On December 21, 2009, Hayes emerged from its voluntary Chapter 11 reorganization.
Creditors overwhelmingly voted in favor of the Company’s Plan of Reorganization, which was confirmed on November 3, 2009, by the U.S. Bankruptcy Court for the District of Delaware.
The Company’s total consolidated prepetition funded indebtedness of approximately $720 million has been reduced to approximately $240 million. In addition, the Company’s legacy retiree medical and pension liabilities in the United States of over $250 million are expected to be less than $75 million.
In conjunction with its emergence from Chapter 11, Hayes completed its exit financing facility. The facility consists of a new $200 million term loan (which amount is included in the $240 million of funded indebtedness shown above).
The Company has continued to win significant new business throughout the restructuring process. Hayes emerges as a leaner, stronger competitor well positioned to extend its leadership in the global wheel market.