Hayes Lemmerz International Inc. announced that it has emerged from its voluntary Chapter 11 reorganization.

Hayes Lemmerz, substantially all its U.S. subsidiaries and one subsidiary organized in Mexico successfully concluded reorganization this week. The company completed all required actions and satisfied all remaining conditions of its Plan of Reorganization. The company now has a more manageable capital structure and a reduced level of debt.
As previously reported, creditors overwhelmingly accepted the plan, which was confirmed on May 12, 2003 by the U.S. Bankruptcy Court for the District of Delaware.
In conjunction with its emergence from Chapter 11, Hayes Lemmerz closed on its exit financing facilities Tuesday. The company’s current total financing package is valued at $800 million and includes: a $100 million senior secured revolving credit facility maturing in five years; a $450 million senior secured term loan facility maturing in six years; and $250 million of senior unsecured notes, maturing in seven years.
Curtis J. Clawson, CEO said, "This is the positive outcome that we've all been working so hard to achieve. First and foremost, I want to thank all of our dedicated employees who stayed focused on our goal. I want to extend my sincere thanks to our suppliers and customers who gave their support and cooperation. I am very pleased that we have emerged from Chapter 11 as a stronger, more competitive company.
"Now with the Chapter 11 behind us, we not only have significantly reduced the company's debt level, but have also improved our capital structure in a way that allows for our future growth. We have improved the operating structure and practices of the business -- and effectively transformed it -- into a healthier company. We are re-energized and will continue to aggressively pursue our goals of satisfying our customers, becoming a low-cost producer and having the best people."
Hayes Lemmerz International Inc., based in Northville, Mich., is a global supplier of automotive and commercial highway wheels, brakes, powertrain, suspension, structural and other lightweight components. The company has 43 plants, three joint-venture facilities and 11,000 employees worldwide.