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Waiting for some breaking NEWS.
02/26/09 19:22:51 0.0602 100 NMS TRADE
02/26/09 19:22:51 0.0602 200 ISE TRADE
02/26/09 19:22:51 0.0603 993 PSE TRADE
02/26/09 19:22:51 0.0602 200 NMS TRADE
02/26/09 19:22:51 0.05 500000 NASD TRADE
02/26/09 19:22:51 0.0603 407 PSE TRADE
02/26/09 19:23:13 0.06 800 NMS TRADE
02/26/09 19:23:13 0.06 300 NMS TRADE
02/26/09 19:23:13 0.06 300 NMS TRADE
Fitch Downgrades Hayes Lemmerz's IDR to 'CCC'; Remains on Watch Negative
Fitch Downgrades Hayes Lemmerz's IDR to 'CCC'; Remains on Watch Negative
Thu Feb 26 09:27:00 2009
EST
NEW YORK, Feb 26, 2009 (BUSINESS WIRE) --
Fitch Ratings has downgraded the Issuer Default Ratings (IDRs) and
outstanding debt ratings of Hayes Lemmerz International Inc. (HAYZ) and
its subsidiaries as follows:
Hayes Lemmerz International, Inc.
--IDR to 'CCC' from 'B-';
HLI Operating Company, Inc. (HLI Opco)
--IDR to 'CCC' from 'B-';
--Senior secured revolving credit facility to 'B-/RR3' from 'B+/RR2';
Hayes Lemmerz Finance - Luxembourg S.A. (European Holdco)
--IDR to 'CCC' from 'B-';
--Senior secured revolving credit facility to 'B-/RR3' from 'B+/RR2';
--Senior secured Euro synthetic LOC facility to 'B-/RR3' from 'B+/RR2';
--Senior secured Euro term loan to 'B-/RR3' from 'B+/RR2';
--Senior unsecured Euro notes to 'C/RR6' from 'CCC/RR6'.
All ratings remain on Rating Watch Negative, where they were originally
placed on Dec. 11, 2008. Fitch's actions affect approximately $570
million of balance sheet debt.
The downgrades reflects Fitch's expectations for a deep and extended
decline in global auto volumes and the terms of the amended credit
facility which only provides HAYZ covenant relief for a year. Fitch
expects every major region of the world to experience a decline in sales
in 2009, which will pressure all auto suppliers.
The Rating Watch Negative was discussed in the Dec. 11, 2008 Fitch
commentary titled 'Fitch Places Seven U.S. Auto Suppliers on Rating
Watch Negative.' As discussed in the aforementioned commentary, the
Rating Watch Negative is based on the uncertain longer-term federal
assistance for the U.S. original equipment manufacturers (OEMs) and the
impact of a potential bankruptcy filing by General Motors. In the event
of a General Motors bankruptcy, Fitch's prospective IDR for HAYZ could
be 'CC'. The Rating Watch Negative is also based on Fitch's concerns
about the credit facility covenants which return to their original terms
on April 30, 2010.
HAYZ was provided credit facility covenant relief prior to the close of
its fiscal year ending Jan. 31, 2009. Fitch estimates that without the
amendments HAYZ would have violated its 3.5 times (x) net leverage
covenant, which was amended to 5.5x for the period. Fitch believes this
amendment and the new covenant levels (including a 7.25x leverage level
for the third quarter ending Oct. 31, 2009) are indicators of the
significant impact the industry environment has had on HAYZ' business.
HAYZ reported 2.5x credit facility net leverage at the end of October.
Without a global auto and commercial truck market turnaround, Fitch
believes HAYZ will have to renegotiate its credit facilities again in a
year.
Fitch expects global automotive market weakness to continue through 2009
with possible modest improvement in 2010. Fitch estimates no material
rebound in commercial truck volume in North America this year especially
in the first half and commercial truck production in Western Europe to
decline significantly. These market weaknesses will pressure HAYZ's cash
flow and margins throughout the year. To adjust to the volume declines
HAYZ has reduced manufacturing costs, reduced SG&A expenses, and brought
its capital expenditures down to maintenance levels.
The ratings are supported by HAYZ's leading position in the global wheel
market, geographic and customer diversity, and significant progress in
restructuring operations. HAYZ has no significant debt maturities until
2014.
Fitch has adjusted its recovery valuation of HAYZ to reflect the more
severe market downturn. The analysis remains based on a going concern
scenario rather than liquidation. Recovery ratings on the senior secured
debt have been downgraded to 'RR3' (51%-70% recovery) from 'RR2' and the
recovery ratings on HAYZ's senior unsecured Euro notes remain 'RR6'
(0%-10% recovery).
