Why has Real Industry filed for Chapter 11?
We are a holding company and our sole operating subsidiary is Real Alloy. Real Alloy and its U.S. subsidiaries filed for Chapter 11 on November 17, 2017.
After careful deliberation with our advisors, the Board of Directors and the management team determined it was in the best interest of shareholders to simultaneously initiate Chapter 11 proceedings in order to best position the Company to reorganize in bankruptcy in order to continue our business operations and preserve the value of the NOLs which are assets of the holding company.
What value will Real Industry have in the future? Is it now worthless?
At this time, Real Industry cannot comment directly on the impact of Chapter 11 filings on the value of the Company’s securities. Our plan is to construct a plan of reorganization focused on continued implementation of our business strategy to acquire successful businesses and assets and preserve the value of the NOLs and emerge from Chapter 11 appropriately capitalized and with the NOLs intact.
At this time, we plan to continue to file quarterly and annual reports with the Securities and Exchange Commission.
Will Real Industry’s common stock stop publicly trading now that it has filed for Chapter 11 protection?
Real Industry expects its stock will be delisted by NASDAQ shortly following the filing. We expect our stock will trade on the Pink Sheets or via another over-the-counter method.
Are there any changes to the Real Industry management team?
Mr. Michael Hobey has been named President and Interim Chief Executive Officer at Real Industry, and he will continue to serve as Chief Financial Officer at the Company. Mr. Hobey will also serve as Chief Financial Officer at Real Alloy.
Mr. Kyle Ross will continue to serve as Chief Investment Officer at Real Industry. Mr. Ross has resigned from the Real Industry Board of Directors.
Real Alloy’s operations in the United States have been affected by severely tightened liquidity during the past year, due in part to recently constrained trade credit terms, which hindered Real Alloy’s ability to timely refinance its $305 million 10% senior secured notes due January 2019 (“Senior Secured Notes”) or to expand borrowing capacity under its asset-based lending facility. An extensive review by the Real Industry Board of Directors, Real Alloy Board, management, and advisors determined it would be in the best interest of all Real Alloy stakeholders to initiate the Chapter 11 proceedings.
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KEY FACTS ABOUT REAL INDUSTRY, INC.
-
US Businesses
-
Companies in Florida
-
Broward County Companies
- Company name
- REAL INDUSTRY, INC.
- Status
- Inactive
- Filed Number
- F15000000640
- FEI Number
- 46-3783818
- Date of Incorporation
-
February 11, 2015
- Home State
- DE
- Company Type
- Foreign for Profit
CONTACTS
- Website
- http://signaturegroupholdings.com
- Phones
-
(844) 287-9976
(805) 435-1255
(877) 407-9163
(412) 902-0043
(805) 409-4340
REAL INDUSTRY, INC. NEAR ME
- Principal Address
- 8214 Westchester Drive,
Suite 950,
Dallas,
TX,
75225,
US
See Also