Skip navigation
Newswire

Hayes Lemmerz files plan of reorganization

NORTHVILLE, Mich., Dec 16 (Reuters) - Automotive wheel and parts maker Hayes Lemmerz International Inc. , which filed for bankruptcy more than a year ago, said on Tuesday it filed a plan of reorganization with U.S. bankruptcy court in Delaware.

The plan requires approval by the company's creditors and final approval by the court before it can be implemented. Hayes Lemmerz said it expected to emerge from bankruptcy in the first half of 2003.

Northville, Michigan-based Hayes filed for bankruptcy protection last December after sliding market conditions and excessive debt -- brought on in part by cash acquisitions -- saddled the company.

The company, which has 11,400 employees, said it would seek to list its common shares on a national stock exchange.