Court Confirms Hayes Lemmerz Reorganization Plan

Law360, New York (November 3, 2009, 7:47 PM EST) -- Automobile wheel maker Hayes Lemmerz International Inc. announced Tuesday that a bankruptcy court has confirmed a reorganization plan for the company and most of its U.S. subsidiaries.

Hayes said the U.S. Bankruptcy Court for the District of Delaware had confirmed a reorganization plan for the company that will reduce its prepetition debt from $720 million to $240 million when the company emerges from Chapter 11.

The plan is contingent on the company securing $100 million in exit financing, it said. It expects to negotiate the financing...
To view the full article, register now.