Intermet figures indicate negative net worth for debtors

By Ted A. Knutson

Washington, Jan. 14 - Figures provided by Intermet Corp. to the U.S. Bankruptcy Court for the Eastern District of Michigan indicate the company has a negative net worth.

The Troy, Mich.-based metals company reported in the filing an unaudited consolidated net worth for all debtors of $124.6 million as of Aug. 24, 2004.

However, the sum includes of $165.9 million of goodwill which Intermet expects to write off as of Sept. 30, 2004.

Intermet filed for bankruptcy on Sept. 29. Its Chapter 11 case number is 04-67597.

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