Real Alloy Holding granted approval of sale valued at $364 million

By Caroline Salls

Pittsburgh, March 29 – Real Alloy Holding, Inc. received court approval of the sale of the company to noteholders led by DDJ Capital Management, according to a news release.

As previously reported, the noteholders submitted the stalking horse bid for Real Alloy for total consideration valued at $364 million plus the assumption of significant liabilities.

Under the terms of the executed asset purchase agreement filed with the U.S. Bankruptcy Court for the District of Delaware on Wednesday, Real Alloy said the purchase price is comprised of a cash payment, the assumption of liabilities and a $184 million credit bid.

The sale includes all of the operations owned and operated by Real Alloy in Canada, Germany, Mexico, Norway, the United Kingdom and the United States, the release said.

“Under this agreement, Real Alloy will remain under ownership that has a firm understanding of the company’s operations and looks to drive future growth and profitability,” Real Alloy president Terry Hogan said in the release.

“As anticipated, our operations have continued unabated during this process, with no disruption in service or deliveries to our customers. As part of the sale, the company will maintain its headquarters in Beachwood, Ohio.

“All parties are working earnestly toward a closing, which is subject to certain regulatory approvals.”

The holding company is based in Sherman Oaks, Calif. It filed for bankruptcy on Nov. 17, 2017 under Chapter 11 case number 17-12464.

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