Shiloh cancels auction, names Grouper winning bidder for all assets

By Sarah Lizee

Olympia, Wash., Oct. 29 – Shiloh Industries, Inc. canceled an auction set for Oct. 29 and named stalking horse bidder Grouper Holdings, LLC the winning bidder for substantially all of its assets, according to a notice filed Wednesday in the U.S. Bankruptcy Court for the District of Delaware.

No other qualified bids were received by the deadline.

As previously reported, Shiloh said it has entered into a stalking horse stock and asset purchase agreement with Grouper Holdings, LLC, a subsidiary of MiddleGround Capital LLC, under which Grouper will acquire the company’s assets, including the equity interests of some of its direct and indirect subsidiaries, for $218 million in cash, subject to working capital and net debt adjustments.

Grouper has also agreed to assume some of the company’s liabilities.

The proposed transaction with MiddleGround is subject to the receipt of higher or otherwise better offers and other customary conditions.

A sale hearing is set for Nov. 10.

Shiloh Industries is a metal processing company based in Valley City, Ohio. The Chapter 11 case number is 20-12024.

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