MMC Precision granted interim access to $22 million DIP loan; final hearing April 15

By Caroline Salls

Pittsburgh, March 24 - MMC Precision Holdings Corp. has been granted interim access to its $20 million debtor-in-possession facility from National City Bank, according to a Tuesday filing with the U.S. Bankruptcy Court for the District of Delaware.

The final hearing is scheduled for April 15.

The facility will mature on the earliest of June 5, upon the sale of the company's assets, the effective date of a plan of reorganization or liquidation and the conversion or dismissal of the Chapter 11 case.

Interest will be Base rate plus 450 basis points.

Morton, Ill.-based MMC manufactures highly engineered metal components and subassemblies. The company filed for bankruptcy on March 22. Its Chapter 11 case number is 09-10998.

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