MEDIA RELEASE PR35539
Hearing to Approve Hayes Lemmerz International, Inc. Disclosure Statement Adjourned to August 18, 2009;
Restructuring Continues as Planned
NORTHVILLE, Mi., July 29 /PRNewswire-AsiaNet/ --
Hayes Lemmerz International, Inc. ("Hayes" or the "Company") announced
today that the hearing to approve the disclosure statement with respect to
its proposed plan of reorganization (the "Plan") has been adjourned to August
18, 2009. The Plan and disclosure statement were filed with the United States
Bankruptcy Court for the District of Delaware on July 2, 2009 and the hearing
to approve the disclosure statement was originally scheduled for July 30,
2009. The three-week adjournment will allow the Company additional time to
continue negotiations with creditors and other constituents with respect to
the final Plan. The Company already has the overwhelming support of its
senior secured lenders regarding the reorganization contemplated by the Plan.
The Company confirms that it continues to be on track with its
restructuring goals. It has adequate DIP financing available and continues to
enjoy the strong support of its senior secured lenders during this process.
It is making progress in negotiations with representatives of its unsecured
creditors, including the holders of its senior notes, the Pension Benefit
Guaranty Corporation and both hourly and salaried retirees, to reach
resolutions that will significantly reduce the burden of these liabilities on
the Company. The Company expects to emerge from its restructuring as a
leaner, stronger competitor well positioned to continue its 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
Hotline, 888.753.5296 (for calls in the USA) or +1.734.737.5086 (for calls
outside the USA).
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 is also a supplier of automotive powertrain components. 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.
CONTACT: Eric Moraw,
Hayes Lemmerz International, Inc.,
+1-888-753-5283,
+1-734-737-5679
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