TROY, Mich. — Oxford Automotive, Inc. announced the closing of the sale of its manufacturing facility located in Ramos Arizpe, Mexico for approximately $40 million (including $3 million to be held in escrow). Pending investment of the net proceeds in capital assets, the company has applied the funds to reduce the amount currently outstanding under its revolving credit facility.
The company also announced the completion of an amendment to its revolving credit facility to modify certain financial covenants and pricing. The maximum availability of the amended credit facility continues to be $60 million, subject to reserves which may be established at the discretion of the lenders.
The company, together with its investment bankers, continues to pursue strategic options to further optimize the value of the company and to further increase liquidity, which may include a sale of some or all of its assets in North America and Europe.
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