Accuride states the plan refocuses the business on the company's core North American wheels segment and strengthens its balance sheet via the equitization of over $400 million of funded debt and restructuring of around $170 million of additional obligations. In conjunction with the recapitalization, Accuride states it will receive a significant new investment from its existing investors in the form of a $70 million asset-based lending facility and $85+ million exit facility, both of which are designed to bolster liquidity and support long-term growth.
"The confirmation of our reorganization plan marks the near conclusion of our restructuring process, positioning Accuride to emerge from Chapter 11 as a stronger company, well-positioned for long-term success," says Robin Kendrick, Accuride's president and CEO. "With the support of our lenders, we are excited about our strengthened capital structure, which provides the financial foundation upon which to sustainably continue our growth and success as a North American wheel company in 2025 and beyond.
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"We look forward to continuing to serve our team members, customers, suppliers, and all stakeholders in the bright future we have ahead."
The confirmed plan was supported by a substantial majority of Accuride's financial and operational stakeholders, the company says, including Crestview, its financial sponsor; 100% of its prepetition term loan / DIP lenders who voted on the Plan; 100% of its ABL lenders; and the unsecured creditors' committee that includes the United Auto Workers union, Pension Benefit Guaranty Corporation, and key suppliers.
