Safety Components Obtains Final Bankruptcy Court Approval
27 April 2000
Safety Components International Obtains Final Bankruptcy Court Approval of Debtor-In-Possession FinancingGREENVILLE, S.C., April 27 Safety Components International, Inc. (Nasdaq: ABAG) and certain of its United States subsidiaries, including Safety Components Fabric Technologies, Inc. and Automotive Safety Components International, Inc. (collectively, "Safety Components"), a leading, low cost supplier of automotive airbag fabric and cushions in the United States, which commenced chapter 11 cases on April 10, 2000, obtained final bankruptcy court approval of debtor-in-possession financing in Delaware this afternoon. Safety Components' motion for debtor-in-possession financing was not objected to by any party. The debtor-in-possession financing obtained from Bank of America, N.A., for up to $30.6 million is expected to provide adequate funding for all post-petition trade and employee obligations, a paydown of prepetition secured debt, as well as the Company's ongoing operating needs during the restructuring process. This press release contains forward-looking statements. The Company wishes to caution the reader of this press release that such forward-looking statements are subject to various known and unknown risks and uncertainties, including the possibilities of delays in the reorganization cases. Additional information on factors that could potentially affect the Company's financial results may be found in the Company's filings with the Securities and Exchange Commission.