DETROIT -- Intermet Corp., a major supplier of automotive cast metal parts, could emerge from bankruptcy court soon, more than a year after it sought creditor protection.
Intermet, of Troy, Mich., is in final negotiations to obtain an estimated $250 million in loans to finance its exit from Chapter 11 reorganization, according to two sources familiar with the discussions.
Intermet spokesman Mike Kelly refused to comment on loan negotiations or provide a timetable for the supplier's exit. But U.S. Bankruptcy Judge Marci McIvor here confirmed Intermet's reorganization plan on Sept. 29 and approved its request for the exit financing, subject to a final order.
That is the final step companies must obtain before they can emerge from bankruptcy court.