Hearing to Approve Hayes Lemmerz International, Inc. Disclosure Statement Adjourned to August 18, 2009; Restructuring Continues
29 July 2009 - 7:02AM
PR Newswire (US)
NORTHVILLE, Mich., July 28 /PRNewswire-FirstCall/ -- Hayes Lemmerz
International, Inc. ("Hayes" or the "Company") announced today that
the hearing to approve the disclosure statement with respect to its
proposed plan of reorganization (the "Plan") has been adjourned to
August 18, 2009. The Plan and disclosure statement were filed with
the United States Bankruptcy Court for the District of Delaware on
July 2, 2009 and the hearing to approve the disclosure statement
was originally scheduled for July 30, 2009. The three-week
adjournment will allow the Company additional time to continue
negotiations with creditors and other constituents with respect to
the final Plan. The Company already has the overwhelming support of
its senior secured lenders regarding the reorganization
contemplated by the Plan. The Company confirms that it continues to
be on track with its restructuring goals. It has adequate DIP
financing available and continues to enjoy the strong support of
its senior secured lenders during this process. It is making
progress in negotiations with representatives of its unsecured
creditors, including the holders of its senior notes, the Pension
Benefit Guaranty Corporation and both hourly and salaried retirees,
to reach resolutions that will significantly reduce the burden of
these liabilities on the Company. The Company expects to emerge
from its restructuring as a leaner, stronger competitor well
positioned to continue its leadership in the global wheel market.
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
(http://www.hayes-lemmerz.com/), or through the Company's
Restructuring Information Hotline, 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. DATASOURCE: Hayes Lemmerz International, Inc. CONTACT:
Eric Moraw, Hayes Lemmerz International, Inc., +1-888-753-5283,
+1-734-737-5679 Web Site: http://www.hayes-lemmerz.com/
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