NORWALK, Conn.--(BUSINESS WIRE)--GE Commercial Finance Corporate Lending today announced it provided a $125 million plan of reorganization credit facility to Hilex-Poly, a manufacturer of plastic bag and film products, on July 9, 2008. The financing was used to refinance the company's debtor-in-possession (DIP) financing upon the company's emergence from a pre-packaged Chapter 11 bankruptcy. In May, GE also provided the company with a $140 million DIP credit facility to support the company's pre-packaged Chapter 11 filing. GE Capital Markets arranged both transactions
Based in Hartsville, SC, Hilex currently operates 10 manufacturing facilities across the U.S. Their products range from bagging systems to agricultural films.
"We specialize in meeting the financing needs of our customers in both good and challenging times," said Rob McMahon, managing director of GE Corporate Lending's Restructuring group. "In addition, GE's access to capital and turnaround finance experience expedites the lending process and provides liquidity to borrowers when they need it most."
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]