MMC Precision Holdings granted final approval of $20 million DIP loan

By Jennifer Lanning Drey

Portland, Ore., June 5 - MMC Precision Holdings Corp. obtained final court approval of its $20 million debtor-in-possession facility from National City Bank, according to a Friday filing with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, the facility is scheduled to mature on the earliest of June 5, upon the sale of the company's assets, the effective date of a plan of reorganization or liquidation and the conversion or dismissal of the Chapter 11 case.

However, the June 5 maturity may be extended if the company presents the lender with a written agreement for a sale transaction.

Interest will be Base rate plus 450 basis points.

Morton, Ill.-based MMC manufactures highly engineered metal components and subassemblies. The company filed for bankruptcy on March 22. Its Chapter 11 case number is 09-10998.

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