Intermet gets extension to March 20 from banks to deliver plan for exiting Chapter 11

By Ted A. Knutson

Washington, Jan. 27 - Intermet Corp. said it is being given an extension to March 20 to deliver a plan to lenders for exiting Chapter 11. The company had been required to produce the plan by Jan. 31.

The company has also been given a five-day extension from Jan. 26 to Jan. 31 to provide a business plan to creditors.

The new agreements come in a fifth amendment to Intermet's $60 million debtor-in-possession financing. The amendment also allows the automobile mold maker to sell assets in its Midland, Ga. location and to purchase machinery.

Troy, Mitch-based Intermet filed for bankruptcy on Sept. 29 with the U.S. Bankruptcy Court for the Eastern District of Michigan. Its Chapter 11 case number is 04-67597.

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