NORTHVILLE, Mich. — The hearing to approve Hayes Lemmerz’s disclosure statement with respect to its proposed plan of reorganization has been adjourned to Aug. 18.
The plan and disclosure statement were filed with the United States Bankruptcy Court for the District of Delaware on July 2, and the hearing to approve the disclosure statement was originally scheduled for July 30. The three-week adjournment will allow the company additional time to continue negotiations with creditors and other constituents with respect to the final Plan. The company said it already has the overwhelming support of its senior secured lenders regarding the reorganization.
The company confirmed that it continues to be on track with its restructuring goals. Hayes Lemmerz said it has adequate DIP financing available and continues to enjoy the strong support of its senior secured lenders during this process. The company said it is making progress in negotiations with representatives of its unsecured creditors, including the holders of its senior notes, the Pension Benefit Guaranty Corp. and both hourly and salaried retirees, to reach resolutions that will significantly reduce the burden of these liabilities on the company.
