Ceramic Industry News

Court Approves New DIP Credit Facility For Oglebay Norton

May 5, 2004
/ Print / Reprints /
ShareMore
/ Text Size+
Oglebay Norton Co. recently announced that the U.S. Bankruptcy Court for the District of Delaware in Wilmington has approved a second DIP credit facility that will provide the company post-petition and exit financing.

Oglebay Norton Co. recently announced that the U.S. Bankruptcy Court for the District of Delaware in Wilmington has approved a $305 million second debtor-in-possession (DIP) credit facility that will provide the company post-petition and exit financing. U.S. Bankruptcy Judge Joel B. Rosenthal said he would sign the order approving the second DIP facility and authorizing the company to pay commitment fees for the loans. Oglebay Norton negotiated the second DIP facility with a syndicate of lenders led by Silver Point Finance LLC immediately prior to filing chapter 11. The second DIP will be used to repay the $70 million first DIP facility and the existing pre-petition bank credit facility, and to provide ongoing working capital requirements while the company is in chapter 11. Upon confirmation of Oglebay Norton's plan of reorganization and emergence from chapter 11, the $305 million second DIP facility will convert to a $305 million credit facility that will provide financing for the reorganized company.

The company's website is located at http://www.oglebaynorton.com.

Did you enjoy this article? Click here to subscribe to Ceramic Industry Magazine.

You must login or register in order to post a comment.

Multimedia

Videos

Image Galleries

June 2014 Issue Highlights

Our June 2014 issue is now available!

Podcasts

Manufacturing Day 2014

Manufacturing Day organizers share their insights with Managing Editor Kelsey Seidler.

More Podcasts

Ceramic Industry Magazine

CI September 2014 cover

2014 September

You won't want to miss the CI Top 10, traditionally our most popular article of the year!

Table Of Contents Subscribe

THE CERAMIC INDUSTRY STORE

M:\General Shared\__AEC Store Katie Z\AEC Store\Images\Ceramics Industry\handbook of advanced ceramics.gif
Handbook of Advanced Ceramics Machining

Ceramics, with their unique properties and diverse applications, hold the potential to revolutionize many industries, including automotive and semiconductors.

More Products

Clear Seas Research

Clear Seas ResearchWith access to over one million professionals and more than 60 industry-specific publications,Clear Seas Research offers relevant insights from those who know your industry best. Let us customize a market research solution that exceeds your marketing goals.

Directories

CI Data Book July 2012

Ceramic Industry's Directories including Components, Equipment Digest, Services, Data Book & Buyers Guide, Materials Handbook and much more!

STAY CONNECTED

facebook_40px twitter_40px  youtube_40pxlinkedin_40google+ icon 40px