October 25, 2016 11:11 PM ET

Metals and Mining

Company Overview of Bear Metallurgical Company

Company Overview

Bear Metallurgical Company produces ferroalloy products for the specialty steel, automotive, and foundry industries in the United States. The company’s products include ferrovanadium, ferromolybdenum, and calcium aluminate or Calox. It also offers toll oxide processing that includes toll conversion of vanadium oxide to ferrovanadium, and the conversion of molybdenum oxide into ferromolybdenum; packaging services, such as various multi-wall bags, steel cans and drums, bags, and bulk sacks; sampling/analytical services; and crushing/sizing, screening, and blending of various alloys and materials. Bear Metallurgical Company was formerly known as Bear Metallurgical Holding Corporation. The compa...

679 East Butler Road

Butler, PA 16002-9127

United States

Founded in 1990





Key Executives for Bear Metallurgical Company

Founder, Chief Executive Officer, Chief Executive Officer of Gulf Chemical & Metallurgical Corporation and President of Gulf Chemical & Metallurgical Corporation
Compensation as of Fiscal Year 2016.

Bear Metallurgical Company Key Developments

Final DIP Financing Approved for Bear Metallurgical Company

The US Bankruptcy Court gave an order to Bear Metallurgical Company to obtain DIP financing on a final basis on September 13, 2016. As per the order, the debtor has been authorized to obtain a loan facility in the amount of $12 million from Comilog Holding. The DIP loan would carry an interest rate of 8.5% p.a., along with an additional 2% p.a. interest in the event of default. As per the terms of the DIP agreement, the loan carries a closing fee of $0.05 million. The DIP facility would mature either on December 31, 2016 or on the effective date of the plan or on the date of consummation of the sale of substantially all assets, whichever is earlier. Adequate protection would be provided to the DIP lenders in the form of super-priority administrative expense claims which is subject to a carve-out of $0.20 million towards unpaid professional fees / administrative expenses and first priority lien upon and security interest in the debtor’s collateral. The DIP facility proceeds shall be used for the operation of the debtor’s businesses and administration of its bankruptcy estates.

Motion for Asset Sale Approved for Bear Metallurgical Company

The US Bankruptcy Court gave an order approving the sale of substantially all the assets of Bear Metallurgical Company on September 13, 2016. The debtor has been authorized to sell substantially all its assets to Yilmaden Holding Inc., the winning bidder at the auction, for a purchase price of $7.93 million in cash and the assumption of the assumed liabilities. The debtor’s assets include the Bear assets.

Notice of Successful Bidder Filed by Bear Metallurgical Company

Bear Metallurgical Company filed a notice in the US Bankruptcy Court for the selection of a successful bidder for the sale of substantially all of Bear’s assets on September 9, 2016. As per the notice filed, Yilmaden Holding Inc. made the highest and best offer for the purchase of the Bear assets, and therefore Yilmaden is the successful bidder for the Bear assets. Whereas, Metallurg, Inc. made the second highest and best offer for the purchase of the Bear assets, and therefore Metallurg is the reserve bidder for the Bear assets. Pursuant to the terms of the asset purchase agreement dated September 8, 2016, Yilmaden Holding Inc. will buy substantially all of Bear’s assets for $7.93 million in cash and the assumption of the assumed liabilities. Under the terms of the agreement, the buyer has made a deposit of $0.33 million prior to the execution of the agreement. Sean D. Malloy of McDonald Hopkins LLC and William E. Kelleher, Jr. of Cohen & Grigsby P.C. represented the debtor as legal advisors.

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