Hayes Lemmerz International, Inc. Emerges From Chapter 11
22 December 2009 - 8:03AM
PR Newswire (US)
NORTHVILLE, Mich., Dec. 21 /PRNewswire-FirstCall/ -- Hayes Lemmerz
International, Inc. ("Hayes" or the "Company") announced today that
it has emerged from its voluntary Chapter 11 reorganization. As
previously reported, creditors overwhelmingly voted in favor of the
Company's Plan of Reorganization, which was confirmed on November
3, 2009, by the U.S. Bankruptcy Court for the District of Delaware.
The Company's total consolidated prepetition funded indebtedness of
approximately $720 million has been reduced to approximately $240
million. In addition, the Company's legacy retiree medical and
pension liabilities in the United States of over $250 million are
expected to be less than $75 million. In conjunction with its
emergence from Chapter 11, Hayes completed its exit financing
facility. The facility consists of a new $200 million term loan
(which amount is included in the $240 million of funded
indebtedness shown above). "Hayes has continued to win significant
new business throughout the restructuring process, and we are
extremely grateful to our customers for their confidence in our
future," said Curtis J. Clawson, Chairman and Chief Executive
Officer of the Company. "We also appreciate the support of our
suppliers, who have remained loyal to Hayes during our
restructuring efforts. Our employees did a great job of taking care
of our customers and making big strides in safety and productivity
during the Chapter 11 process. We are comfortable that our exit
financing will provide us with the liquidity to fund operating
expenses and meet all of our obligations. Hayes emerges today as a
leaner, stronger competitor well positioned to extend our
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/). 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 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., +1-734-737-5000 Web
Site: http://www.hayes-lemmerz.com/
Copyright