On Friday, Accuride Corp. announced that the United States Bankruptcy Court for the District of Delaware has confirmed the company’s Plan of Reorganization.
Accuride’s President and CEO Bill Lasky outlined the plan: “The reorganization plan will allow Accuride to emerge from Chapter 11, after only five months, with the financial flexibility necessary to ensure the continued pursuit of our strategic objectives. This new capital structure, coupled with the significant operational restructuring initiatives we have implemented, will position the Company for future growth and the continued leadership of our brands.”
Accuride’s U.S. entities filed a voluntary petition in October 2009 for protection under Chapter 11 of the U.S. Bankruptcy Code in the District of Delaware. Accuride predicts that its plan will go into effect on or about February 26, 2010, once all closing conditions have been met.
Lasky commented further, “We are extremely grateful for the loyalty and support of our customers, suppliers, and lenders as we moved through the restructuring process. I cannot speak highly enough of our team members whose dedication ensured the continued safe production and on-time delivery of quality product, allowing the Company to maintain strong customer relationships, secure new business, and introduce new products to the market.”
Additional information surrounding the Company’s restructuring, including copies of the Plan and Confirmation Order, is available at www.accurideinfo.com.