11/16/2017 – Kansas City, MO – CST Industries, Inc., (the “Company”) the world’s largest and leading tank and dome manufacturer, today announced that the Company is proceeding with its sale to Solace CST, LLC pursuant to the asset purchase agreement which was disclosed in September 2017. The bankruptcy court (the “court”) approved the sale motion during the November 15, 2017, “sale hearing” in the United States Bankruptcy Court for the District of Delaware.
“This is great news for CST. We have a partner in Solace that shares our vision and recognizes our potential for continued growth,” said CST Chief Executive Officer, Tim Carpenter. “Our valued employees, customers and vendors will benefit from this partnership.”
The Company anticipates the sale closing and emerging from its court-supervised restructuring in early December.
Court filings as well as other information related to the restructuring are available at http://dm.epiq11.com/CST or by calling the special restructuring information line 888-729-1610 (North America toll free number) or +1-503-597-7670 (international callers).
Hughes Hubbard & Reed LLP and Potter Anderson & Corroon LLP are serving as legal counsel, and CDG Group as financial advisors and investment bankers.
CST is the largest dome and storage tank manufacturer in the world. CST’s existing company portfolio consists of CST Storage, CST Covers and Vulcan Tanks. Five manufacturing facilities and technical design centers and multiple regional sales offices are located throughout North America and the United Kingdom. International offices are located in Argentina, Australia, Brazil, India, Japan, Malaysia, Mexico, Singapore, Spain, United Kingdom, United Arab Emirates and Vietnam. Currently, more than 350,000 storage tanks and 18,000 covers have been installed in 125 countries throughout the world.