GE Commercial Finance Corporate Lending of Norwalk has secured a $110 million line of credit for Michigan auto part supplier DURA Automotive Systems, to help that company reorganize as it emerges from bankruptcy, GE said.
In 2006, GE also provided the company with a $115 million debtor-in-possession credit facility to support the company’s Chapter 11 filing.
“Decreasing market demand, a change in the types of vehicles being sold and rising raw material prices are making this a tougher market for auto suppliers,” said Beth Brockmann, automotive industry leader for GE Corporate Lending. “However, suppliers with strong technology and solid balance sheets should be able to endure this transitionary period and ultimately benefit from a stronger market environment.”