Neenah Enterprises, Inc. Receives Final Court Approval for Its Debtor-In-Possession Financing

NEENAH, Wis., March 11 /PRNewswire/ -- Neenah Enterprises, Inc. ("NEI"), one of the largest independent foundry companies in the United States and one of the leading suppliers of castings to the domestic municipal and industrial markets, announced today that following a hearing on Tuesday, March 9, 2010, the U.S. Bankruptcy Court for the District of Delaware ("Court") has granted final approval for the Company's debtor-in-possession ("DIP") credit facility in connection with its previously announced Chapter 11 filing on February 3, 2010.

The $140 million DIP credit facility, which includes a $50 million term loan and a $90 million revolving credit facility, will be used for NEI's normal operating and working capital requirements during its reorganization process.

Robert E. Ostendorf, Jr., NEI President and CEO said, "We are pleased to have received the final approval of our DIP facility, and the continued support from our lenders. The DIP facility enables us to continue to provide our employees with pay and benefits, make post-petition payments to suppliers, and continue to satisfy our commitments to our customers. Most importantly, I believe the Court's final approval of our DIP facility, which gives NEI full access to those funds, will reinforce the confidence that our customers and suppliers have shown in our company since our filing, helping us to maintain and build on these important relationships, and is a critical milestone in our efforts to quickly emerge from bankruptcy protection with a significantly improved balance sheet."

About Neenah Enterprises, Inc. and Neenah Foundry Company

Neenah Enterprises, Inc. is the indirect parent holding company of Neenah Foundry Company. Neenah Foundry Company and its subsidiaries manufacture and market a wide range of iron castings and steel forgings for the heavy municipal market and selected segments of the industrial markets. Neenah is one of the largest independent foundry companies in the United States, with substantial market share in the municipal and various industrial markets for gray and ductile iron castings and forged steel products. Additional information about Neenah is available on the company's website at www.nfco.com.

Forward-Looking Statements

This press release may be viewed to contain forward-looking statements. These statements are based on the Company's current expectations and involve risks and uncertainties that could cause actual results and events to differ materially from those described in the statements. The words "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" and similar expressions are generally intended to identify forward-looking statements. Factors that could cause our results to differ materially from current expectations include those referenced in the Company's Form 10-K for the year ended September 30, 2009 or subsequent SEC filings. You should not place undue reliance on these forward looking statements, which reflect the Company's opinions only as of the date of this press release. The Company undertakes no obligation to publicly release any revisions to the forward-looking statements after the date of this press release.

SOURCE Neenah Enterprises, Inc.