INTERMET Gains Immediate Access to Interim DIP Funding
October 25 2004 - 11:00AM
PR Newswire (US)
INTERMET Gains Immediate Access to Interim DIP Funding Executes
credit agreement for DIP financing TROY, Mich., Oct. 25
/PRNewswire-FirstCall/ -- INTERMET Corporation (Pink Sheets: INMTQ)
announced today that it has entered into a credit agreement with
Deutsche Bank Trust Company Americas and The Bank of Nova Scotia
for a $60 million debtor-in-possession (DIP) credit facility. With
the execution of this agreement, INTERMET is now able to borrow up
to $20 million under the DIP facility, in accordance with the
budget agreed upon by the company and its DIP lenders. "This
agreement with the lenders is a positive step for us," said Gary F.
Ruff, INTERMET's Chairman and CEO. "It gives the company the
financial flexibility necessary not only for maintaining critical
customer deliveries, but also for continuing with efforts to
reorganize and strengthen the company. We are especially pleased
that two major lenders have cooperated on a financing arrangement
that will benefit INTERMET and our supplier partners, who continue
to support our manufacturing operations." The remaining $40 million
of availability under the DIP facility is subject to additional
conditions and limitations, including final approval by the court.
About INTERMET With headquarters in Troy, Michigan, INTERMET
Corporation is a manufacturer of powertrain, chassis/suspension and
structural components for the automotive industry. The company has
approximately 6,000 employees worldwide. More information is
available on the Internet at http://www.intermet.com/ . DATASOURCE:
INTERMET Corporation CONTACT: Investor Inquiries: Bytha Mills, or
Media Inquiries: Mike Kelly, of INTERMET Corporation,
+1-248-952-2500 Web site: http://www.intermet.com/
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