Real Industry requests approval of bid procedures for Real Alloys sale

By Caroline Salls

Pittsburgh, Nov. 29 – Real Industry, Inc. requested court approval of the bid procedures for the proposed sale of its Real Alloy debtor assets, according to a motion filed with the U.S. Bankruptcy Court for the District of Delaware.

Under the bid procedures, proposals from bidders interested in entering a stalking horse agreement are due by Jan. 18. Non-binding indications of interest from these potential stalking horse bidders must be submitted by 4 p.m. ET on Dec. 20.

Real Industry said it may offer bid protections to potential stalking horse bidders in the form of a break-up fee, an expense reimbursement and/or an initial overbid increment.

Competing bids are due by 4 p.m. ET on March 19.

An auction will be held on March 27, if necessary.

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

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