January 27, 2010 by NADCA in Industry News
Northville, MI – Hayes Lemmerz International Inc. 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 Nov. 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 U.S. of more than $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 Hayes chairman and CEO Curtis J. Clawson. “We also appreciate the support of our suppliers, who have remained loyal to Hayes during our restructuring efforts.”
Submitted by Hayes Lemmerz Dec. 21