Court Confirms Accuride’s Plan of Reorganization
19 February 2010 - 12:52PM
Business Wire
Today, Accuride Corporation (OTCBB: AURDQ) announced that the
United States Bankruptcy Court for the District of Delaware has
confirmed the Company’s Plan of Reorganization (the Plan).
“The reorganization plan will allow Accuride to emerge from
Chapter 11, after only five months, with the financial flexibility
necessary to ensure the continued pursuit of our strategic
objectives,” said Bill Lasky, Accuride’s President, CEO, and
Chairman of the Board. “This new capital structure, coupled with
the significant operational restructuring initiatives we have
implemented, will position the Company for future growth and the
continued leadership of our brands.”
Accuride expects the Plan to become effective on or about
February 26, 2010, once all closing conditions have been met.
“We are extremely grateful for the loyalty and support of our
customers, suppliers, and lenders as we moved through the
restructuring process,” added Lasky. “I cannot speak highly enough
of our team members whose dedication ensured the continued safe
production and on-time delivery of quality product, allowing the
Company to maintain strong customer relationships, secure new
business, and introduce new products to the market.”
On October 8, 2009, Accuride’s U.S. entities filed a voluntary
petition for protection under Chapter 11 of the U.S. Bankruptcy
Code in the District of Delaware. Additional information
surrounding the Company’s restructuring, including copies of the
Plan and Confirmation Order, is available at www.accurideinfo.com.
Accuride Corporation is one of the largest and most
diversified manufacturers and suppliers of commercial vehicle
components in North America. Accuride’s products include commercial
vehicle wheels, wheel-end components and assemblies, truck body and
chassis parts, seating assemblies and other commercial vehicle
components. Accuride’s products are marketed under its brand names,
which include Accuride, Gunite, Imperial, Bostrom,
Fabco, Brillion, and Highway Original. For more information,
visit Accuride’s website at http://www.accuridecorp.com.
Forward-looking
statements
Statements contained in this news release that are not purely
historical are forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as
amended, including statements regarding Accuride’s expectations,
hopes, beliefs and intentions with respect to the Plan, its
restructuring transaction and its new capital structure. Accuride’s
actual future results could differ materially from those expressed
or implied in such forward-looking statements, and such statements
are subject to a number of risks, uncertainties and other factors.
These factors include, among other things, delays in the effective
date of the Plan, the failure to satisfy certain conditions of the
Plan and whether Accuride is ultimately able to consummate the
transactions contemplated by the Plan. In addition, such statements
are subject to the impact on Accuride’s business and prospects
generally of, among other factors, market demand in the commercial
vehicle industry, general economic, business and financing
conditions, labor relations, governmental action, competitor
pricing activity, expense volatility and other risks detailed from
time to time in Accuride’s Securities and Exchange Commission
filings, including those described in Item 1A of Accuride’s Annual
Report on Form 10-K for the fiscal year ended
December 31, 2008. Any forward-looking statement reflects only
Accuride’s belief at the time the statement is made. Although
Accuride believes that the expectations reflected in these
forward-looking statements are reasonable, it cannot guarantee its
future results, levels of activity, performance or achievements.
Except as required by law, Accuride undertakes no obligation to
update any forward-looking statements to reflect events or
developments after the date of this news release.