Intermet (NASDAQ:INMTQ)
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INTERMET Receives Court Approval of Amended Contracts With Major
Customers
Company also agrees to amendment of DIP credit agreement
TROY, Mich., Jan. 14 /PRNewswire-FirstCall/ -- INTERMET Corporation (INMTQ:PK)
today announced that the U.S. Bankruptcy Court of the Eastern District of
Michigan entered an order approving INTERMET's assumption of the amended
agreements it has reached with its major customers. As a result, INTERMET has
withdrawn its motion for authority to reject certain executory supply contracts
with its major customers.
As previously announced, Deutsche Bank Trust Company Americas and The Bank of
Nova Scotia have committed $60 million of debtor-in-possession (DIP) funding to
INTERMET under a DIP credit agreement. INTERMET has had access to $20 million
of this facility since October. With the approval of the amended customer
agreements, INTERMET has now satisfied all conditions relative to accessing the
remaining $40 million of the DIP facility. INTERMET's ability to borrow under
the DIP facility continues to be subject to a budget and satisfaction of
customary reporting and collateral requirements. Today, INTERMET and the DIP
lenders agreed to an amendment of the DIP credit agreement that extends the due
date for certain deliverables to January 26, 2005, and makes certain technical
revisions to the credit agreement. The amendment will permit INTERMET to
borrow funds under the DIP credit facility pursuant to a budget pending its
satisfaction of these remaining conditions.
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 5,800 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 can be found on the Internet at
http://www.administar.net/ .
DATASOURCE: INTERMET Corporation
CONTACT: Mike Kelly of INTERMET Corporation, +1-248-952-2500
Web site: http://www.intermet.com/
http://www.administar.net/