Wheelmaker Hayes Lemmerz International has emerged from its voluntary Chapter 11 bankruptcy reorganisation. The 101-year-old company had filed for bankruptcy in May.
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The Michigan-based firm has reduced its debt by around two-thirds from about US$720m to US$240m. In addition, the company’s legacy retiree medical and pension liabilities in the US of more than US$250m are now expected to be less than US$75m.
Hayes said it had arranged exit financing worth US$200m.
“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 chairman and CEO Curtis Clawson. “We also appreciate the support of our suppliers, who have remained loyal to Hayes during our restructuring efforts. Our employees did a great job of taking care of our customers and making big strides in safety and productivity during the Chapter 11 process.
“We are comfortable that our exit financing will provide us with the liquidity to fund operating expenses and meet all of our obligations. Hayes emerges as a leaner, stronger competitor well positioned to extend our leadership in the global wheel market.”
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