Core Molding Technologies, Inc. announced it closed a new credit facility with Wells Fargo Bank and FGI Equipment Finance, LLC.

The new credit facility is a combination of $31.7 million of new term loan capacity and $25.0 million of revolving loan capacity. Upon closing the new credit facility, the company borrowed $30.0 million of term loans and $8.7 million of revolving credit loans to repay its existing credit facility and pay transaction fees.

 As a result of the refinancing, the company is no longer in default on any of its outstanding debt and has alleviated the doubt about the company’s ability to continue as a going concern.

Core Molding Technologies and its subsidiaries operate in the composites market as one operating segment as a molder of thermoplastic and thermoset structural products. The company’s operating segment consists of two component reporting units, Core Traditional and Horizon Plastics.