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.
GE Corporate Lending, Norwalk
Jeff Wilson, 203-229-1887
jeffrey.wilson@ge.com
or
GE
Commercial Finance, Norwalk
Ned Reynolds, 203-229-5717
ned.reynolds@ge.com
