WCI Steel, Inc. announced that it has received final approval for the company's proposed Debtor-In-Possession financing from Congress Financial Corp., Bank of America, N.A. and other lenders under WCI's existing $100 million working capital facility.
Edward R. Caine, president and CEO of WCI, said the court approval allows WCI to continue operations uninterrupted while proceeding with its reorganization.
"We are pleased that the court has granted final approval to our DIP credit facility," Caine said. "The financing package provides WCI with the liquidity which we expect will be required to meet our obligations to suppliers, customers and employees as we work through the Chapter 11 process."
On Sept. 16, 2003, WCI filed a voluntary petition for protection under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Northern District of Ohio, Eastern Division in Youngstown.
WCI is an integrated steelmaker producing more than 185 grades of custom and commodity flat-rolled steel at its Warren, Ohio facility. WCI products are used by steel service centers, convertors, electrical equipment manufacturers and the automotive and construction markets. The company has approximately 1,800 employees.Latest from Recycling Today
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