Hayes Lemmerz Reaches Deals With Unions, PBGC

Law360, New York (October 30, 2009, 6:02 PM EDT) -- Bankrupt automotive wheel producer Hayes Lemmerz International has reached settlements with two unions as well as the Pension Benefit Guaranty Corp. allowing the company to terminate its pension plan and reduce certain health benefits, appeasing financing providers and helping to clear the way for the company to emerge from Chapter 11 protection.

Hayes Lemmerz filed motions on Thursday in the U.S. Bankruptcy Court for the District of Delaware seeking approvals for deals with the PBGC as well as with the United Auto Workers and United Steelworkers...
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