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Hayes Lemmerz International, Inc. Emerges From Chapter 11
NORTHVILLE, Mich., Dec 21, 2009 /PRNewswire-FirstCall via COMTEX/ -- 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 (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.
SOURCE Hayes Lemmerz International, Inc.
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