Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers M > Headlines for Metaldyne Corp. > News item |
Metaldyne obtains final court approval of $18.5 million DIP loan
By Jennifer Lanning Drey
Portland, Ore., June 23 - Metaldyne Corp. obtained final court approval of its $18.5 million debtor-in-possession facility from Deutsche Bank AG, New York, according to a Tuesday filing with the U.S. Bankruptcy Court for the Southern District of New York.
As previously reported, 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 and the occurrence of an event of default.
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.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.