Intermet Corp., which operates a foundry in Radford, has reached an agreement with two businesses to underwrite a $75 million equity investment as part of Intermet's reorganization plan with a U.S. Bankruptcy Court in Michigan.

R2 Investments and Stanfield Capital Partners will underwrite the equity investment into Intermet. The commitment is a major step in Intermet strengthening its balance sheet and completing its restructuring as it emerges from Chapter 11 bankruptcy filed Sept. 29.

The proposed reorganization plan provides for full payment of administrative claims, tax claims and claims pursuant to Intermet's debtor-in-possession credit agreement and other costs.

-- Paul Dellinger