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Shiloh Industries requests 60-day extension of exclusive plan periods
By Sarah Lizee
Olympia, Wash., Dec. 24 – Shiloh Industries, Inc. is seeking a 60-day extension of its exclusive periods to file and solicit votes on a Chapter 11 plan, according to a motion filed Wednesday with the U.S. Bankruptcy Court for the District of Delaware.
Specifically, the company asked the court to extend the plan filing period through Feb. 26 and the solicitation period through April 27.
Shiloh said the debtors and their secured lenders agreed to set aside $14.1 million of asset sale proceeds to allow for orderly wind down of the debtors' estates. The debtors, their secured lenders and the official committee of unsecured creditors later negotiated a settlement of sale objections that set aside an additional $3 million for the benefit of unsecured creditors.
“These two settlements will guide the structure of the debtors' plan in these cases,” the company said in its motion.
The company said it intends to file a plan in the first week of January and are continuing discussions on the plan's terms with the debtors’ secured lenders and the committee.
A hearing is scheduled for Jan. 22.
Shiloh Industries is a metal processing company based in Valley City, Ohio. The company filed Chapter 11 bankruptcy on Aug. 30 under case number 20-12024.
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