#USA #Livonia #Accuride Corporation #Geoffrey Bruce #Robin Kendrick

Accuride Corporation’s Remarkable Restructuring Journey

Accuride Corporation, a pivotal player in the commercial vehicle wheel supply industry, proudly announced its successful exit from Chapter 11 bankruptcy following a comprehensive restructuring process. This significant milestone was marked on March 7, 2025, when the company confirmed that it has equitized over $400 million of funded debt, while also addressing nearly $170 million in additional obligations. The restructuring marks a new chapter for Accuride and is engineered to stabilize its finances while preparing for future growth.

As part of this transition, the company secured a substantial influx of capital from its long-standing investors, including a $70 million asset-based lending facility and a further $95 million exit facility. These resources are aimed at improving liquidity and establishing a robust foundation for sustainable growth in the forthcoming years. Notably, Accuride’s lenders, including KKR and accounts managed by Guggenheim Partners, are now positioned as the company's new stakeholders.

With the completion of the restructuring process complete, Accuride announced a shift in its leadership dynamic. Geoff Bruce, who previously served as the President of Accuride's Wheels North America division, has been designated as the Interim Chief Executive Officer (CEO). He succeeds Robin Kendrick, who has chosen to retire from the role of President and CEO but will continue to play an influential part as a director on the restructured Board of Directors. This leadership transition is particularly crucial, as the board has initiated an executive search for a permanent CEO, guided by an established executive search firm.

“Accuride has successfully established a robust capital structure with access to substantial liquidity, which together well position the Company for long-term growth,” stated Bruce. Accuride plays a critical role in the wheels sector and is poised to leverage its strong market position alongside an innovative approach to deliver exemplary value for its North American customers. The support of an exceptional team is vital as the company looks ahead to fulfilling its strategic objectives.

Additionally, the new Board of Directors comprises five experienced individuals possessing extensive industry knowledge and financial leadership skills. Among those appointed are Fred Bentley, the current President and CEO of DexKo Global, and Douglas Del Grosso, the former President and CEO of Adient. Both bring a wealth of operational expertise, with Bentley taking the role of Chair for the newly established Board. Other new board members include Lauren Krueger from KKR and Michael Dussinger from Guggenheim Partners.

“I look forward to collaborating closely with the management team to unlock Accuride's full potential,” Bentley remarked. The board aims to tap into the immense opportunities available for growth and enhanced customer value as Accuride becomes a financially strong business committed to high-quality and innovative wheel production tailored for the North American market.

In conjunction with revitalizing its capital structure and focusing on the North American wheels market, Accuride is gearing up to amplify its investments in core steel and aluminum products. This reflects a commitment to improving operational efficiency as well as advancements in lightweight and coating technologies. moreover, the company plans to sustain its superior manufacturing operations across its U.S. and Mexico facilities, thereby nurturing its robust stakeholder relationships while executing its aggressive growth roadmap.

Kendrick praised Accuride’s solid foundations, emphasizing the paths laid out for future growth through innovation and customer-centric solutions. “It has been an honor to lead Accuride and work with our incredibly capable team,” he said, expressing enthusiasm for his continued role on the Board to consolidate the company's strategic succession and find its next leader.

To enhance Accuride’s recovery strategy further, top industry external partners such as Kirkland & Ellis for legal counsel, Perella Weinberg for investment banking, and Alvarez & Marsal for restructuring advisory have been engaged.

As the largest steel and aluminum wheel supplier to the commercial vehicle sector, Accuride is keen on implementing its growth strategy effectively. This vibrant new era is marked by the drive for innovation, value creation, and a commitment to quality that stakeholders can depend on. To find out more about the company’s offerings, visit their website at Accuride Corporation.