EaglePicher, which has a facility in Joplin, announced Monday it had entered into a debtor-in-possession financing agreement with a bank group led by Harris N.A.
The agreement increases EaglePicher's credit facility from $50 million to $65 million, according to a company news release. In order to put this into effect, EaglePicher had to receive approval from a federal bankruptcy judge, which was obtained July 29, the release said.
The funds will be used to take care of operating needs, including payroll, during the restructuring process. The company filed for bankruptcy protection April 11 in the U. S. Bankruptcy Court for the Southern District of Ohio.