2nd September
2009 - Hayes Lemmerz Reaches
Agreement on Consensual Plan of Reorganization
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, 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 Press Release