Including the cash and marketable securities balance of $57 million,
total liquidity at the end of HAYZ's third quarter on Oct. 31, 2008 was
approximately $166 million. At quarter end, HAYZ had $16 million of
borrowing under its $125 million secured revolver. As of Oct. 31, 2008
Fitch calculates that HAYZ debt-to-LTM EBITDA remained virtually flat at
3.7x, from 3.8x at the end of its fiscal year ending Jan. 30, 2009.
Fitch's calculated debt-to-EBITDA metric is more conservative than
HAYZ's reported debt-to-LTM adjusted EBITDA figure.
HAYZ is the world's largest producer of automotive and commercial
highway steel and aluminium wheels, having operations in 13 countries
and approximately 7,500 employees. HAYZ is now a wheels-focused company
after divestures of its components segment businesses over the last
several years. In fiscal 2007, 96% of HAYZ's revenue came from global
wheel sales and 80% of HAYZ's revenue came from outside the U.S.
Fitch's rating definitions and the terms of use of such ratings are
available on the agency's public site, www.fitchratings.com.
Published ratings, criteria and methodologies are available from this
site, at all times. Fitch's code of conduct, confidentiality, conflicts
of interest, affiliate firewall, compliance and other relevant policies
and procedures are also available from the 'Code of Conduct' section of
this site.
SOURCE: Fitch Ratings
Fitch Ratings, New York
Nathan Spunt, +1-212-908-0202
Craig Fraser, +1-212-908-0310
Media Relations:
Cindy Stoller, +1-212-908-0526
cindy.stoller@fitchratings.com
Copyright Business Wire 2009
HAYZ,
NY-FITCH-RATINGS/HAYZ, biz, BUSINESS, csta+stories, FINANCE, financenews, financenews+select, hedge+funds,
PUBCO+SELECT, PUBLIC+COMPANIES, WALL+STREET,
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02/26/0* 03:27 PM BW - Fitch Downgrades Hayes Lemmerz's IDR to 'CCC'; Remains on Watch Negative.
Such comments are realy not helping anyone. I'm sure they shorting right now.
Thanks butchford. HAYZ may get a pice of the cake if ever spoken. TIA
Watching the very last 10 Min. of trading. They will bring us down for sure as they did yesterday.
Why is it not possible to surpass the 0.06 area? ask 0.0599 all day long.
A GREEN day is in the making today. IMHO
million do you realy think this will go this low? It's not possible - I mean possible with manupulation.
Real value should be at least 0.50. MM's ther's money in the making. You can't be such a dump @ss
Only 40 min left for you to reach this target. I'll give you this chance only today.
MM's, if you manipulate this stock to 0.05, i'm a big buyer again.
Much more shares and not very expensive. PLEASE
Average @ .093
That's manipulation in a brutal sense.
..... and nothing more .......
LP, can you post a link to this report, please? TIA
It's a desaster. Who the heck is selling at the all time low? Is there anything we don't know? Why is HAYZ not commenting the recent trading and current share price? Something really smells,... IMHO
Who is able to sell shares a the lowest level ever? I just don't get it. It's not normal or one bigger holder last year is selling his crap.
Global outlook is looking week. Many surprises over the next 2 to 3 months. IMHO
You're exactly right. We're shareholders and it's like a bank account. You have to know where the money is going.
LOL Never seen such activity on a single stock.
Unbelievable the last 3 minutes of trading,...
Watch - Trades are exactly in the middle between bid and ask. WHY ???????
I've no idea why this stock is trading this way. Why do they not make everybody happy and pointing the PPS to 0.25?
Trades are exactly in the middle between bid and ask.
Speachless I am. Something is bad wrong wit this company. Tell us what's going on behind the closed doors,.... please
This stock is magic - NOT
Who the heck is selling in 100 lot's? Bastard....
penny your'e not alone,..... tomorrow GM will anounce,....
Maybe better then the market is expecting?
Tomorrow @ 0.18 nobody is talking about the trading mode yesterday,....LOL
I had my order placed @ 0.11 and I got all within 5 trades. 30k and the smalest block was 200. Got all @ 0.10
I got some more today. Just courious - I can see on ADVFN that my trades are not on the buy side. They are locked on the sell side,... What the F....k is going on here? Any comment?
penny - Right now this news is only posted on the Law360 site.
This news should be posted to all the regulary financial sites like PRNewswire, Reuters,..... I don't think that many people are aware about this news. If so, we're going NORTH for sure.
** HAYZ ~ chart
Follow the post from 'penny_ta'
Markets are on massive pressure today,.....
Courious. trades are below ask and above the bid. Trades 0.1071 ask 0.108 and bid 0.106. I can see a lot of them. Any?
