Shiloh Industries Inc. filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of Delaware on Sunday, August 30, 2020.
The company specializes in manufacturing auto parts with reduced noise and vibrations. Its clientele includes major multinational automakers, such as General Motors, Ford Motors, Bavarian Motor Works, and Daimler-Benz.
Shiloh filed for bankruptcy with a stalking-horse bid from a private equity firm, MiddleGround Capital LLC, to sell its assets for $218 million. Correspondingly, the proposition with MiddleGround may be replaced with a higher and better offer later on.
“Shiloh has a unique and attractive portfolio of innovative, lightweighting products and technologies that enable OEMs to reduce on-vehicle weight without compromising strength…