Metals USA Announces $350 Million Debtor-in-Possession Financing
HOUSTON, Jan 7, 2002 /PRNewswire via COMTEX/ -- Metals USA, Inc. (OTC Bulletin Board: MUIN chart, msgs), a leader in the metals processing and distribution industry, today announced that it has received from the Bankruptcy Court final approval of a $350 million debtor-in-possession financing facility from a group of lenders led by Bank of America. The facility, which matures on June 30, 2003 and provides for two three-month extensions, will be used to fund the ongoing business operations of Metals USA, which filed a voluntary petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code on November 14, 2001.
J. Michael Kirksey, Chairman & Chief Executive Officer, stated, "This financing will be a significant source of liquidity for Metals USA and will contribute to our ability to continue normal business operations as we plan for the future and should provide a measure of assurance to our employees, customers and vendors. We appreciate the loyalty and dedication of our employees and the continued support of our vendors and customers."
Metals USA, Inc. is a leading metals processor and distributor in North America. With a customer base of more than 65,000, Metals USA provides a wide range of products and services in the Carbon Plates and Shapes, Flat-Rolled Products, and Building Products markets. For more information, visit the Company's website at www.metalsusa.com .
This press release contains certain forward-looking statements which involve known and unknown risks, uncertainties or other factors not under the Company's control which may cause the actual results, performance or achievement of the Company to be materially different from the results, performance or other expectations implied by these forward-looking statements. These factors include, but are not limited to, those disclosed in the Company's periodic filings with the Securities and Exchange Commission.
Contacts: J. Michael Kirksey
Chairman & CEO
Metals USA, Inc.
713-965-0990
Ken Dennard / kdennard@easterly.com
Karen Roan / karen@easterly.com
Easterly Investor Relations
713-529-6600
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Source: Metals USA, Inc.
Contact:
J. Michael Kirksey, Chairman & CEO of Metals USA, Inc.,
+1-713-965-0990; or Ken Dennard, kdennard@easterly.com , or Karen Roan,
karen@easterly.com , both of Easterly Investor Relations, +1-713-529-6600, for
Metals USA, Inc.
URL: metalsusa.com |
