Description

Accuride Corporation and approximately 20 affiliates voluntarily filed pre-arranged chapter 11 cases this morning in Delaware. The bankruptcy cases of the companies, which manufacture automotive products including wheels, truck body and chassis parts, and seating assemblies, have been assigned to Judge Brendan Linehan Shannon.

Accuride was incorporated in 1986 to acquire the assets of a division of The Firestone Tire & Rubber Company. Two years later, Accuride was acquired by Phelps Dodge Corporation. However, a controlling interest in Accuride was subsequently acquired by an affiliate of Kohlberg Kravis Roberts & Co. L.P. in 1997. Accuride completed an initial public offering (or IPO) on April 26, 2005. Its common stock traded on the New York Stock Exchange under the symbol "ACW" until November 12, 2009 when it was delisted and began trading on the Over the Counter Bulletin Board under the symbol "AURD."

Key details regarding the companies:

* Headquartered in Evansville, Indiana
* 2,266 active employees
* Total assets of $682.2 million
* Total debt of $847.0 million
* 2008 consolidated net sales of $931.4 million
* 2008 consolidated net loss of $328.3 million
* Largest customers: Daimler Truck North America; PACCAR; Navistar; and Volvo/Mack (53% of 2008 net sales total)
* 2009 second quarter net sales down 45% from 2008 second quarter net sales

The following significant pleadings are being made available on JDSupra courtest of netDockets:

1. Chapter 11 Voluntary Petition
2. Motion to Pay Employee Wages
3. Declaration of CFO in Support of First Day Pleadings

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