Dura Lobbies Court To Approve New Loan

Law360, New York (January 28, 2008, 12:00 AM EST) -- Hoping to secure a little more breathing room, Dura Automotive Systems has asked the bankruptcy court to greenlight $170 million in new financing that could provide the beleaguered auto supplier with an additional six months to dig its way out of Chapter 11.

On Friday, Judge Kevin Carey signed off on Dura's request for an emergency hearing on its amended bankruptcy package, with a new loan from Cerberus Capital Management providing the centerpiece.

Dura is hoping to draw upon $105 million of the Ableco loans to...
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