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Foundry Daily News

06. August 2010

GE Capital is Co-Collateral Agent in Exit Financing for Neenah Enterprises

GE Capital, Restructuring Finance announced it is co-collateral agent in a $100 million plan of reorganization credit facility to Neenah Enterprises, an independent foundry company.

In a release dated Aug. 2, the Company said the loan supports the company's pre-packaged exit from bankruptcy protection. GE Capital Markets served as joint lead arranger.

Neenah Enterprises is a supplier of iron castings such as manhole covers and storm grates.

"The combination of GE's experience with foundry companies and expertise in turnaround finance helped us advance our reorganization," said Richard Caruso, a managing director for Huron Consulting Services, 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."

GE Capital, Restructuring Finance is a provider of senior secured loans to distressed companies supporting Chapter 11 filings, plan-of-reorganizations and out-of-court restructurings. GE is a diversified infrastructure, finance and media company.

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