Cooper-Standard Wins OK To Tap $175M DIP Cash

Law360, New York (September 2, 2009, 2:31 PM EDT) -- A bankruptcy court has given auto parts supplier Cooper-Standard Holdings Inc. final approval to access $175 million in debtor-in-possession financing from a group of lenders led by a Deutsche Bank AG unit.

Judge Peter J. Walsh of the U.S. Bankruptcy Court for the District of Delaware signed off Tuesday on the $200 million post-petition financing package, which also includes a second incremental DIP facility worth up to $25 million that Cooper-Standard can draw from with further permission from the court.

Under the terms of the DIP...
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