Key Plastics granted interim access to $7 million of DIP financing

By Caroline Salls

Pittsburgh, Dec. 17 - Key Plastics LLC has been granted interim access to $7 million of its proposed $20 million debtor-in-possession facility from Wayzata Investment Partners LLC, according to a Wednesday filing with the U.S. Bankruptcy Court for the District of Delaware.

The final hearing is scheduled for Jan. 6.

Interest on the DIP loan will be 15%.

The facility will mature on the earlier of Feb. 28 or the effective date of the company's pre-packaged plan of reorganization.

Key Plastics, a Northville, Mich., supplier of highly engineered and value-added plastic components and functional assemblies to original equipment manufacturers of light vehicles, filed for bankruptcy on Dec. 15. Its Chapter 11 case number is 08-13324.

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