Bankruptcy court approves A. M. Castle's reorganization plan

OAK BROOK - The U.S. Bankruptcy Court for the District of Delaware has confirmed A. M. Castle & Co.'s Amended Prepackaged Joint Chapter 11 Plan of Reorganization.

President and CEO Steve Scheinkman said the court's approval should allow the company to emerge from Chapter 11 by Aug. 31.

"Our financial restructuring continues to proceed per the plan we announced on April 7. With the receipt yesterday of the bankruptcy court's approval, we are on track to emerge from Chapter 11 by the end of August," Scheinkman said "d, "Once we emerge, Castle will benefit, competitively and operationally, from a much cleaner balance sheet," he added. "We look forward to moving full-speed ahead, no longer impeded by an excessive debt-service burden, as we focus on achieving key revenue growth, operating efficiency and customer satisfaction metrics."

A.M. Castle filed the plan in June. The plan was approved by 35 creditors listed in its filing. In the meantime, the business will continue to operate as usual and no layoffs are expected, Frakes said.

The company had 908 employees at the end of 2016, according to a filing.

Founded in 1890, A. M. Castle & Co. is a global distributor of specialty metal and supply chain services, principally serving the producer durable equipment, commercial aircraft, heavy equipment, industrial goods, construction equipment, and retail sectors of the global economy.