From Detroit Free Press
TROY, MI — Intermet Corp., a Troy, Mich., auto supplier, said that it entered a credit agreement with Deutsche Bank Trust Co. Americas and Bank of Nova Scotia for a $60-million debtor-in-possession credit facility.
Intermet, one of the country’s largest metal casters, filed for bankruptcy protection late last month, citing rising steel costs, problems at some North American plants and an inability to agree to a waiver with its lenders on a coming loan payment.
“This agreement with the lenders is a positive step for us,” said Gary 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.”
Copyright 2004 Detroit Free Press. All Rights Reserved.
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