Accuride Corporation (OTC:AURDQ) has announced that its Plan of Reorganization (the Plan) has been recognized by the United States Bankruptcy Court for the District of Delaware. The Plan will enable the company to emerge from the Chapter 11 after five months. It will also provide the company with the financial flexibility to ensure the continuation of the company’s pursuit towards its strategic objectives. The Plan will become effected on February 26, 2010. The voluntary petition for protection under Chapter 11 of the US Bankruptcy Code in the District of Delaware was filed on October 8, 2009.
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Accuride Corporation is a manufacturer and supplier of commercial vehicle components in North America. The Company’s products include commercial vehicle wheels, wheel-end components and assemblies, truck body and chassis parts, seating assemblies and other commercial vehicle components. The Company’s business consists of seven operating segments that design, manufacture and distribute components for trucks, trailers and other vehicles. These operating segments are aggregated into three segments. The Wheels segment’s products consist of wheels for heavy-and medium-duty trucks and commercial trailers. The Components segment’s products consist of truck body and chassis parts, wheel-end components and assemblies, and seats. The Other segment’s products primarily consist of other commercial vehicle components, including steerable drive axles and gearboxes.
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