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Castle to exit bankruptcy at the end of August

August 4, 2017 - The U.S. Bankruptcy Court in Delaware confirmed A.M. Castle & Co.'s Chapter 11 reorganization plan, which it filed July 25, 2017. The Oak Brook, Illinois-based distributor of specialty metal and supply chain solutions expects to emerge from bankruptcy court proceedings on August 31, 2017.

“We are on track to emerge from Chapter 11 by the end of August," says President and CEO Steve Scheinkman. "We look forward to the prospect of working with our vendors and serving our customers, armed with one of the most manageable balance sheets in the metals service center industry. We thank them and our employees for their efforts, which have delivered us to this final step in our financial restructuring process.”

With a cleaner balance sheet, Castle will no longer be "impeded by an excessive debt-service burden, [it will] focus on achieving key revenue growth, operating efficiency and customer satisfaction metrics,” he says.

[h/t GlobeNewswire]

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