WARREN, N.J.--Formica Corp. recently announced that it has reached agreement with its secured lender bank group on a credit facility to support its ongoing business operations.
Under the terms of the agreement, the secured lender bank group will provide a debtor-in-possession (DIP), senior secured super priority credit facility for $77,850,000 in the form of a revolving credit loan and letters of credit to provide for the capital and business needs of the company. This credit facility augments the company's cash on hand of approximately $22,000,000 for working capital, capital improvements and restructuring expenses of the company and its international affiliates.