NORTHVILLE, Michigan, July 28 /PRNewswire/ --
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 (www.hayes-lemmerz.com), or through the Company's Restructuring Information Hotline, +1-888-753-5296 (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.
Hayes Lemmerz International, Inc.
Eric Moraw, Hayes Lemmerz International, Inc., +1-888-753-5283, +1-734-737-5679
