GE Capital, Restructuring Finance has extended a $100-million credit facility to Neenah Enterprises Inc., the ferrous foundry group that emerged from bankruptcy last month. The credit facility supports the pre-arrange reorganization of the corporation, and an affiliate, GE Capital Markets, acted as “joint lead arranger” in the financing effort.
NEI and 17 affiliated subsidiaries filed a Chapter 11 claim on February 3, seeking to restructure debts totaling $449.1 million (versus assets of $286.6 million.) The reorganization reduced the iron foundry and steel forgings producer’s total debt by more than $270 million.
“The combination of GE’s experience with foundry companies and expertise in turnaround finance helped us advance our reorganization,” stated Richard D. Caruso, acting CEO of Neenah Enterprises and a managing director for Huron Consulting Services LLC, the management-consulting group that directed the reorganization. “We value our long standing relationship with GE and their ability to continue to make significant financial commitments.”