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/raid1/www/Hosts/bankrupt/TCR_Public/180414.mbx T R O U B L E D C O M P A N Y R E P O R T E R Saturday, April 14, 2018, Vol. 22, No. 103 Headlines REAL INDUSTRY: Incurs $4.96 Million Net Loss in January RITA SMITH-LUBER: Magerman Buying Longport Property for $4 Million ********* REAL INDUSTRY: Incurs $4.96 Million Net Loss in January ------------------------------------------------------- Real Industry, Inc., et al., filed with the U.S. Securities and Exchange Commission their monthly operating report for February 2018. The Debtors' consolidated statement of operations showed a net loss of $7,215861 on gross revenues of $51,543,852 in February, an increase from the $4.96 million net loss reported for the previous month. As of February 28, 2018, the Debtors listed $484.30 million in consolidated total assets, $580.01 million in consolidated total liabilities, and -$95.70 million in consolidated total shareholders' equity. At February 1, 2018, the Debtors had $14,215,698 in beginning cash balance. It listed total cash receipts of $50,137,940, total operating disbursements of $59,513,354, and total restructuring related disbursements of $886,664. Cash from financing activities totaled $10,013,777. Thus, the Debtors $13,967,396 in ending cash balance at February 28, 2018. A copy of the monthly operating report is available at the SEC at https://bit.ly/2JIRe5p About Real Industry Based in Beachwood, Ohio, Real Industry, Inc. (NASDAQ:RELY) is the holding company for Real Alloy, the largest third-party aluminum recycler in both North America and Europe. Real Alloy offers products to wrought alloy processors, automotive original equipment manufacturers, foundries, and casters. Real Alloy delivers recycled metal in liquid or solid form according to customer specifications and serves the automotive, consumer packaging, aerospace, building and construction, steel, and durable goods industries. Real Industry has no funded debt. The funded debt obligations of the Real Alloy debtors total $400 million, comprised of (i) $96 million outstanding under a $110 senior secured revolving asset-based credit facility with Bank of America, and (ii) $305 million in principal outstanding under 10.00% senior secured notes due 2019. Real Industry, Inc., and Real Alloy Intermediate Holding, LLC, Real Alloy Holding, Inc., and their U.S. subsidiaries filed voluntary petitions seeking relief under Chapter 11 of the Bankruptcy Code in Delaware on Nov. 17, 2017. The Honorable Kevin J. Carey is the case judge. The Debtors tapped Saul Ewing Arnstein & Lehr LLP as local bankruptcy counsel; Jefferies LLC as the debtors' investment banker; Berkeley Research Group, LLC as financial advisor; Ernst & Young LLP as auditor and tax advisor; and Prime Clerk as the claims and noticing agent and administrative advisor. The Ad Hoc Noteholder Group tapped Latham & Watkins LLP as counsel; Young Conway Stargatt & Taylor LLP as Delaware counsel; and Alvarez & Marsal Securities, LLC, as financial advisor. DDJ Capital Management, LLC, Osterweis Capital Management, HPS Investment Partners, LLC, Hotchkis & Wiley Capital Management, and Southpaw Credit Opportunity Master Fund L.P. comprise the Ad Hoc Noteholder Group. The Official Committee of Unsecured Creditors tapped Brown Rudnick LLP as counsel; Duane Morris LLP as Delaware counsel; Miller Buckfire & Co, LLC, as investment banker; and Goldin Associates, LLC, as financial advisor. The Ad Hoc Committee of Equity Holders of Real Industry tapped the firms of Dentons US LLP and Bayard, P.A., as counsel. * * * Real Alloy entered into an agreement with its existing asset-based facility lender and certain of its bondholders for continued use of its $110 million asset-based lending facility and up to $85 million of additional liquidity through debtor-in-possession financing to fund ongoing business operations. As Real Industry has no access to the Real Alloy debtors' postpetition financing, Real Industry accepted an unsolicited proposal from 210 Capital, LLC and the Private Credit Group of Goldman Sachs Asset Management L.P. for (i) up to $5.5 million in postpetition financing, (ii) an equity commitment of $17 million for up to 49% of the common stock, and (iii) a commitment to provide a $500 million acquisition financing facility on terms to be negotiated. RITA SMITH-LUBER: Magerman Buying Longport Property for $4 Million ------------------------------------------------------------------ Rita Smith-Luber asks the U.S. Bankruptcy Court for the District of New Jersey to authorize the sale of the real property located at 1107 Atlantic Avenue, Longport, New Jersey, to David Magerman for $3.9 million. A hearing on the Motion is set for April 19, 2018 at 10:00 a.m. The objection deadline is seven days prior to the hearing date. On July 11, 2017, the Debtor filed a Chapter 13 Bankruptcy Petition which proposed to sell the Real Property. On Oct. 4, 2017, the Court entered and order determining that she was ineligible for Chapter 13 relief. On Oct. 10, 2017, she filed a Motion to Convert to a Chapter 11. Said motion was granted on Nov. 14, 2017. The Debtor has entered into a contract to sell the Real Property for $3.9 million, which, to the best of her knowledge, appears to represent the fair market value of said property. These are the principal terms of the contract: a. Purchasers Name: David Magerman b. Property Address: 1107 Atlantic Avenue, Longport, NJ 08403 c. Selling Price: $3.9 million with $10,000 deposit d. Closing Date: Within 15 days of obtaining Bankruptcy Court approval. e. The Property is to be sold free and clear of all liens and encumbrances. A copy of the Agreement attached to the Motion is available for free at: http://bankrupt.com/misc/Rita_Smith-Luber_67_Sales.pdf The Purchaser: David Magerman 17 Raynham Road Merion Station, PA 19066 Rita Smith-Luber sought Chapter 11 protection (Bankr. D.N.J. Case No. 17-24022) on Oct. 10, 2017. Counsel for the Debtor: Bruno Bellucci, III, Esq. BELLUCCILAW, P.C. 1201 New Road, Suite 138 Linwood, NJ 08221 Telephone: (609) 601-1500 Facsimile: (609) 365-2351 ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Valerie Udtuhan, Howard C. Tolentino, Carmel Paderog, Meriam Fernandez, Joel Anthony G. Lopez, Cecil R. Villacampa, Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2018. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR subscription rate is $975 for 6 months delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Peter A. Chapman at 215-945-7000. *** End of Transmission ***