• Mar. 15, 2016, 6:27 PM
    • A.M. Castle (CAS -5.8%) has wrapped the sale of its Total Plastics unit for about $55M.
    • The company sold the subsidiary to Texas-based Prophet Equity, "yet another significant step in our commitment to delever our balance sheet and improve the capital structure and profitability of our business,” says CEO Steven Scheinkman.
    • Castle will use the proceeds to pay down debt. In the deal, $1.5M of the price is put into escrow pending a working-capital adjustment to be determined within 60 days.
    • In its last report, the company had total debt of $322.7M, a debt/equity ratio of 793, and just under $12M in cash.
    Mar. 15, 2016, 6:27 PM