Accuride Corporation Emerges from Chapter 11 Bankruptcy
February 26 2010 - 4:58PM
Business Wire
Accuride Corporation, one of the largest and most diversified
manufacturers and suppliers of commercial vehicle components in
North America, announced that it has successfully completed all
conditions of its Plan of Reorganization (the Plan) and today
emerged from Chapter 11 with a new capital structure after only
five months.
“Entering Chapter 11 with a pre-arranged agreement and the
continued support of our lenders, allowed Accuride to emerge in an
expeditious manner,” said Bill Lasky Accuride’s President, CEO, and
Chairman of the Board. “Accuride has always been a solid leader in
product innovation and operational efficiency. Our improved
financial structure, coupled with the respect of our industry
brands, will allow us to pursue initiatives to further expand our
product offering and geographic penetration, while in turn
providing increased solutions for our customers and greater value
for our shareholders.”
As outlined in the Plan, the Company exits bankruptcy with a
more flexible capital structure including a $308 million term loan
and $140 million of convertible notes. All unsecured trade
creditors will be paid in full for valid claims.
In addition, the Company has filed the necessary paperwork for
Accuride’s common stock to begin trading on the Over-the-Counter
Bulletin Boards (OTCBB) and will announce the symbol for trading in
Accuride’s common stock when it becomes available.
“Upon filing our voluntary petition for Chapter 11 protection,
we embarked upon the very aggressive path we had chartered to
ensure the Company emerged from the process as expeditiously as
possible,” said Lasky. “I would like to extend my extreme gratitude
for all who worked so diligently, allowing us to remain on track
and emerge today a healthier Company. I would also like to
reiterate my sincere appreciation for our team members whose
dedication ensured that we maintained quality production and
on-time delivery, as well as our customers and suppliers who
remained loyal to Accuride throughout the restructuring process. We
look forward to continuing these partnerships through which we will
together bring innovation to the industry.”
On October 8, 2009, Accuride’s U.S. entities filed a voluntary
petition for protection under Chapter 11 of the U.S. Bankruptcy
Code in the District of Delaware. Additional information
surrounding the Company’s restructuring including details of the
Plan is available at www.accurideinfo.com.
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, Brillion, and Highway Original. 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
Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as
amended, including statements regarding Accuride’s expectations,
hopes, beliefs and intentions with respect to consummation of the
Plan and its ability to transition out of Chapter 11. Such
statements are subject to the impact on Accuride’s business and
prospects generally of, among other factors, 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 Accuride’s Securities and Exchange
Commission filings, including those described in Item 1A of
Accuride’s Annual Report on Form 10-K for the fiscal year
ended December 31, 2008. Any forward-looking statement
reflects only Accuride’s belief at the time the statement is made.
Although Accuride believes that the expectations reflected in these
forward-looking statements are reasonable, it cannot guarantee its
future results, levels of activity, performance or achievements.
Except as required by law, Accuride undertakes no obligation to
update any forward-looking statements to reflect events or
developments after the date of this news release.