Accuride Corp. announced that the U.S. Bankruptcy Court for the District of Delaware has confirmed the company’s plan of reorganization.
“The reorganization plan will allow Accuride to emerge from Chapter 11, after only five months, with the financial flexibility necessary to ensure the continued pursuit of our strategic objectives,” says Bill Lasky, Accuride’s president, chief executive officer and chairman. “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 on or about Friday, Feb. 26, once all closing conditions have been met. “We are extremely grateful for the loyalty and support of our customers, suppliers and lenders as we moved through the restructuring process,” Lasky says. “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.”