15th
May 2009 - Hayes Lemmerz
International, Inc. Receives Court Approval of First Day Motions
Hayes Lemmerz International, Inc.
("Hayes" or the "Company") announced today that it has received Court
approval of up to
$100 million of debtor-in-possession ("DIP") financing,
permitting it immediate access to up to $30 million to
continue operations in the ordinary course of business. The DIP
financing is being provided by lenders holding a majority of the
Company's prepetition secured debt. Nearly all of the lenders holding
the Company's prepetition secured debt executed consents approving the
DIP loan. A final hearing on the DIP financing has been set for
June 10, 2009.
The Company also received approval of
several first day motions designed to ensure daily operations will
continue normally during the restructuring. The "first-day" relief
approved by the Honorable Judge Mary F. Walrath of the
U.S. Bankruptcy Court for the District of
Delaware also provides the Company with permission to pay
certain prepetition and postpetition employee wages and benefits during
its restructuring, to honor certain prepetition obligations to customers
and to continue use of its cash management systems. The Company also
received approval to pay certain prepetition amounts owed to essential
suppliers and freight carriers.
The court's approval of our DIP financing
will provide us with sufficient liquidity to fund operating expenses and
meet obligations during the restructuring, assuring that we are able to
conduct business as usual," said Chief Executive Officer Curtis
J. Clawson. "As we use the Chapter 11 process to strengthen our
balance sheet, our operations around the globe remain focused on being a
premier automotive supplier by satisfying customers, being a low-cost
producer and having the best people."
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 (www.hayes-lemmerz.com),
or through the Company's Restructuring Information 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 Press Release