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Real Industry given approval for bid procedures for Real Alloys sale
New York, Dec. 19 – Real Industry, Inc. received approval of the bid procedures for the proposed sale of its Real Alloy debtor assets, according to an order filed Tuesday with the U.S. Bankruptcy Court for the District of Delaware.
As previously reported, under the bid procedures, proposals from bidders interested in entering a stalking horse agreement are due by Jan. 18.
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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