WARREN, N.J.--(BUSINESS WIRE)--March 5, 2002-- Formica Corporation announced today that it has reached agreement with its secured lender bank group on a credit facility to support the ongoing business operations of the company.
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