Shiloh Industries sells substantially all of its assets to affiliate of Middleground Capital pursuant to section 363 of Bankruptcy Code

Client(s) Shiloh Industries, Inc.

Jones Day represented Shiloh Industries, Inc., a major global supplier to OEMs in the automotive and commercial vehicle markets, and 18 of its subsidiaries in their chapter 11 bankruptcy cases, which resulted in the sale of substantially all of the debtors' assets to an affiliate of Middleground Capital. On August 30, 2020, Shiloh and 18 of its subsidiaries filed for chapter 11 protection with Jones Day serving as lead Debtors' counsel. The Debtors' businesses consisted of the design and manufacturing of auto parts. In November 2020, the bankruptcy court authorized the Debtor to sell substantially all of its assets to a subsidiary of MiddleGround Capital LLC for total consideration of $400 million, including $218 million in cash and the assumption of certain liabilities.

In May 2021, the bankruptcy court confirmed a consensual plan of liquidation that provided 100% recovery to the Debtors' priority and administrative creditors, along with providing a $3 million fund to allow pro rata recoveries for general unsecured creditors.

Adding to the complexity of this work, Shiloh had numerous non-debtor foreign subsidiaries, including subsidiaries in Mexico, the Netherlands and Italy.