Accuride North America has a confirmation hearing scheduled on Feb. 11, 2025, for its Plan of Reorganization that, if confirmed, would enable the company to emerge from Chapter 11 shortly thereafter. Following the conclusion of Accuride North America's restructuring process, the company states it expects to emerge from Chapter 11 as a North American wheel company with a significantly deleveraged balance sheet, well-positioned for long-term growth, and to continue supporting its customers and suppliers.
"Accuride and our North American affiliates remain focused on serving our customers as we continue advancing through our restructuring process to optimize our balance sheet and put us on a path for long-term growth," says Robin Kendrick, Accuride president and CEO.
[RELATED: Accuride reorganizing, files voluntary petition for Chapter 11]
Accuride also announced Wednesday Accuride Wheels Europe & Asia (AWEA) and certain of its affiliates will be restructured through a court-administered and supervised proceeding in Germany to best position that business for its present and future stakeholders. AWEA has initiated the German restructuring process due in large part to significant market challenges, including the continued weakness in the European business, the ongoing war in Ukraine and related sanctions, and lingering effects from COVID-19, the company reports.
"While we recognize AWEA's restructuring process represents a change in our go-forward strategy, we are confident the restructuring process in Germany presents the best path forward for our European business, our continuing progress through our restructuring in North America, and all our stakeholders," Kendrick adds.
Accuride Corporation underwent a similar process when emerging from Chapter 11 in 2010.
