MiddleGround Capital LLC entered into an agreement to acquire Substantially All assets of Shiloh Industries, Inc. (NasdaqGS:SHLO.Q) for approximately $220 million on August 30, 2020. The purchase consideration of $218 million will be paid in cash, subject to working capital and net debt adjustments, and assumption of certain liabilities of Shiloh Industries. John Stewart, Partner at MiddleGround will be working with Shiloh’s employees and management team. The transaction is subject to higher or otherwise better offers, court approval and other customary conditions. As of September 25, 2020, Shiloh Industries received approval from the U.S. Bankruptcy Court. As of October 28, 2020, Shiloh Industries has completed the marketing process approved by the U.S. Bankruptcy Court for the District of Delaware and is moving forward with the asset purchase agreement. Accordingly, a hearing to seek required Court approval for the MiddleGround transaction is scheduled for November 10, 2020. The transaction is expected to close before the end of calendar year 2020. As of October 28, 2020. the transaction is expected to close no later than December 15, 2020. Thomas M. Wearsch, Benjamin L. Stulberg, Timothy W. Hoffman, Brett P. Barragate and Peter C. Zwick of Jones Day; and, Daniel J. DeFranceschi, Paul N. Heath and Zachary I. Shapiro of Richards, Layton & Finger, P.A. acted as legal advisors to Shiloh Industries. Houlihan Lokey Capital, Inc. acted as financial advisor to Shiloh Industries. Baker & McKenzie LLP acted as legal advisor to MiddleGround. Ernst & Young LLP acted as restructuring advisor to Shiloh Industries. MiddleGround Capital LLC completed the acquisition of Substantially All assets of Shiloh Industries, Inc. on December 1, 2020.