INTERMET locates needed investors
Troy, MI— INTERMET Corporation,
a diversified manufacturer of cast-metal components, announced
that the U.S. Bankruptcy Court for the Eastern District of Michigan
has approved the Company’s motion to enter into an equity
financing Commitment Letter under which R2 Investments, LDC, and
Stanfield Capital Partners LLC have agreed to underwrite a $75
million equity investment in INTERMET in connection with INTERMET’s
proposed Plan of Reorganization.
The court also approved the Company’s
amended Disclosure Statement. In addition, the court approved
the Company’s proposed solicitation and balloting process.
INTERMET will distribute the Disclosure Statement and balloting
materials to all creditors in order to solicit their votes in
support of the Plan.
The confirmation hearing with
respect to the Plan of Reorganization is scheduled to begin on
September 26, 2005.
“We are pleased with the
court’s approval, which means that INTERMET is moving closer
to exiting bankruptcy,” said Gary F. Ruff, chairman and
CEO. “We look forward to emerging from Chapter 11 with a
capital structure and strategy designed to strengthen our leadership
position in the industry.”