WCI Steel DIP facility amended to extend term to June 30

By Caroline Salls

Pittsburgh, March 31 - WCI Steel, Inc. obtained court approval of an amendment to its debtor-in-possession financing with Wachovia Bank, NA that extends the DIP facility's maturity to June 30 from March 31, according to a Friday filing with the U.S. Bankruptcy Court for the Northern District of Ohio.

WCI will pay an up to $30,000 amendment fee. The total fee depends on when the company's plan of reorganization takes effect.

The company said it will still need the working capital and liquidity that is provided by the DIP in order to continue to operate its businesses and manage and preserve its assets and estates until its plan of reorganization takes effect.

The Warren, Ohio-based steel company filed for bankruptcy Sept. 16, 2003. Its case was transferred to the court's Akron division on Jan. 4, 2005. WCI's Chapter 11 case number is 05-81439.

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