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Article: ACT Manufacturing, Inc. Provides Update on Reorganization Proceedings.
- Article from:
- PR Newswire
- Article date:
- April 2, 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., which currently is a debtor in a Chapter 11 bankruptcy proceeding, today announced that it is continuing a process to sell all or substantially all of the Company's assets as it operates under reorganization proceedings. As previously announced, the Company filed a petition for reorganization under Chapter 11 of the Bankruptcy Code on December 21, 2001, and obtained a $20 million debtor-in-possession ("DIP") financing facility in January 2002 pursuant to a Revolving Credit and Guaranty Agreement dated January 25, 2002 among the Company and its DIP lenders (the "DIP Credit Agreement"). The DIP Credit Agreement provides for the DIP ...