CPI Aerostructures increases revolving credit facility from $17M to $35M CPI Aerostructures (CVU) has amended its existing credit agreement to increase revolving credit commitments from $17M to $35M and to continue a $3.9M principal balance term loan. The revolving credit line was extended four years until December 5, 2016. The facility permits CPI Aero to request increases in revolving credit commitments to up to $50M in aggregate. Valley National Bank (VLY) joined Sovereign Bank as a lender under the facility.
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CPI Aerostructures nanes Douglas McCrosson as President and CEO CPI Aerostructures announced that long-time CPI Aero executive and COODouglas J. McCrosson has been named President and CEO effective today, March 6. McCrosson has also been appointed to the Company’s board of directors. Edward J. Fred has resigned as President and CEO and as a director of the company. Fred resigned for personal reasons. Fred will remain with CPI Aero in an advisory capacity until May 16, 2014 and as a consultant to the company until November 16, 2015.