U.S. firm Hayes Lemmerz files for Chapter 11 protection

U.S. auto parts maker Hayes Lemmerz International Inc (HAYZ.O) said on Monday it filed for Chapter 11 bankruptcy.

Northville, Michigan-based Hayes said lenders holding a majority of its secured debt have reached an agreement regarding a restructuring of the company's debt.

Hayes added that it received commitments for up to $100 million in debtor-in-possession (DIP) financing from certain lenders.

In its filing with the U.S. Bankruptcy Court for the District of Delaware, Hayes listed total assets of $1.34 billion and total debt of $1.41 billion.

The company, which makes wheels and other auto components, said it expects to continue its operations in the normal course of business during the financial restructuring process with no interruption in its supply to customers.

Upon confirmation of a plan of reorganization, the DIP lenders will convert certain of their loans into equity and will own substantially all of the equity of the reorganized company, Hayes said.