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Next, the maker of steel and aluminum wheels will ask its creditors to vote on the plan, one of the last legal hurdles in any bankruptcy case, ahead of another court hearing on the plan slated for Oct. 15.
This week, Hayes Lemmerz, which filed for bankruptcy in May, said it reached a deal that would give its bankruptcy lenders -- a mix of banks, hedge funds and private equity firms led by Deutsche Bank -- 84.5% of the company's new stock and other lenders 12.5%.
Unsecured creditors will share $250,000 and will be paid only if they vote for the plan, according to court documents. The company's existing stock would be canceled.
Hayes Lemmerz, which is undergoing its second bankruptcy reorganization in a decade, continues to negotiate with the government's Pension Benefit Guaranty Corp. about the future of its pension plans. The agency was created to insure pension plans and this year has agreed to take over the plans at Delphi Corp. and Metaldyne Corp.
The company employs about 100 people at its Northville headquarters and 6,500 people globally.
The company reported a $371.7-million loss during the 12 months ending in January, almost double its loss of $194.4 million during the same period ending in January 2008.
Contact JEWEL GOPWANI: 313-223-4550 or jgopwani@freepress.com.
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