Auto-parts supplier Shiloh Industries Inc. won bankruptcy court approval to sell its business to a subsidiary of MiddleGround Capital LLC for $218 million in cash, paving the way for a consensual restructuring plan.
Shiloh’s estate will receive up to $400 million in net value from the inclusion of assumed contracts and liabilities in the deal, the company said.
Unsecured creditors dropped an objection to the sale to Grouper Holdings LLC following an agreement that sets aside $1 million for their benefit. The creditors could see their recoveries climb up to $3 million if certain savings are met as Shiloh addresses ...
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