WCI Steel DIP amendment approved, extending term to March 31

By Caroline Salls

Pittsburgh, Dec. 21 - WCI Steel, Inc. obtained court approval of the 13th amendment to its debtor-in-possession financing with agent Wachovia Bank, NA that extends the term to March 31, according to a Tuesday filing with the U.S. Bankruptcy Court for the Northern District of Ohio.

The term was set to expire on Dec. 31.

WCI Steel will be required to pay a $60,000 amendment fee.

According to the motion, under the present circumstances of WCI's Chapter 11 case, no plan of reorganization will have been confirmed before the existing termination date.

However, the company said it must have the working capital and liquidity provided by the DIP in order to continue to operate its businesses and manage and preserve its assets and estates.

The Warren, Ohio-based steel company filed for bankruptcy Sept. 16, 2003. Its Chapter 11 case number is 03-44662.

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