Hayes Lemmerz Out Of Chapter 11

Hayes Lemmerz International, Inc. has emerged from its voluntary Chapter 11 reorganisation. Hayes Lemmerz, substantially all its U.

S. subsidiaries and one Mexican subsidiary successfully concluded its reorganisation after completing all required actions and satisfying all remaining conditions to its Plan of Reorganisation. The Company now has a more manageable capital structure and a reduced level of debt.

The Company’s current total financing package is valued at 800 million US Dollars and includes: a 100 million US Dollar senior secured revolving credit facility maturing in 5 years; a 450 million US Dollars senior secured term loan facility maturing in 6 years; and 250 million US Dollars of senior unsecured notes, maturing in 7 years.Curtis J. Clawson, CEO said, “Now with the Chapter 11 behind us, we not only have significantly reduced the Company’s debt level, but have also improved our capital structure in a way that allows for our future growth.

We have improved the operating structure and practices of the business and effectively transformed it into a healthier company. We are re-energised and will continue to aggressively pursue our goals of satisfying our customers, becoming a low-cost producer and having the best people.”.