Hayes Lemmerz International Inc. (fka HAYZQ)

[invest1980]

Slojab,

One has to consider the possibility of the revolver getting pulled. Banks are nervous as hell these days and if Liquidation value is anywhere near amount of debt (minus bonds floated), then that is a possibility. Given that we don't know the terms of the bank debt or revolver, I may have to do a little analysis later to assess that possibility.

Also remeber that in this kind of climate, book value of tangible assets does not neccessarily mean that that is how much money can be obtained in liquidation, simply because there is lots of supply and little demand complicated by inability to finance.