A.M. Castle Bankruptcy Plan Modified


A.M. Castle & Co. filed with the U.S. Bankruptcy Court a notice of technical modifications to the Company’s Prepackaged Joint Chapter 11 Plan of Reorganization.

Documents filed with the Court explain, “The Debtors hereby make the following non-material, technical modifications (the ‘Plan Modifications’) to Article III.E.8 of the Plan, which is modified to read as follows: All Class 8 Equity Interests in Parent will be deemed cancelled upon the Effective Date and will be of no further force and effect, whether surrendered for cancellation or otherwise.”

In addition, “However, pursuant to Article V.A. of the Plan and as a resolution and settlement of any potential claims or causes of action relating to the Debtors and in consideration of the release set forth in Article X.C. hereof, each Holder of an issued and outstanding share of stock in Parent who does not object to the Plan and does not opt-out of the releases under the Plan shall receive its Pro Rata share (calculated based upon those Holders that do no object to the Plan and do not opt-out of the releases under the Plan) of 20.0% of the New Common Stock of Reorganized Parent, subject to dilution only on account of (1) shares of New Common Stock issued upon conversion of the New Notes, and (2) shares issued or available for issuance under the Management Incentive Plan. Class 8 is Impaired and the Holders of Class 8 Equity Interests in Parent are deemed to reject the Plan and will not be solicited.” The Court previously scheduled an August 2, 2017 Plan confirmation hearing.

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