Intermet (NASDAQ:INMTQ)
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INTERMET Gains Immediate Access to Interim DIP Funding
Executes credit agreement for DIP financing
TROY, Mich., Oct. 25 /PRNewswire-FirstCall/ -- INTERMET Corporation (Pink
Sheets: INMTQ) announced today that it has entered into a credit agreement with
Deutsche Bank Trust Company Americas and The Bank of Nova Scotia for a $60
million debtor-in-possession (DIP) credit facility. With the execution of this
agreement, INTERMET is now able to borrow up to $20 million under the DIP
facility, in accordance with the budget agreed upon by the company and its DIP
lenders.
"This agreement with the lenders is a positive step for us," said Gary F. Ruff,
INTERMET's Chairman and CEO. "It gives the company the financial flexibility
necessary not only for maintaining critical customer deliveries, but also for
continuing with efforts to reorganize and strengthen the company. We are
especially pleased that two major lenders have cooperated on a financing
arrangement that will benefit INTERMET and our supplier partners, who continue
to support our manufacturing operations."
The remaining $40 million of availability under the DIP facility is subject to
additional conditions and limitations, including final approval by the court.
About INTERMET
With headquarters in Troy, Michigan, INTERMET Corporation is a manufacturer of
powertrain, chassis/suspension and structural components for the automotive
industry. The company has approximately 6,000 employees worldwide. More
information is available on the Internet at http://www.intermet.com/ .
DATASOURCE: INTERMET Corporation
CONTACT: Investor Inquiries: Bytha Mills, or Media Inquiries: Mike
Kelly, of INTERMET Corporation, +1-248-952-2500
Web site: http://www.intermet.com/