Prne
September 2nd, 2009
NORTHVILLE, Michigan -
Hayes Lemmerz International, Inc. (the “Company”) announced today that the Company has reached an agreement among its DIP lenders, pre-petition secured lenders and the Official Committee of Unsecured Creditors (the “Creditors’ Committee”) on the terms of a plan of reorganization. The Company also announced that on September 2, 2009, the Bankruptcy Court for the District of Delaware approved the Company’s disclosure statement with respect to the first amended plan of reorganization (the “Plan”) incorporating the terms of the agreement among these parties. The approval of the disclosure statement allows the Company to move forward in soliciting acceptances of the Plan from its pre-petition secured lenders and other creditors. The hearing to confirm the Plan has been scheduled for October 15, 2009.
“We appreciate the efforts of our DIP lenders, pre-petition secured lenders and the Creditors’ Committee in developing a consensual plan of reorganization that is in the best interests of all creditors,” said Curtis J. Clawson, Chairman and Chief Executive Officer of the Company. “We look forward to emerging from our restructuring as a leaner, stronger competitor well positioned to continue our leadership in the global wheel market. Our strategy remains intact: extend our lead in high-growth regions of the world in each of our major market segments–aluminum wheels, steel wheels and commercial highway wheels. Our customers and suppliers will see no change in our business during or following our restructuring.”
The Company also confirmed that it remains on track with its other restructuring goals. It has adequate DIP financing available and enjoys the support of its DIP lenders, pre-petition secured lenders and the Creditors’ Committee in its restructuring efforts. The Company is taking the necessary steps to address its pension and retiree medical liabilities. The Company is in negotiations with representatives of its retirees and the Pension Benefit Guaranty Corporation and is optimistic that it will reach a consensual resolution to reduce these liabilities.
As announced on May 11, 2009, the Company, certain of its U.S. subsidiaries and one (non-operating) international subsidiary filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the District of Delaware. More information on the Company’s restructuring is available on the “Restructuring Information” page on the Company’s website (www.hayes-lemmerz.com), or through the Company’s Restructuring Information Hotline, +1-888-753-5296 (for calls in the USA) or +1-734-737-5086 (for calls outside the USA).
About Hayes Lemmerz International, Inc.
Originally founded in 1908, Hayes Lemmerz International, Inc. is a leading worldwide producer of aluminum and steel wheels for passenger cars and light trucks and of steel wheels for commercial trucks and trailers. The Company is also a supplier of automotive powertrain components. The Company has global operations with 23 facilities, including business, sales offices and manufacturing facilities, located in 12 countries around the world. The Company sells products to every major North American, Asian and European manufacturer of passenger cars and light trucks and to commercial highway vehicle customers throughout the world.
Source: Hayes Lemmerz International, Inc.
Eric Moraw, Hayes Lemmerz International, Inc., +1-888-753-5283, +1-734-737-5679
Filed under Auto, Auto and Transportation, Bankruptcy, Conservation / Recycling, Government and Policy, Investors, Transportation / Trucking / Railroad | Tags: Czech republic, Germany, Hayes Lemmerz International, Inc., Michigan, Northville, Turkey, United Kingdom | Comment Below
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