ROCHESTER HILLS, MI — The U.S. Bankruptcy Court for the District of Delaware has approved DURA Automotive Systems’ engagement and fee agreement with Goldman Sachs Credit Partners, L.P. and Barclays Capital in connection with the arrangement of approximately $425 million in credit facilities to be used to fund DURA’s exit from Chapter 11 in the fourth quarter in 2007. The agreement also provides for the company’s ongoing working capital financing needs. DURA’s Plan of Reorganization is predicated in part on funding from these credit facilities.
The court has also approved DURA’s request to move its confirmation hearing originally scheduled for Nov. 26 to Dec. 6. Once the Plan is confirmed, DURA expects to emerge from Chapter 11 shortly thereafter.
For more information about DURA Automotive Systems, go to: www.duraauto.com.