Accuride Corporation Confirms Limited Exposure to Lehman Brothers Affiliate
September 19 2008 - 8:00AM
Business Wire
Today, Accuride Corporation (NYSE: ACW) confirmed that Lehman
Commercial Paper Inc. currently represents 19 percent of Accuride�s
undrawn $125 million revolving credit facility. Parent company of
Lehman Commercial Paper Inc., Lehman Brothers Holdings Inc. (LEH)
filed for bankruptcy protection on Monday, September 15, 2008.
Accuride does not believe the impact of the bankruptcy, which could
range from $0 to $24 million in reduced availability under the
credit facility, will be material to its overall liquidity
position. Cash flow from operations and the balance of the undrawn
revolver are expected to provide adequate liquidity going forward,
even if Lehman were unable to fund its representative portion of
the credit revolver. Accuride has no other exposure to Lehman
Brothers or its affiliates. Accuride Corporation is one of the
largest and most diversified manufacturers and suppliers of
commercial vehicle components in North America. Accuride�s products
include commercial vehicle wheels, wheel-end components and
assemblies, truck body and chassis parts, seating assemblies and
other commercial vehicle components. Accuride�s products are
marketed under its brand names, which include Accuride, Gunite,
Imperial, Bostrom, Fabco and Brillion. For more information, visit
Accuride�s website at http://www.accuridecorp.com. Forward-looking
statements Statements contained in this news release that are not
purely historical are forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995, including
statements regarding the Company's expectations, hopes, beliefs and
intentions on strategies regarding Accuride�s future results. It is
important to note that the Company's actual future results could
differ materially from those projected in such forward-looking
statements because of a number of factors, including but not
limited to, market demand in the commercial vehicle industry,
general economic, business and financing conditions, labor
relations, governmental action, competitor pricing activity,
expense volatility and other risks detailed from time to time in
the Company�s Securities and Exchange Commission filings.
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