Shiloh Industries secures 60-day extension of exclusive plan periods

By Sarah Lizee

Olympia, Wash., Jan. 11 – Shiloh Industries, Inc. obtained a 60-day extension of its exclusive periods to file and solicit votes on a Chapter 11 plan, according to an order filed Monday with the U.S. Bankruptcy Court for the District of Delaware.

Specifically, the court extended the plan filing period through Feb. 26 and the solicitation period through April 27.

Shiloh said in its motion that 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 had said it intended to file a plan in the first week of January and is continuing discussions on the plan’s terms with the debtors’ secured lenders and the committee. A plan had not been filed as of Monday afternoon.

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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.