Steel wheels maker to roll out of bankruptcy

EVANSVILLE, Ind. — Accuride Corp. says U.S. Bankruptcy Court for the District of Delaware has confirmed the company’s reorganization plan, allowing the wheel components manufacturer to emerge from Chapter 11 after five months.

"The reorganization plan will allow Accuride to emerge from, with the financial flexibility necessary to ensure the continued pursuit of our strategic objectives," said Bill Lasky, Accuride’s president, CEO. "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 expects the plan to become effective this week, once all closing conditions have been met.

Last October, the company filed for bankruptcy protection and proposed a restructuring plan. Subsidiaries in Canada or Mexico were not part of the bankruptcy.

"We are extremely grateful for the loyalty and support of our customers, suppliers, and lenders as we moved through the restructuring process," added Lasky. "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." 

Accuride products also truck body and chassis parts, seating assemblies and other commercial vehicle components.