Overview
Metal producers, recyclers, and other service providers participate in cyclical industries. Their businesses are tied closely to macroeconomic conditions and negative trends in other sectors, including energy, construction, and manufacturing. Add to the mix commodity volatility and currency swings, and it quickly becomes apparent that metal industry managers must be nimble, decisive, and forward-thinking. Attorneys in the McDonald Hopkins Strategic Advisory and Restructuring Department share these qualities – and have strong experience in representing distressed metal producers and recyclers, and their lenders, creditors, and investors. As a result of our experience, our learning curve is compressed, and we draw on a reservoir of industry knowledge and legal expertise. Because of our footprint in the Great Lakes steel region, many of our attorneys experienced steel and metal restructurings from early in their careers and continue to remain close to the sector.
Related Areas
Experience
- Lee Steel - Multi-location service center with over $110 million in revenue. Resulted in successful going concern sale, repayment in full of secured debt, and confirmation of chapter 11 plan with recoveries for unsecured creditors. (Bankr. E.D. of Mich.)
- Keywell, LLC - Representation of creditors’ committee in chapter 11 bankruptcy of leading supplier of recycled titanium, high-temperature alloys and stainless steel in North America. Prevailed in adversary proceeding to equitably subordinate insider loans, potentially resulting in significantly enhanced recoveries for unsecured creditors. (Bankr. N.D. of Ill.)
- Metals Recycler – Out of court restructuring representation of leading metals recycler.
- ASARCO LLC - Representation of bondholder group in negotiating complex global settlement eventually incorporated into confirmed chapter 11 plan, and in formulating bid for certain assets of ASARCO, a leading U.S. copper producer. (Bankr. S.D. Tex.)
- Republic Engineered Products, LLC – Representation of specialty steel bar manufacturer in chapter 11, resulting in a going concern sale valued at more than $300 million. (Bankr. N.D. Ohio)
- Hussey Copper - Represented strategic stalking horse purchaser in proposed acquisition of leading producer of copper bar. (Bankr. D. Del.)
- Cadillac Casting - Industry leader in ductile iron casting. Resulted in successful out-of-court balance sheet restructuring and recapitalization.
- Heartland Steel Products, Inc. – Representation of producer of steel manufactured rack products and services through direct sales and distributor channels. Resulted in confirmation of chapter 11 plan and subsequent follow-on acquisitions.
- LTV Steel Railroads - Representation of LTV Steel Railroads, one of the few subsidiaries that avoided bankruptcy through an out-of-court workout.
- Midland Steel Products - Midland, a steel manufacturer with $50 million in annual revenue, retained McDonald Hopkins just five days prior to its chapter 11 filing, yet its filing occurred with no impact on its business. (Bankr. Court D. Del.)
- Copperweld Steel - Steel bar manufacturer; over $200 million of annual revenue. Copperweld was one of McDonald Hopkins’ first steel-related Chapter 11 cases. Its plan was confirmed in 1996. (Bankr. N.D. Ohio)