EX-99.1 3 a09-26343_1ex99d1.htm EX-99.1

Exhibit 99.1

 

News Release

CORPORATION

 

 

 

 

 

7140 Office Circle

 

 

P.O. Box 15600

 

 

Evansville, IN  47716

 

 

Investor Contact:

Todd Taylor

 

Phone:

(812) 962-5105

 

 

 

 

Media Contact:

Eva Schmitz

 

Phone:

(812) 962-5011

 

FOR IMMEDIATE RELEASE

 

Accuride Announces Extended Waiver with Lenders

 

EVANSVILLE, Ind. – Sept. 15, 2009 – Accuride Corporation (OTCBB:  AURD) today announced that it has entered into an agreement with the lenders of its Fourth Amended and Restated Credit Agreement that effectively extends the temporary waiver period granted by the lenders as of July 1, 2009, until September 30, subject to certain early termination provisions.  The Third Temporary Waiver Agreement (Waiver) addresses any failure to comply with certain obligations under the Credit Agreement and any failure to pay interest to holders of Accuride’s 8 ½ percent Senior Subordinated Notes due 2015 (Notes).

 

“This extension demonstrates our lenders’ on-going commitment to assisting in the development of a capital structure that will ensure the long-term health of the Company,” said Bill Lasky, Accuride’s President, CEO, and Chairman of the Board.

 

As consideration for the Waiver, Accuride agreed to provide detailed and regular financial information to a Steering Committee that was formed to represent the lenders in their negotiations with Accuride and to comply with other restrictions, including restrictions on incurring additional debt, making investments and selling assets, as well as specified minimum liquidity requirements.

 

Forward-looking statements

 

Statements contained in this news release that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding Accuride’s expectations, hopes, beliefs and intentions, or statements about future conditions in the economy or the commercial vehicle market.  It is important to note that Accuride’s actual future results could differ materially from those expressed or implied in such forward-looking statements, and such statements are subject to a number of risks, uncertainties and other factors.  These factors could include, among other things, whether the temporary waiver provides sufficient time to address Accuride’s on-going liquidity and financing

 

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concerns, including Accuride’s ability to obtain a long term amendment to its Credit Agreement, adjust its capital structure or implement any other strategic alternative described herein.  In addition, such statements are subject to the impact on Accuride’s business and prospects generally of, among other factors, market demand in the commercial vehicle industry, general economic, business and financing conditions, labor relations, governmental action, competitor pricing activity, expense volatility and other risks detailed from time to time in Accuride’s Securities and Exchange Commission filings, including those described in Item 1A of Accuride’s Annual Report on Form 10-K for the fiscal year ended December 31, 2008. Any forward-looking statement reflects only Accuride’s belief at the time the statement is made. Although Accuride believes that the expectations reflected in these forward-looking statements are reasonable, it cannot guarantee its future results, levels of activity, performance or achievements.  Except as required by law, Accuride undertakes no obligation to update any forward-looking statements to reflect events or developments after the date of this news release.

 

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