Wheel OEM Accuride’s US Operations Near Bankruptcy Exit
German Plants File for Protection as Restructuring Jettisons Non-US, Mexican Ops
Accuride operates manufacturing plants in Erie, Pa.; Henderson, Ky.; Rockford, Ill.; and Springfield, Ohio. (Daniel Knight)
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Wheel manufacturer Accuride Corp. expects its U.S. operations to exit bankruptcy proceedings in the coming weeks following a Feb. 11 hearing.
Accuride’s U.S. and Canadian businesses filed for Chapter 11 bankruptcy protection in October with liabilities of between $500 million and $1 billion, with the North American freight downturn of the past couple of years taking part of the blame for lower-than-expected demand for its products.
The restructuring will allow the company to emerge from court protection with a substantially smaller debt load.
Lenders provided $30 million in debtor-in-possession (DIP) financing during the restructuring. DIP financing is a lo…
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