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[March 2004]
Court Approves 'First Day' Motions for Oglebay Norton
On 25 February 2004 Oglebay Norton Company (Cleveland, OH, USA) said that US Bankruptcy Judge Joel Rosenthal of the US Bankruptcy Court for the District of Delaware in Wilmington had approved 'first day' motions presented by the company. This included interim approval to utilise cash collateral and to borrow up to US$40 million from a US$75 million debtor-in-possession (DIP) credit facility. The company secured the DIP facility from a syndicate that includes various members of its pre-petition bank group.
The judge's orders provide the company with the liquidity necessary to continue operations without disruption and to meet its obligations to its suppliers, customers and employees during the chapter 11 reorganisation process. A final hearing on approval for use of the US$75 million facility was set for 22 March 2004.
Oglebay Norton provides essential minerals and aggregates to a broad range of markets. The company has around 1,770 employees in 13 states in the USA.
ENDS