Intermet gets court OK to repay $11.28 million pre-bankruptcy revolver debt

By Jennifer Lanning Drey

Portland, Ore., March 23 - Intermet Corp. obtained court approval to repay the $11.28 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.

When requesting the approval, Intermet estimated that repaying the revolver in full, as opposed to continuing to make adequate protection payments over the next five months and paying the remaining revolver debt on June 30, would save the company roughly $758,000.

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

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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