NORWALK, Conn.--02 August 2010-- GE Capital, Restructuring Finance today announced it is co-collateral agent in a $100 million plan of reorganization credit facility to Neenah Enterprises, Inc., one of the largest independent foundry companies in the U.S. The loan supports the company's pre-packaged exit from bankruptcy protection. GE Capital Markets served as joint lead arranger.
Established in 1872 and headquartered in Neenah, WI, Neenah Enterprises, Inc., is a leading supplier of iron castings such as manhole covers and storm grates. The company operates 7 manufacturing facilities serving municipal and industrial customers throughout the U.S.
"The combination of GE's experience with foundry companies and expertise in turnaround finance helped us advance our reorganization," said Richard D. Caruso, a managing director for Huron Consulting Services, LLC that is serving as acting Chief Executive Officer for the company. "We value our long standing relationship with GE and their ability to continue to make significant financial commitments."
"We're dedicated to meeting the restructuring finance needs of mid-sized and large companies," said Rob McMahon, managing director of GE Capital, Restructuring Finance. "Providing businesses with the critical liquidity to execute their objectives is our specialty."
About GE Capital, Restructuring Finance
GE Capital, Restructuring Finance is a leading provider of senior secured loans to distressed companies supporting Chapter 11 filings, plan-of-reorganizations and out-of-court restructurings.
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Ned Reynolds
GE Capital
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Jeff Wilson
GE Capital Corporate Finance
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