million in both assets and liabilities.  The debtors have filed both a plan and a disclosure statement and a motion seeking a combined hearing on both.  According to the debtors, the proposed plan is supported by 100% in principal amount of the holders of their first lien secured claims,  92% in principal amount of second lien secured claims and 61% in principal amount of third lien claims.  The debtors have also filed a motion to assume a restructuring support agreement and a motion to assume an exit facility commitment letter.  The cases have been assigned to the Honorable Laure Selber Silverstein.  The docket is available through KCC. The companies have issued a press release regarding their restructuring efforts.


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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