Key Plastics granted final approval for $20 million DIP loan

By Jennifer Lanning Drey

Portland, Ore., Jan. 6 - Key Plastics LLC was granted final court approval to obtain $20 million of debtor-in-possession financing from Wayzata Investment Partners, LLC, according to a Tuesday filing with the U.S. Bankruptcy Court for the District of Delaware.

Interest on the DIP loan will be 15%.

The facility will mature on the earlier of Feb. 28 or the effective date of the company's pre-packaged plan of reorganization.

Key Plastics, a Northville, Mich., supplier of highly engineered and value-added plastic components and functional assemblies to original equipment manufacturers of light vehicles, filed for bankruptcy on Dec. 15. Its Chapter 11 case number is 08-13324.

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