Accuride Provides Update on Restructuring Process to Position Company for Long-Term Growth

Accuride North America nearing conclusion of restructuring process

Confirmation hearing on Plan of Reorganization scheduled for February 11, 2025

Accuride Wheels Europe & Asia to enter court-administered restructuring in Germany

LIVONIA, Mich., Feb. 5, 2025 /PRNewswire/ -- Accuride Corporation's ("Accuride") North America affiliates ("Accuride North America" or the "Company") today provided an update on their ongoing restructuring process and efforts to position the Company for long-term growth.

Accuride North America has a confirmation hearing scheduled on February 11, 2025, for its Plan of Reorganization that, if confirmed, would enable the Company to emerge from Chapter 11 shortly thereafter. Following the conclusion of Accuride North America's restructuring process, the Company expects to emerge from Chapter 11 as a North American wheel company with a significantly deleveraged balance sheet, well-positioned for long-term growth, and to continue supporting its customers and suppliers.

Accuride also announced that Accuride Wheels Europe & Asia and certain of its affiliates ("AWEA") will be restructured through a court-administered and supervised proceeding in Germany to best position that business for its present and future stakeholders. AWEA has initiated the German restructuring process due in large part to significant market challenges, including the continued weakness in the European business, the ongoing war in Ukraine and related sanctions, and lingering effects from COVID-19.

"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 Robin Kendrick, Accuride President & CEO. "While we recognize that AWEA's restructuring process represents a change in our go-forward strategy, we are confident the restructuring process in Germany presents the best path forward for our European business, our continuing progress through our restructuring in North America, and all our stakeholders."

About Accuride Corporation
Accuride Corporation is the #1 supplier of steel wheels and the #2 supplier of aluminum wheels to the commercial vehicle industry and has its headquarters in Livonia, Michigan, USA.  For more information:  www.AccurideCorp.com

MEDIA RELATIONS CONTACT
Grant Hatton
Director, Marketing
(360) 606-0704
ghatton@accuridecorp.com                  

View original content to download multimedia:https://www.prnewswire.com/news-releases/accuride-provides-update-on-restructuring-process-to-position-company-for-long-term-growth-302369241.html

SOURCE Accuride