** HAYZ ~ chart
devil, we will know thursday. GM should report theyr earnings and outlook. Right now this is not new NEWS. Everybody knows that business is difficult right now. Thy don't sell only on new cars,.... there's also a used market.
Form SC 13G/A
DIMENSIONAL FUND ADVISORS INC - HAYZ
Filed: February 09, 2009 (period: )
An amendment to the SC 13G filing
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
HAYES LEMMERZ INTERNATIONAL
(Name of Issuer)
Common Stock
(Title of Class of Securities)
420781304
(CUSIP Number)
December 31, 2008
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
• Rule 13d-1(c)
• Rule 13d-1(d)
* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
CUSIP No. 420781304
1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
Dimensional Fund Advisors LP (Tax ID: 30-0447847)
2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) •
(b)
3. SEC Use Only
4. Citizenship or Place of Organization
Delaware Limited Partnership
Number of
Shares
Beneficially
Owned by
Each
Reporting
Person
With
5. Sole Voting Power
5476865 **see Note 1**
6. Shared Voting Power
0
7. Sole Dispositive Power
5559863 **see Note 1**
8. Shared Dispositive Power
0
9. Aggregate Amount Beneficially Owned by Each Reporting Person
5559863 **see Note 1**
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)
N/A
11. Percent of Class Represented by Amount in Row (9)
5.46%
12. Type of Reporting Person (See Instructions)
IA
Item 1.
(a) Name of Issuer
HAYES LEMMERZ INTERNATIONAL
(b) Address of Issuer’s Principal Executive Offices
15300 Centennial Dr, Northville, MI 48168-8687
Item 2.
(a) Name of Person Filing
Dimensional Fund Advisors LP
(b) Address of Principal Business Office or, if none, Residence
Palisades West, Building One, 6300 Bee Cave Road, Austin, Texas, 78746
(c) Citizenship
Delaware Limited Partnership
(d) Title of Class of Securities
Common Stock
(e) CUSIP Number
420781304
Item 3. If this statement is filed pursuant to §§240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a) • Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o).
(b) • Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).
(c) • Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c).
(d) • Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C 80a-8).
(e) An investment adviser in accordance with §240.13d-1(b)(1)(ii)(E);
(f) • An employee benefit plan or endowment fund in accordance with §240.13d-1(b)(1)(ii)(F);
(g) • A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h) • A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i) • A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j) • Group, in accordance with §240.13d-1(b)(1)(ii)(J).
Item 4. Ownership.
Provide the following information regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1.
(a) Amount beneficially owned:
5559863 **see Note 1**
(b) Percent of class:
5.46%
(c) Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
5476865 **see Note 1**
(ii) Shared power to vote or to direct the vote:
0
(iii) Sole power to dispose or to direct the disposition of:
5559863 **see Note 1**
(iv) Shared power to dispose or to direct the disposition of:
0
** Note 1 ** Dimensional Fund Advisors LP (“Dimensional”), an investment advisor registered under Section 203 of the Investment Advisors Act of 1940, furnishes investment advice to four investment companies registered under the Investment Company Act of 1940, and serves as investment manager to certain other commingled group trusts and separate accounts. These investment companies, trusts and accounts are the “Funds.” In its role as investment advisor or manager, Dimensional possesses investment and/or voting power over the securities of the Issuer described in this schedule that are owned by the Funds, and may be deemed to be the beneficial owner of the shares of the Issuer held by the Funds. However, all securities reported in this schedule are owned by the Funds. Dimensional disclaims beneficial ownership of such securities. In addition, the filing of this Schedule 13G shall not be construed as an admission that the reporting person or any of its affiliates is the beneficial owner of any securities covered by this Schedule 13G for any other purposes than Section 13(d) of the Securities Exchange Act of 1934.
Item 5. Ownership of Five Percent or Less of a Class
If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following [ ].
Item 6. Ownership of More than Five Percent on Behalf of Another Person.
The Funds described in Note 1 above have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities held in their respective accounts. To the knowledge of Dimensional, the interest of any one such Fund does not exceed 5% of the class of securities. Dimensional disclaims beneficial ownership of all such securities.
Item 7. Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company or Control Person.
N/A
Item 8. Identification and Classification of Members of the Group
N/A
Item 9. Notice of Dissolution of Group
N/A
Item 10. Certification
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
DIMENSIONAL FUND ADVISORS LP
February 9, 2009
Date
By: Dimensional Holdings Inc., General Partner
/s/ Christopher Crossan
Signature
Global Chief Compliance Officer
Title
_______________________________________________
Created by 10KWizard www.10KWizard.comSource: DIMENSIONAL FUND ADV, SC 13G/A, February 09, 2009
I've seen 0.24. Volume 8.6k
LOL, me too but watching on a seccond screen.
Why is everyone in silence mode? LOL