Republic Technologies International Announces Court Approval for $420 Million in Financing

Apr 03, 2001, 01:00 ET from Republic Technologies International, LLC

    FAIRLAWN, Ohio, April 3 /PRNewswire/ -- Republic Technologies
 International, LLC, the nation's largest producer of special bar quality
 steel, today announced that it has secured U.S. Bankruptcy Court approval for
 $420 million in debtor-in-possession financing.
     The financing from a consortium of banks led by Fleet Capital, based in
 Boston, will enable Republic to continue normal operations after the company's
 filing Monday under Chapter 11 of the U.S. Bankruptcy Code.
     Republic also secured court approval to continue its existing wage and
 benefit programs for current employees.
     "Securing debtor-in-possession financing in place is the first major step
 in our reorganization process," said Joseph F. Lapinsky, Republic's president
 and chief executive officer.  "We are pleased by today's court ruling, and by
 the initial support of our customers, employees and suppliers following the
 news of our Chapter 11 filing.  We look forward to serving our customers
 without disruption as we build a more valuable business."
 
     Republic Technologies International, based in Fairlawn, Ohio, is the
 nation's largest producer of high-quality steel bars. With 4,600 employees and
 2000 sales of nearly $1.3 billion, Republic was included in Forbes magazine's
 2000 and 1999 lists of the largest U.S. private companies.  Republic operates
 plants in Canton, Massillon, and Lorain, Ohio; Beaver Falls, Pa.; Chicago and
 Harvey, Ill.; Gary, Ind.; Lackawanna, N.Y.; Cartersville, Ga.; Willimantic,
 Conn; and Hamilton, Ont. The company's products are used in demanding
 applications in the automotive, agricultural, aerospace, off-highway,
 industrial machinery and energy industries.
 
 

SOURCE Republic Technologies International, LLC
    FAIRLAWN, Ohio, April 3 /PRNewswire/ -- Republic Technologies
 International, LLC, the nation's largest producer of special bar quality
 steel, today announced that it has secured U.S. Bankruptcy Court approval for
 $420 million in debtor-in-possession financing.
     The financing from a consortium of banks led by Fleet Capital, based in
 Boston, will enable Republic to continue normal operations after the company's
 filing Monday under Chapter 11 of the U.S. Bankruptcy Code.
     Republic also secured court approval to continue its existing wage and
 benefit programs for current employees.
     "Securing debtor-in-possession financing in place is the first major step
 in our reorganization process," said Joseph F. Lapinsky, Republic's president
 and chief executive officer.  "We are pleased by today's court ruling, and by
 the initial support of our customers, employees and suppliers following the
 news of our Chapter 11 filing.  We look forward to serving our customers
 without disruption as we build a more valuable business."
 
     Republic Technologies International, based in Fairlawn, Ohio, is the
 nation's largest producer of high-quality steel bars. With 4,600 employees and
 2000 sales of nearly $1.3 billion, Republic was included in Forbes magazine's
 2000 and 1999 lists of the largest U.S. private companies.  Republic operates
 plants in Canton, Massillon, and Lorain, Ohio; Beaver Falls, Pa.; Chicago and
 Harvey, Ill.; Gary, Ind.; Lackawanna, N.Y.; Cartersville, Ga.; Willimantic,
 Conn; and Hamilton, Ont. The company's products are used in demanding
 applications in the automotive, agricultural, aerospace, off-highway,
 industrial machinery and energy industries.
 
 SOURCE  Republic Technologies International, LLC