Amcast files for Chapter 11, gets commitment for $15 million DIP

By Jeff Pines

Washington, Nov. 30 - Amcast Industrial Corp. said it filed a pre-packaged Chapter 11 with the U.S. Bankruptcy Court for the Southern District of Ohio Tuesday and expects to file its plan of reorganization in the next few weeks.

Amcast's senior lenders and noteholders have agreed to trade their $109 million in senior debt for about $75 million in new senior and subordinated debt and all of the reorganized company's equity.

"We have been involved in discussions with our lenders for several months in an effort to address our balance sheet issues. We believe this agreement achieves what we set out to do at the outset, namely to improve our prospects for long-term success," said Byron Pond, Amcast's chairman, president and chief executive officer, said in a news release.

The Dayton, Ohio-based manufacturer of plumbing and auto components also obtained a commitment for a $15 million debtor-in-possession financing. Further details were not available on the court's website.

Amcast listed its total assets at $104.97 million and its total debts at $165.22 million in its filing with the court.

The company's three largest shareholders were First Carolina Investors, Inc., Steel Partners II LLC and Tontine Capital Managment.

The company's Chapter 11 case number is 04-40504.

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