Shiloh Industries Gets OK For Unsecured Payout Ch. 11 Plan
Law360 (May 6, 2021, 2:00 PM EDT) -- Global auto parts supplier Shiloh Industries on Thursday won approval from a Delaware bankruptcy judge for a Chapter 11 plan that carves out $3 million for unsecured creditors from the proceeds of the company's $218 million asset sale.
At a virtual hearing, U.S. Bankruptcy Judge Laurie Selber Silverstein approved Shiloh's liquidation plan after being told by representatives of both secured and unsecured creditors that the case had proceeded unusually smoothly.
Shiloh sought bankruptcy protection on Aug. 31 with $563.4 million in debt, reporting that the business had been shaken by a combination of factors, including international trade friction and production downturns...
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