Intermet gets fourth amendment to DIP, files December results

By Jeff Pines

Washington, Jan. 20 - A fourth amendment to Intermet Corp.'s $60 million of debtor-in-possession financing extends to Jan. 26 the deadline for the company to provide its lenders with a supplement to a previously delivered covenant addendum.

The amendment was filed with the Securities and Exchange Commission Thursday.

Interment is required to pay a fee to Deutsche Bank Trust Co. Americas and The Bank of Nova Scotia as administrative agents for the lenders.

In a separate filing with the commission, Intermet reported a $13.35 million loss for December on revenues of $45.6 million compared with a $10.98 million loss on sales $54.52 million in November.

Since filing for bankruptcy on Sept. 29 with the U.S. Bankruptcy Court for the Eastern District of Michigan, the company has lost $32.8 million on sales of $158.86 million.

The operating loss for December was $12.89 million compared with the previous month's $8.41 million loss. Since filing for Chapter 11, the company's operating loss was $28.91 million.

Cash and cash equivalents on Dec. 31 were $1.73 million compared with $5.33 million on Nov. 30.

Based in, Troy, Mich., Intermet produces ductile iron, aluminum, magnesium and zinc castings for the automotive and industrial markets.

Intermet's Chapter 11 case number is 04-67597.

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