02 September 2020

Jones Day advises Shiloh Industries, Inc. in Stock and Asset Purchase Agreement with Grouper Holdings

Jones Day is advising Shiloh Industries, Inc., an environmentally focused global supplier of lightweighting, noise and vibration solutions, in its stalking horse stock and asset purchase agreement with Grouper Holdings, LLC, a subsidiary of MiddleGround Capital LLC pursuant to which Grouper will acquire substantially all of the he Company’s assets, including the equity interests of certain of the Company’s direct and indirect subsidiaries for an aggregate consideration of $218 million in cash, subject to working capital and net debt adjustments, and assumption of certain liabilities of the Company.

To facilitate the transaction process, the Company and certain of its U.S. subsidiaries has filed voluntary petitions for reorganization under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware. Accordingly, the proposed transaction with Grouper is subject to higher or otherwise better offers, Court approval and other customary conditions.

The Company’s operating entities outside the U.S., while included in the agreement with Grouper, are not part of the court-supervised process, and its operations in Asia, Europe and Mexico are expected to continue as normal.

The Jones Day lawyer's team advising Shiloh is led by Tom Wearsch (Cleveland) and includes Ben Stulberg (Cleveland), Tim Hoffmann (Chicago), Brett Barragate (New York), Peter Zwick (Dallas), Dan Reynolds (Cleveland), and George Hunter (Cleveland).

Copyright © The Impact Lawyers. All rights reserved. This information or any part of it may not be copied or disseminated in any way or by any means or downloaded or stored in an electronic database or retrieval system without the express written consent of The Impact Lawyers. The opinions expressed in this article are those of the authors and do not necessarily reflect the positions or policies of The Impact Lawyers.

Would you like to read more?

The Impact Lawyers offers a FREE newsletter that keeps you up to date on news and analysis about the international latest legal news.
Please complete the form below and click on subscribe to receive The Impact Lawyers Newsletter subscription

Subscribe for free

The Impact Lawyers Newsletter

  • Practical templates and guides for lawyers and law firms
  • Podcasts, videos and webinars explaining how to be sucessful
  • Tips made by lawyers and other practitioners