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Metalforming Technologies gets final approval for $12 million DIP
By Caroline Salls
Pittsburgh, July 19 - Metalforming Technologies Inc. obtained court approval of $12 million in debtor-in-possession financing from the Canadian Imperial Bank of Commerce, according to a Monday filing with the U.S. Bankruptcy Court for the District of Delaware.
Proceeds will be used to pay operating expenses, for limited capital expenditures and for general corporate purposes to allow Metalforming to operate its Chapter 11 cases and sell substantially all its assets.
Interest will be CIBC's alternate base rate plus 250 basis points.
The unused facility fee is 50 bps.
Maturity will be the earliest of consummation of a plan of reorganization or on event of default.
Metalforming, a Chicago-based automobile parts manufacturer, filed for bankruptcy on June 16. Its Chapter 11 case number is 05-11697.
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