Released on November 3, 2009

The U.S. Bankruptcy Court for the District of Delaware has confirmed a plan of reorganization filed by Hayes Lemmerz International Inc., Northville, Mich., on May 11, and the company expects to emerge from Chapter 11 by December.

Hayes Lemmerz produces aluminum and steel wheels, as well as automotive powertrain components. The company has global operations with 23 facilities located in 12 countries around the world.

The company expects the reorganization to improve its balance sheet and reduce its leverage. Its total debt of approximately $720 million is expected to be reduced to approximately $240 million upon emergence from Chapter 11.

The company also announced that it has reached settlements to reduce its retiree medical liabilities and pension benefits. Its legacy retiree medical and pension liabilities in the U.S. were in excess of $250 million and are expected to be less than $75 million upon emergence from Chapter 11.

The court’s confirmation order is conditional upon the company obtaining exit financing. The company indicated it is currently working with a number of potential lenders to secure approximately $100 million.

“We appreciate the efforts of our prepetition creditors in reaching agreements that enable us to significantly reduce our debt,” said Curtis Clawson, Hayes Lemmerz chairman and chief executive officer. “We believe that we will emerge from Chapter 11 as a leaner, stronger competitor well positioned to continue our leadership in the global wheel market. Our customers and suppliers will not see any changes in our business following our emergence.”