Intermet hearing on cash collateral usage to continue Tuesday

By Jennifer Lanning Drey

Portland, Ore., Sept. 8 - Intermet Corp.'s hearing for approval to use cash collateral will continue on Tuesday in the U.S. Bankruptcy Court for the District of Delaware, according to a source familiar with the case.

The hearing began late Monday.

As previously reported, when requesting the approval, Intermet said it planned to use cash collateral to finance its operations and pay employee wages, salaries and benefits.

The company said the cash collateral should allow it to maintain uninterrupted production for customers, meet its obligations to suppliers and employees and consolidate parts of its operation while restructuring its debt.

Intermet is a Fort Worth, Texas-based automotive cast component supplier. Its Chapter 11 case number is 08-11859.

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