The US Bankruptcy Court in Delaware has authorised Hayes Lemmerz International, which filed for Chapter 11 bankruptcy protection last month, to obtain post petition secured financing of up to US$100m of new liquidity to fund operations.
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The court also allowed the company to pay pre petition employee obligations, continue employee benefit programmes post petition and honour workers’ pay obligations. It was also allowed to continue to pay the pre petition invoices of essential vendors, pre petition shipping, warehousing and import obligations and contractors’ liens.
