Special Metals receives court approval for reorganization plan, obtains $200 million exit financing

By Carlise Newman

Chicago, Aug. 4 - Special Metals Corp. has received court approval for its disclosure statement and reorganization plan from the U.S. Bankruptcy Court for the Eastern District of Kentucky, conditioned on making minor changes. In addition, Special Metals said it has a commitment for exit financing in the form of a $200 million revolving credit facility.

The confirmation hearing on the reorganization plan is set for Sept. 25.

In addition, Special Metals said that as a result of an administrative error, the court distributed a mailing last week to the company's creditors, indicating that the bankruptcy had been converted to a Chapter 7 proceeding from a Chapter 11.

The court sent a follow-up announcement indicating the error.

Special Metals is a Huntington, Va.-based metal manufacturer.

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