. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . inDustry neWs
Hayes Lemmerz Completes Bankruptcy, Thanks Customers for “Confidence”
Hayes Lemmerz International Inc., Northville, Mich., announced it has emerged from Chapter 11 reorganiza- tion, which it applied for in May. The company reports that its credi-
tors voted in favor of its plan for reor- ganization, which was confirmed on Nov. 3 by the U.S. Bankruptcy Court for the District of Delaware. Hayes announced in a press release
that its total consolidated prepetition funded indebtedness of approximately $720 million has been reduced to ap- proximately $240 million. In addition, its legacy retiree medical and pension liabilities in the U.S. of over $250 million are expected to be less than $75 million. In conjunction with its emergence from Chapter 11, Hayes completed its exit financing facility, which consists of a new $200 million term loan. “Hayes has continued to win sig- nificant new business throughout the
Quaker City Castings Ups Melt Capacity
Quaker City Castings, Salem, Ohio,
recently purchased two electric induc- tion melting furnaces to increase its melting capacity and alloy flexibility. The metalcasting company expects
the new furnaces to allow it to make single pours of six tons of steel and nine tons of iron and reduce its energy consumption. In addition to the new furnaces,
Quaker recently rebuilt and purchased CNC machine tools for its machine shop, enhanced its lab testing equip- ment, and invested in marketing for its line of cylinder liners for perfor- mance engine, automotive aftermarket and heavy duty applications. Quaker sells its cylinder liners to race engine builders, motorcycle shops and other automotive business customers. Quaker produces gray and ductile
iron and carbon, stainless and corrosion resistant steel castings through centrifu- gal and static casting processes. In addi- tion to the cylinder liners, the company produces castings for customers in the power generation, oil field, heat ex- changer, valves and fittings, municipal and construction, aircraft, tire mold and nuclear power markets.
METAL January/February 2010 For Design engineers & PurChasers 11
restructuring process, and we are ex- tremely grateful to our customers for their confidence in our future,” said Curtis Clawson, chairman and chief executive officer of the company. “We are comfortable that our exit financing will provide us with the liquidity to fund operating expenses
and meet all of our obligations.” Hayes produces aluminum and steel
wheels for passenger cars and light trucks and steel wheels for commercial trucks and trailers. The company oper- ates 23 facilities, including business, sales offices and manufacturing plants, in 12 countries around the world. METAL
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