Auction to settle Hayes Lemmerz subsidiary LCDSs sets price at 9.5

By Angela McDaniels

Tacoma, Wash., June 9 - The final price of Hayes Lemmerz International, Inc. subsidiary HLI Operating Co., Inc.'s loans was determined to be 9.5 for the purpose of settling loan-only credit default swap transactions.

Creditex and Markit administrated a credit event auction to facilitate the settlement of the LCDSs on Tuesday and announced the results in a news release.

As previously reported, LCDX dealers voted to hold the auction after Hayes Lemmerz made a pre-packaged Chapter 11 bankruptcy filing May 11 in the U.S. Bankruptcy Court for the District of Delaware. The Chapter 11 case number is 09-11655.

Hayes Lemmerz is a Northville, Mich., maker of automotive and commercial highway wheels.

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