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Hayes Lemmerz International, Inc.
Hayes Lemmerz International, Inc. Receives Court Approval of First Day Motions
May 31st, 2009
Hayes Lemmerz International, Inc. ("Hayes" or the "Company") announced that it has received Court approval of up to $100 million of debtor-in-possession ("DIP") financing, permitting it immediate access to up to $30 million to continue operations in the ordinary course of business. The DIP financing is being provided by lenders holding a majority of the Company's prepetition secured debt. Nearly all of the lenders holding the Company's prepetition secured debt executed consents approving the DIP loan. A final hearing on the DIP financing has been set for June 10, 2009. The Company also received approval of several first day motions designed to ensure daily operations...
Source: Pharma Investments, Ventures & Law Weekly (2009-05-31)
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