A.M. Castle Reports September Sales after Emergence from Bankruptcy - Modern Distribution Management

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A.M. Castle Reports September Sales after Emergence from Bankruptcy

The company emerged from bankruptcy August 31.

A. M. Castle, Franklin Park, IL, a distributor of specialty metal and plastic products, reported September sales of $41.7 million following the company's emergence from bankruptcy on August 31. The company reported a loss of $821,000 for the month.

“We are pleased to have completed the Plan set in motion in April, having successfully emerged from bankruptcy on August 31," said Steve Scheinkman, A.M. Castle president and CEO. "We are excited about our new and legacy financial partners as Castle is now largely held by a small group of stakeholders holding both convertible debt and equity in the new structure, along with significant representation on the Board. We expect this new structure will serve the Company and its constituents well in the future. Throughout the bankruptcy process, we achieved the timeline we originally set forth while fulfilling all of our commitments, namely maintaining strong relationships with our customer base and paying our vendors on time and in full.”

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