A.M. Castle pre-packaged plan filing deadline pushed back to June 20

By Caroline Salls

Pittsburgh, June 9 – A.M. Castle & Co. said its creditors agreed to extend the date for filing of the company’s pre-packaged plan of reorganization with the U.S. Bankruptcy Court for the District of Delaware by five days to June 20.

According to a company news release, A.M. Castle’s deadline for completion of its restructuring was extended to Aug. 31.

In addition, the company said it “achieved the support of an overwhelming majority of its secured creditors” for the pre-packaged plan.

Specifically, A.M. Castle said the voting results show that, by dollar value, 100% of the votes cast by holders of both pre-bankruptcy first-lien secured claims and pre-bankruptcy second-lien secured claims, as well as 79.24% of the votes cast by holders of pre-bankruptcy third-lien secured claims approved the plan.

In total, the company said 98.32% of the voting secured creditors by dollar value voted in favor of the plan, and a majority of voting holders in number in each class approved the plan, with a total of 88.68% of voting holders in number approving the plan.

“We intend to file our plan with the court in Delaware shortly and anticipate that it will be approved later this summer, hopefully within 45 to 60 days of the date of filing,” president and chief executive officer Steve Scheinkman said in the release.

“This vote, together with the recently announced commitments for debtor-in-possession and exit financing with PNC Bank, now positions us to file our plan with the court in Delaware and emerge on the timeline we originally projected.

“The entire Castle team is energized, focused on growing our business, and anxious to complete our restructuring this summer, putting the company back on track to assume its place as an industry leader.”

A.M. Castle is an Oak Brook, Ill.-based distributor of specialty metal and plastic products, value-added services and supply-chain services.

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