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May 1, 2003 12:00 PM

Hayes Lemmerz International Inc has received a commitment of up to $550 million for exit financing from affiliates of Citigroup Inc to support its plan of reorganization. This includes payment of $450 million to its pre-petition secured creditors, and to provide working capital for the company's ongoing operations.

The company also announced that it intends to proceed with offering senior notes. Proposed bank and senior notes financings are consistent with the requirements set forth in the plan of reorganization.

Hayes Lemmerz also has filed all necessary exhibits to its amended plan of reorganization with the United States Bankruptcy Court for the District of Delaware, keeping the voluntary Chapter 11 reorganization process on schedule.

The company's successful emergence from bankruptcy remains contingent on a favorable vote of its creditors. A confirmation hearing has been set for April 9, 2003.