The noteholder group pursuing Real Alloy Holding Inc. has agreed to acquire substantially all of Real Alloy’s U.S. and international operations for an estimated $364 million, plus the assumption of certain liabilities.
Despite the agreement, this isn’t necessarily a done deal. According to the company’s statement, the noteholders could still be outbid ahead of the March 19 deadline.
“We remain on track to complete the sale process as planned by the end of April and are pleased that Real Alloy’s secured and unsecured creditors have been able to reach a mutually agreeable settlement at this time,” Real Alloy President Terry Hogan said in a statement.
Under the terms of the “stalking horse bid,” Real Alloy is expected to see its secured debt obligations reduced by $200 million, which will set the company up in a stronger position post-Chapter 11.
Check out our previous report on the noteholder’s play for the company.
