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Article: ACT Manufacturing, Inc. Receives Additional DIP Financing Today.
- Article from:
- PR Newswire
- Article date:
- January 26, 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. -- After a preliminary hearing today in Federal Bankruptcy Court in Worcester, Massachusetts, ACT Manufacturing, Inc. announced it received $20 million of Debtor in Possession (DIP) financing under Chapter 11. The Judge handling the case is the Honorable Joel Rosenthal.
The company filed for reorganization on December 21, 2001. The funds approved today, subject to a final hearing, are through June 2002 and would allow ACT to continue to service customers and maintain day-to-day operations. The firm believes that the multi-month DIP, along with the ongoing cash collateral, would be sufficient to meet ACT's operational needs.
ACT has ...
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