Intermet cash collateral access, sale completion deadline extended

By Caroline Salls

Pittsburgh, Aug. 18 - Intermet Corp. obtained court approval to extend its access to cash collateral, as well as the deadline by which it must complete an asset purchase agreement under its plan of reorganization, to Aug. 24, according to a Monday filing with the U.S. Bankruptcy Court for the District of Delaware.

Both deadlines were previously set to expire on Aug. 17.

As previously reported, on July 15, Intermet received court approval of its plan of reorganization, which is based on the sale of substantially all of its assets.

However, according to the extension motion, Intermet has not yet completed a sale.

The plan contained a contingency that if no sale were consummated within 10 business days of confirmation, Intermet's assets would be transferred to the lender liquidating trust.

That deadline was subsequently extended to Aug. 17.

Intermet said the extensions to Aug. 24 would provide an opportunity for it to continue pursuing an alternative sale transaction or pursue an orderly liquidation under its Chapter 11 plan.

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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