We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

Hayes Lemmerz Rolls Into 2nd Ch. 11 With Plan Set

Law360 (May 12, 2009, 12:00 AM EDT) -- In a bid to stave off liquidation, automotive wheel giant Hayes Lemmerz International Inc. has sought Chapter 11 protection for the second time in a decade, blaming financial woes that have trickled down from General Motors Corp. and other contractors.

Hayes and 25 subsidiaries filed Chapter 11 petitions Monday in the U.S. Bankruptcy Court for the District of Delaware, requesting quick access to a prenegotiated $100 million debtor-in-possession financing facility offered by 30 of the wheel maker's senior lenders to keep operations moving.

The company underlined...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.