NORWALK, Conn.--(BUSINESS WIRE)--GE Commercial Finance Corporate Lending today announced it led a $110 million plan of reorganization credit facility for DURA Automotive Systems Inc., a leading auto parts supplier. The financing will be used to complete the company's reorganization as it emerges from bankruptcy. GE Capital Markets arranged the transaction. In 2006, GE also provided the company with a $115 million debtor-in-possession credit facility to support the company's Chapter 11 filing.
Based in Rochester Hills, MI, DURA, is an independent designer and manufacturer of auto parts to the automotive industry worldwide. Their products include driver control systems, seating control systems, glass systems, structural door modules and exterior trim systems.
"Decreasing market demand, a change in the types of vehicles being sold and rising raw material prices are making this a tougher market for auto suppliers," said Beth Brockmann, automotive industry leader for GE Corporate Lending. "However, suppliers with strong technology and solid balance sheets should be able to endure this transitionary period and ultimately benefit from a stronger market environment."
"Leveraging our auto industry expertise and restructuring specialization helped provide DURA with smarter capital," said Tom Quindlen, chairman and CEO of GE Corporate Lending. "We continue to work closely with clients through good and challenging times to provide them with the capital they require to meet their business objectives."
Industry Specialization
To better meet the unique financing needs of businesses, GE Corporate Lending has a team of Industry Leaders supported by research analysts. These industry experts help build smarter financing solutions for companies across key industries: Aerospace & Defense; Automotive; Chemicals & Plastics; Construction; Food, Beverage & Agribusiness; Financial & Business Services; Forest Products; Metals and Mining; Restructuring; Retail; Technology & Electronics; and Transportation.
About GE Corporate Lending
With $16 billion in assets, GE Commercial Finance Corporate Lending is one of North America's largest providers of asset-based, cash flow, structured finance and other financial solutions for mid-size and large companies. From over 30 offices throughout the U.S. and Canada, GE Corporate Lending specializes in serving the unique needs of borrowers seeking $20 million to $2 billion and more for working capital, growth, acquisitions, project finance and turnarounds. Visit www.gelending.com/clnews to learn more.
About GE Commercial Finance
GE Commercial Finance, which offers businesses around the globe an array of financial products and services, has assets of over $300 billion and is headquartered in Norwalk, Connecticut. GE (NYSE: GE) is a diversified global infrastructure, finance and media company that is built to meet essential world needs. From energy, water, transportation and health to access to money and information, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. GE is Imagination at Work. For more information, visit the company's Web site at http://www.ge.com.
Contacts
GE Corporate Lending, Norwalk
Jeff Wilson, 203-229-1887
[email protected]
or
GE Commercial Finance, Norwalk
Ned Reynolds, 203-229-5717
[email protected]