Hayes Lemmerz International Inc has reached an agreement among its debtor-in-possession (DIP) lenders, pre-petition secured lenders, and the Official Committee of Unsecured Creditors on the terms of a plan of reorganization.
The company also announced that 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 incorporating terms of the agreement among these parties. Approval of the disclosure statement allows Hayes Lemmerz 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.
Curtis J Clawson, chairman and chief executive officer of the company, said, “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.”
Hayes Lemmerz also confirmed that it remains on track with its other restructuring goals. It 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.
