Revstone Industries LLC has received a $54.4 million offer from a Shiloh Industries Inc. subsidiary for its auto parts manufacturing business and is seeking court permission to sell those assets, Dow Jones Newswires reported yesterday. Contech Castings LLC, a 60-year-old automotive die-casting business that is an indirect subsidiary of Revstone, isn't among the assets the company placed in chapter 11 and isn't part of the bankruptcy estate, Revstone said in court documents filed Tuesday. Nevertheless, Revstone is seeking bankruptcy court approval of the sale, "out of an abundance of caution," it said. Although the Contech sale is technically outside of Revstone's chapter 11 process, it is part of a larger plan, Revstone said, that will ultimately maximize the value of Revstone's assets, for the benefit of both Contech and Revstone creditors. That plan also includes the sale of another affiliate that isn't in chapter 11 called Metavation LLC, implementing customer support agreements and reaching settlements with claimants including the Pension Benefit Guaranty Corp., it said.
