Intermet to repay $12.82 million of pre-bankruptcy revolver debt

By Caroline Salls

Pittsburgh, Feb. 10 - Intermet Corp. requested court approval to repay the $12.82 million outstanding on its pre-bankruptcy revolving credit facility, according to a Monday filing with the U.S. Bankruptcy Court for the District of Delaware.

According to the motion, Intermet estimates that repaying the revolver in full now, as opposed to continuing to make adequate protection payments over the next five months and paying the remaining revolver debt on June 30, will save the company roughly $758,000.

Goldman Sachs is the administrative agent on the revolver. The original commitment was $20 million.

A hearing is scheduled for Feb. 26.

Intermet, a Fort Worth, Texas-based automotive cast component supplier, filed for bankruptcy on Aug. 12, 2008. Its Chapter 11 case number is 08-11859.

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