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Accuride Corporation (“Accuride”) has provided an update on its ongoing restructuring process, aimed at securing long-term financial stability and growth opportunities. The company’s North America operations are approaching the final phase of restructuring, with a confirmation hearing for its Plan of Reorganization scheduled for February 11, 2025. If approved, Accuride North America expects to emerge from Chapter 11 soon after, positioning itself as a leaner, more financially stable wheel manufacturer focused on serving the commercial vehicle market.
Key Highlights:
- Accuride North America’s Plan of Reorganization faces a confirmation hearing on February 11, 2025.
- Post-restructuring, the company will operate as a North American wheel supplier with a stronger balance sheet and reduced debt.
- Accuride Wheels Europe & Asia (AWEA) will undergo a court-administered restructuring in Germany due to ongoing market challenges.
- Economic pressures in Europe, including Ukraine war-related sanctions, COVID-19 impacts, and weak demand, led to the restructuring decision.
- Accuride remains committed to supporting customers and suppliers throughout the process.
Robin Kendrick, President & CEO of Accuride, emphasized the company’s dedication to its customers and long-term financial health. He noted that while AWEA’s restructuring represents a shift in strategy, the German proceedings provide the best path forward for the business.
“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,” said Kendrick.
About Accuride Corporation
Headquartered in Livonia, Michigan, Accuride is a leading supplier of steel and aluminum wheels to the commercial vehicle industry. The company holds the #1 market position in steel wheels and the #2 position in aluminum wheels.
For more information, visit www.AccurideCorp.com.
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