Auto parts designer and manufacturer Shiloh Industries’ bankruptcy estate won a judge’s approval to wind down and pay creditors from the proceeds of a $218 million sale of the business to a subsidiary of MiddleGround Capital LLC.
SHL Liquidation Industries Inc.'s plan, approved Thursday, establishes two separate trusts to repay creditors, including one with $3 million set aside for general unsecured creditors.
Lenders are poised to recover about 50% on claims totaling $242 million, while general unsecured creditors with a total $98 million in claims are projected to get back roughly 3%.
Valley City, Ohio-based Shiloh shaped its liquidation ...
Learn more about Bloomberg Law or Log In to keep reading:
See Breaking News in Context
Bloomberg Law provides trusted coverage of current events enhanced with legal analysis.
Already a subscriber?
Log in to keep reading or access research tools and resources.