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Hayes Lemmerz International, Inc. Reaches Accord With Secured Creditors; Company Announces DIP Facility of Up to $100 Million and Total Liquidity of $138 Million.

Publication: PR Newswire
Publication Date: 12-MAY-09 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
Initiates Pre-Negotiated Restructuring for U.S. Operations; Company Continues to Operate Business as Usual

NORTHVILLE, Mich., May 11 /PRNewswire-FirstCall/ -- Hayes Lemmerz International, Inc. (NasdaqGM: HAYZ) ("Hayes") announced today that lenders holding a majority of the Company's secured debt have reached an agreement regarding a restructuring of the Company's debt. Certain of these lenders will provide a debtor-in-possession ("DIP") loan to the Company, which will make available up to $100 million of additional liquidity (subject to certain terms and conditions), to provide the Company with operating funds during the restructuring. Including the DIP loan, the Company will have total liquidity of approximately $138 million.

To facilitate the restructuring, the Company and certain of its U.S. subsidiaries filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the District of Delaware. Also included in the filings is Hayes Lemmerz Finance LLC - Luxembourg S.C.A., a borrower under...

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