Ormet gets extension from loan lenders to provide financials and revise covenants

By Sara Rosenberg

New York, April 15 - Ormet Corp. received an extension from its credit facility lenders until April 30 to provide audited financial statements and to negotiate modifications to certain existing covenants, according to a news release.

In addition, the company extended the maturity date of its $50 million supplemental loan by one year to March 30, 2009. Obligations under the supplemental loan are supported by a letter of credit issued by Deutsche Bank.

Wachovia Capital Finance is the agent on the senior credit facility.

Ormet is a Hannibal, Ohio-based producer of aluminum.

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