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CHAMPION PARTS, INC. AMENDS CREDIT AGREEMENT

 OAK BROOK, Ill., April 6 /PRNewswire/ -- Champion Parts, Inc. (NASDAQ-NMS: CREB) today announced that the company had entered into an amended and restated credit agreement with its banks, providing a $26 million secured line of credit and curing financial covenant defaults under its previous agreement. Thomas W. Blashill, executive vice president and chief financial officer, said the banks had waived the previously announced financial covenant defaults through March 31, 1993, when the new agreement was effective.
 Mr. Blashill stated that the company granted security interests in its accounts receivable, inventory and other personal property, and that interest on loans under the facility would bear interest at 1-1/2 percent above the prime rate. He said the facility will expire in August 1994, and that as of March 31, 1993, approximately $17,300,000 had been borrowed, and approximately $5,300,000 was available for borrowing, under the facility.
 Champion Parts is the country's largest independent automotive replacement parts manufacturer in the multi-billion-dollar automotive, truck and farm equipment aftermarket. It remanufactures, tests and distributes about 4 million parts each year throughout the U.S. and Canada. Its major products, representing some 80 percent of the sales volume of rebuilt parts sold by automotive jobbers and retail outlets, include fuel system products, such as carburetors, and a wide line of automotive electrical and mechanical parts. The company currently employs about 1,750 men and women and operates three major plants in the U.S. and Canada.
 -0- 4/6/93
 CONTACT: Thomas W. Blashill, executive vice president and CFO, Champion Parts, Inc., 708-573-6600; or Alex Tassos of Alex Tassos & Associates, 619-748-0787, for Champion Parts, Inc./
 (CREB)


CO: Champion Parts, Inc. ST: Illinois IN: AUT SU: FNC

DH -- DE012 -- 3459 04/06/93 13:08 EDT
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Publication:PR Newswire
Date:Apr 6, 1993
Words:293
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