Plastech seeks $14 million more interim DIP financing to carry it through April 2

By Caroline Salls

Pittsburgh, March 12 - Plastech Engineered Products, Inc. is seeking access to an additional $14 million in interim debtor-in-possession financing, which would bring the company's total interim DIP loan availability to $49.15 million, according to a Tuesday filing with the U.S. Bankruptcy Court for the Eastern District of Michigan.

As previously reported, the company currently has interim access to $35.15 million in DIP financing. That funding is set to expire on March 14.

As a result, Plastech is also asking the court to extend the interim DIP facility termination date to April 2.

Plastech said the extra time and additional funding will give it more time to negotiate more favorable final DIP financing.

The company will pay a $100,000 DIP amendment fee.

Plastech, a Dearborn, Mich.-based auto parts supplier, filed for bankruptcy on Feb. 1. Its Chapter 11 case number is 08-42417.

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