Hayes Lemmerz in Agreement on Reorganization

Company also says it's 'on track' with other restructuring goals

Hayes Lemmerz International Inc. has reached an agreement with its debtor-in-possession lenders, pre-petition secured lenders, and the Official Committee of Unsecured Creditors on terms of a plan of reorganization.

The company also announced that the Bankruptcy Court for the District of Delaware approved its disclosure statement with respect to the first amended plan of reorganization, incorporating the terms of the agreement among these parties. A hearing to confirm the plan has been scheduled for October 15, 2009.

"We appreciate the efforts of our DIP lenders, pre-petition secured lenders, and the Creditor's Committee in developing a consensual plan of reorganization that is in the best interests of all creditors," stated chairman and CEO Curtis Clawson. "Our strategy remains intact: extend our lead in high-growth regions of the world in each of our major market segments - aluminum wheels, steel wheels, and commercial highway wheels. Our customers and suppliers will see no change in our business during or following our restructuring."

Hayes Lemmerz also confirmed it remains on track with its other restructuring goals. It is taking necessary steps to address its pension and retiree medical liabilities and is in negotiations with representatives. Hayes Lemmerz is "optimistic that it will reach a consensual resolution to reduce these liabilities."

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