Hayes Lemmerz International Inc has filed a plan of reorganization with the United States Bankruptcy Court for the District of Delaware. Filing of the plan is a key step forward for the company in its efforts to emerge successfully from Chapter 11 proceedings under the US Bankruptcy Code.
This plan requires approval by creditors and final approval by the court before it can be implemented. The company noted that the plan could be modified before it is submitted to its creditors for approval. Hayes Lemmerz said it presently expects to emerge from bankruptcy sometime during the first half of 2003.
Hayes Lemmerz said it would seek to obtain listing of the new common shares on a national stock exchange, but that it could provide no assurance it would obtain such listing.