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Accuride receives bankruptcy court approval for access to DIP financing

Posted on: Mon, 12 Oct 2009 05:47:00 EDT

Symbols: AURD

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Oct 12, 2009 (M2 EQUITYBITES via COMTEX) --
AURD | Quote | Chart | News | PowerRating -- Commercial vehicle components manufacturer Accuride Corporation
(OTCBB:AURDQ.OB) has received US Bankruptcy Court approval for key
"first day" motions, allowing it to continue payment of employee wages
and benefits and access to working capital for uninterrupted supply to
customers, the company stated on Friday.

The approved motions grant immediate access to USD25m of Accuride's
USD50m Debtor-in-Possession (DIP) loan and authorise the company to use
its existing cash management systems and bank accounts to cover future
expenses including supplier payments.

Accuride made a voluntary Chapter 11 filing on Thursday. With
restructuring it expects to eliminate a significant portion of its
existing debt and emerge as a financially stronger company with a
sustainable capital structure.

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