posted
.13 now it was .40 recently..... may be a few $$$$ to be made if it goes lower...
Hayes Lemmerz files pre-negotiated Chapter 11 plan Wheel maker Hayes Lemmerz files 'pre-negotiated' bankruptcy plan that gives lenders ownership On Tuesday May 12, 2009, 8:02 am EDT Buzz up! Print Related:Hayes Lemmerz International Inc. NORTHVILLE, Mich. (AP) -- Wheel maker Hayes Lemmerz International Inc. late Monday filed for Chapter 11 protection with a pre-negotiated restructuring plan that has the approval of most of its senior lenders.
Related Quotes Symbol Price Change HAYZ 0.12 -0.16
The company's secured lenders agreed to loan the company an additional $100 million to fund operations while it is in bankruptcy. Including that, the company will have $138 million in liquidity.
The Northville, Mich.-based company plans to eliminate a significant portion of its existing debt through the restructuring. Under the pre-negotiated plan, lenders would convert certain loans into equity, so that they would own the company outright once it emerges from court protection.
Hayes Lemmerz filed its Chapter 11 in Delaware.
The company makes aluminum and steel wheels for cars, trucks, commercial trucks and trailers. The company also supplies automotive powertrain components.
In premarket trading Tuesday, Hayes Lemmerz shares plummeted 62 to about 11 cents. They have ranged from about 3 cents to $4.05 over the past year.
Posts: 1101 | From: Georgia | Registered: Apr 2006
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posted
This dropped all the way to .03 before coming back to life on the last dip. Intrinsic Value is definitely there but don't buy too high. Watch it trade and see the trend.
-------------------- No longer eligible for government service due to lack of tax issues. Posts: 5178 | From: Up North | Registered: Dec 2005
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