A.M. Castle gets creditors' backing of reqoganization plan

OAK BROOK - A. M. Castle & Co. has received the support of a majority of its secured creditors for its prepackaged joint Chapter 11 plan of reorganization.

The company also announced that certain creditors have agreed to extend, under the terms of the previously announced restructuring support agreement, the date for filing of the company's plan with the bankruptcy court in Delaware by five days, to June 20, and set the deadline to complete the company's restructuring to Aug. 31.

"The results of the vote demonstrate extraordinary support of our plan by our secured creditors," said President and CEO Steve Scheinkman. "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."

A.M. Castle, a global distributor of specialty metal and supply chain services serving the serving the producer durable equipment, commercial aircraft, heavy equipment, industrial goods, construction equipment, and retail sectors, announced it would file for Chapter 11 restructuring in April.