ROCHESTER HILLS, MI -- DURA Automotive Systems announced that it has syndicated a majority of its exit financing facility and has elected to extend the marketing period to complete the financing. This extension gives Goldman Sachs Credit Partners, L.P. and Barclays Capital, the investment firms engaged by DURA to arrange $425 million in credit facilities, additional time and flexibility to complete their syndication efforts.

In conjunction with this extension, DURA intends to request the U.S. Bankruptcy Court to reschedule its confirmation hearing, which was scheduled to take place on Dec. 11. Dura requested to postpone the hearing until later in the month. In addition, the company has commenced discussions with its Debtor-in-Possession (DIP) lenders regarding an extension of its DIP financing agreement to ensure that DURA's working capital financing is not impacted by an extended exit financing process.

DURA's Chapter 11 case is in its final stages. In another confirmation-related development, on Dec. 7, the company took another significant step when the Bankruptcy Court issued an opinion enforcing the subordination provisions of the 9 percent Subordinated Notes Indenture, thereby effectively ending one of the few remaining major creditor challenges to confirmation of the Chapter 11 Plan. All other major creditor groups support confirmation.

DURA is advised by AlixPartners, Kirkland & Ellis and Miller Buckfire in connection with its Chapter 11 reorganization.

For more information about DURA Automotive Systems, go to: www.duraauto.com.