Intermet (NASDAQ:INMTQ)
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Bankruptcy Court Holds Hearing On INTERMET Financing Commitment
INTERMET Continues to Work on its Plan of Reorganization; Disclosure Statement
Hearing Scheduled for August 9th
TROY, Mich., July 18 /PRNewswire-FirstCall/ -- INTERMET Corporation
(INMTQ:PK), a diversified manufacturer of cast-metal components, today
announced that its motion to enter into an equity financing commitment letter,
and to pay the fees and expenses and to furnish related indemnities provided
for in the commitment letter, was denied by the Bankruptcy Court, with the
right to resubmit the motion at a later time. The Court reiterated that the
Disclosure Statement hearing would go forward as scheduled on August 9, 2005.
That hearing is the next step in the process to confirm the Plan of
Reorganization filed on June 24, 2005.
INTERMET continues to work toward confirmation of its Plan of Reorganization
that will permit the company to exit from Chapter 11.
About INTERMET: With headquarters in Troy, Michigan, INTERMET Corporation is a
manufacturer of cast-metal components for the automotive, commercial- vehicle
and industrial industries. The company has approximately 5,300 employees
worldwide. More information is available on the Internet at
http://www.intermet.com/ . Specific information relating to the Chapter 11
cases filed by INTERMET and certain of its domestic subsidiaries, including a
copy of the proposed Plan of Reorganization, can be found on the Internet at
http://www.administar.net/intermet .
Cautionary Statement: This news release includes forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995.
The word "believe" and similar words and expressions identify forward-looking
statements. These statements are not guarantees of future performance but
instead involve various risks and uncertainties. INTERMET's actual results may
differ materially from those suggested by its forward- looking statements due
to factors such as: the economic cost, management distraction and lost
business opportunities associated with bankruptcy proceedings; INTERMET's
continued access to its DIP financing; the high cost of scrap steel and the
possibility that scrap steel costs will remain at high levels or continue to
increase, which would have further negative effects on INTERMET's
profitability, cash flow, liquidity and ability to borrow; fluctuations in the
cost of other raw materials, including the cost of energy, aluminum, zinc,
magnesium and alloys, and INTERMET's ability, if any, to pass those costs on to
its customers; pricing practices of INTERMET's customers, including changes in
their payment terms resulting from the discontinuation of early payment
programs and continuing demands for price concessions as a condition to
retaining current business or obtaining new business, and the negative effect
that price concessions have on profit margins; changes in procurement practices
and policies of INTERMET's customers for automotive components, including the
risk of the loss of major customers or the loss of current or prospective
vehicle programs as a result of INTERMET's financial condition and prospects
(or otherwise); possible inability to close unprofitable plants or to transfer
work from one plant to another because of the related costs or customer
requirements; general economic conditions, including any downturn in the
markets in which INTERMET operates; fluctuations in automobile and light and
heavy truck production, which directly affect demand for INTERMET's products;
deterioration in the market share of any of INTERMET's major customers;
fluctuations in foreign currency exchange rates; work stoppages or other labor
disputes that could disrupt production at INTERMET's facilities or those of its
customers; continuing changes in environmental regulations to which INTERMET is
subject, and the costs INTERMET will incur in meeting more stringent
regulations; factors or presently unknown circumstances that may result in
impairment of INTERMET's assets, including further write-downs of its goodwill;
and other risks as detailed from time to time in INTERMET's periodic SEC
reports.
DATASOURCE: INTERMET Corporation
CONTACT: Mike Kelly of INTERMET Corporation, +1-248-952-2500
Web site: http://www.intermet.com/