NORTHVILLE, Mich. -- Hayes Lemmerz International has filed a proposed plan of reorganization and disclosure statement with the United States Bankruptcy Court for the District of Delaware. If confirmed by the court, the plan provides that the company's debtor-in-possession (DIP) lenders and pre-petition secured lenders would own substantially all of the common stock of the reorganized company and all of its global manufacturing locations, upon its emergence from Chapter 11.

Hayes Lemmerz, and certain of its U.S. subsidiaries and one (non-operating) international subsidiary filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the District of Delaware on May 11.

The plan and the disclosure statement have to be approved by the court. Before the company can solicit acceptances and seek approval of the plan, the court must approve the adequacy of the disclosure statement. A hearing to consider approval of the disclosure statement is scheduled for July 30.

As previously announced, the material terms of the plan were prearranged with the DIP lenders and pre-petition secured lenders prior to the commencement of the company's reorganization cases. Accordingly, Hayes Lemmerz said it has the overwhelming support of its senior secured lenders regarding the targeted reorganization contemplated by the plan.

The company said it is on track with the targeted restructuring process and foresees that the final plan could be submitted for court consideration as early as September.