Metaldyne granted interim access to $11.7 million of DIP financing

By Caroline Salls

Pittsburgh, May 29 - Metaldyne Corp. received interim access to $11.7 million of its $18.5 million debtor-in-possession facility from Deutsche Bank AG, New York, according to a Friday filing with the U.S. Bankruptcy Court for the Southern District of New York.

The final hearing is scheduled for June 22.

The DIP facility will be used for the company's normal working capital requirements, including employee wages and benefits, supplier, utility and lease payments, and other operating expenses during the reorganization process.

Interest will be Prime rate plus 200 basis points.

The DIP facility will mature on the earliest of the latest asset sale closing date, the occurrence of an event of default and 60 days after entry of the interim order if a final order has not been entered.

Metaldyne, a Plymouth, Mich.-based maker of metal-based components, assemblies and modules for transportation-related powertrain and chassis applications, filed for bankruptcy on May 27. The Chapter 11 case number is 09-13412.

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