Accuride Corporation announced that the United States Bankruptcy Court for the District of Delaware has confirmed the company’s Plan of Reorganization (the Plan).
“The reorganization plan will allow Accuride to emerge from Chapter 11, after only five months, with the financial flexibility necessary to ensure the continued pursuit of our strategic objectives,” said Bill Lasky, Accuride’s president, CEO and chairman of the board. “This new capital structure, coupled with the significant operational restructuring initiatives we have implemented, will position the company for future growth and the continued leadership of our brands.”
Accuride expects the Plan to become effective on or about February 26, 2010, once all closing conditions have been met.
“We are extremely grateful for the loyalty and support of our customers, suppliers and lenders as we moved through the restructuring process,” added Lasky. “I cannot speak highly enough of our team members whose dedication ensured the continued safe production and on-time delivery of quality product, allowing the company to maintain strong customer relationships, secure new business and introduce new products to the market.”
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 copies of the Plan and Confirmation Order, 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.