Hayes Lemmerz, Creditors Strike Ch. 11 Plan Deal

Law360, New York (September 3, 2009, 3:38 PM EDT) -- After having gone 'round and 'round with the unsecured creditors committee and others, bankrupt wheel maker Hayes Lemmerz International Inc. has reached a deal over the terms of its reorganization plan that will hand noteholders a bigger return on their claims and stock in the company.

On Wednesday, Hayes Lemmerz revealed the deal between the debtor-in-possession lenders, the creditors committee and the prepetition secured lenders, saying it was pleased the trio could hammer out an agreement.

"We appreciate the efforts of our DIP lenders, prepetition secured...
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