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Article: ACT Manufacturing, Inc. Receives DIP Financing.
- Article from:
- PR Newswire
- Article date:
- January 3, 2002
CopyrightCOPYRIGHT 2002 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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HUDSON, Mass. -- ACT Manufacturing, Inc. today announced it has received $9.5 million in Debtor in Possession (DIP) financing pursuant to a hearing held yesterday in U.S. Bankruptcy Court in Worcester, Massachusetts. ACT filed for Chapter 11 in the same court on December 21, 2001. The Company's overseas operations are unaffected by the filing.
The DIP financing involved is short-term financing and is stage one of a two-part process with the Company's lenders. Stage two, for which negotiations are already in progress, involves longer-term financing for a substantially greater amount. Given the varied availabilities of all the parties involved during the ...
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