Released on May 11, 2009

Automotive supplier and metalcaster Hayes Lemmerz International Inc., Northville, Mich., has filed for relief under Chapter 11 of the U.S. Bankruptcy Code in the District of Delaware, according to a company-issued press release.

“The Chapter 11 filings were precipitated by an unprecedented slowdown in industry demand and a tightening of credit markets,” said Curtis Clawson, the company’s chairman and chief executive officer. “These filings will allow us to reduce our debt and restructure our balance sheet. We fully expect to emerge from Chapter 11 as a stronger, more competitive company than we are today.”

According to the release, the company has reached an agreement with its major lenders to restructure its secured debt. Certain lenders will provide a debtor-in-possession loan to the company, which will make available up to $100 million of additional liquidity to operate during the restructuring. Including the loans, Hayes Lemmerz will have total liquidity of approximately $138 million.

Hayes Lemmerz anticipates that its lenders will convert certain of their loans into equity and will own substantially all of the equity in the company when the reorganization is completed.

Hayes Lemmerz makes aluminum and steel wheels for passenger cars and light trucks and steel wheels for commercial trucks and trailers, as well as automotive power train components. The company has global operations with 23 facilities, including business, sales offices and manufacturing facilities, located in 12 countries around the world. It expects to continue operations in the normal course of business during the financial restructuring process with no interruption in its supply to customers.