October 19, 2017 5:19 PM ET

Commercial Services and Supplies

Company Overview of CRS Reprocessing, LLC

Company Overview

CRS Reprocessing, LLC provides fluid reprocessing management services to handle industrial fluids for manufacturing facilities. It provides customized process engineering, tough ultra-filtration, distillation, dehydration and distillation, centrifuge, vibratory ultra-filtration, electrocoagulation, and filter press solutions. The company also offers on-site, customized process engineering, off-site, new filtration technologies, and lab analysis services. It serves solar/semiconductor, metals, oil and gas, industrial manufacturing, and rare earth elements industries worldwide. CRS Reprocessing, LLC was founded in 1981 and is based in Louisville, Kentucky with locations in Leipzig, Germany; Ja...

9780 Ormsby Station Road

Suite 2500

Louisville, KY 40223

United States

Founded in 1981

Phone:

502-778-3600

Fax:

502-778-3606

Key Executives for CRS Reprocessing, LLC

Chief Executive Officer
Age: 55
Vice President of Operations
Compensation as of Fiscal Year 2017.

CRS Reprocessing, LLC Key Developments

Bidding Procedure Approved for CRS Reprocessing, LLC

The US Bankruptcy Court ordered approving the bidding procedure related to sale of substantially all of the assets of CRS Reprocessing LLC on October 17, 2017. As per the order, Triangle Capital Corporation is the stalking horse bidder, for a purchase price of $25.6 million (consisting of an amount not less than $25 million payable in the form of the exercise of credit bid rights under 363(k) of the Bankruptcy Code with respect to all of the aggregate obligations then outstanding under the Triangle Facility, the THL Facility and the DIP Financing, and a cash payment in the amount $0.6 million) pursuant to the asset purchase agreement. To qualify as a qualified bidder, interested parties should submit their bids by October 27, 2017 along with a deposit in the amount of 5% of the bid value. The initial minimum overbid should be at least $0.55 million more than the initial purchase price. The debtor has scheduled an auction on November 1, 2017. At the auction, the subsequent bids would be in increments of $0.1 million. The stalking horse bidder would be entitled to a break-up fee of $0.35 million and expense reimbursement of $0.15 million in case of termination of the asset purchase agreement. The sale hearing is scheduled for November 3, 2017. The objection related to Sale must be filed on or before November 2, 2017.

Motion for Asset Sale Filed by CRS Reprocessing, LLC

CRS Reprocessing, LLC filed a motion in the US Bankruptcy Court for the sale of substantially all its assets on October 3, 2017. The debtor seeks the Court’s approval for the sale of substantially all its assets to Triangle Capital Corporation the stalking horse bidder, for a purchase price of $25.6 million (consisting of an amount not less than $25 million payable in the form of the exercise of credit bid rights under 363(k) of the Bankruptcy Code with respect to all of the aggregate obligations then outstanding under the Triangle Facility, the THL Facility and the DIP Financing, and a cash payment in the amount $0.6 million) pursuant to the asset purchase agreement. To qualify as a qualified bidder, interested parties should submit their bids by October 27, 2017 along with a deposit in the amount of 5% of the bid value. The initial minimum overbid should be at least $0.55 million more than the initial purchase price. The debtor has scheduled an auction on November 1, 2017. At the auction, the subsequent bids would be in increments of $0.1 million. The stalking horse bidder would be entitled to a break-up fee of $0.35 million and expense reimbursement of $0.15 million in case of termination of the asset purchase agreement. The sale hearing is scheduled for November 8, 2017.

Final DIP Financing Approved for CRS Reprocessing, LLC

The US Bankruptcy Court gave an order to CRS Reprocessing, LLC to obtain DIP financing on a final basis on September 13, 2017. As per the order, the debtor has been authorized to obtain a revolving credit facility in the amount of $4 million from Triangle Capital Corporation. The DIP loan would carry an interest rate of 8% per annum, along with an additional 2% p.a. interest in the event of default. The DIP facility would mature either on November 6, 2017 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 towards unpaid professional fees / administrative expenses and first priority lien upon and security interest in the debtor’s collateral. The Court had granted the debtor an interim approval to access $1.9 million as DIP financing on August 30, 2017.

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Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
October 3, 2017
--
Bankruptcy
August 9, 2017
--
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