Accuride Corporation announced the successful completion of the Company's restructuring process and emergence from Chapter 11.

Accuride's restructuring process equitizes over $400 million of funded debt and restructures ~$170 million of additional obligations. Accuride also receives significant new investment from its existing investors in the form of a $70 million asset-based lending facility and an $95+ million exit facility, both of which are designed to bolster the Company's liquidity and support long-term growth. With the restructuring completed, the Company's lenders, including KKR, Caspian, and accounts managed by Guggenheim Partners Investment Management, LLC and its affiliates, have become Accuride's new owners.

With Accuride's successful emergence, Robin Kendrick will retire as Accuride's President & CEO, effective immediately, as part of a thoughtful succession planning process. Kendrick will continue his affiliation with the Company as a Director on the newly reconstituted Accuride Board, which has initiated a thorough search process to identify a permanent CEO with the support of a leading executive search firm. Geoff Bruce, formerly the President of Accuride's Wheels North America division, has been appointed Interim CEO of Accuride. Kendrick and the other members of the Board will work closely with Bruce to ensure a smooth transition of responsibilities.

"Accuride has successfully established a robust capital structure with access to significant liquidity, which together well position the Company for long-term growth," said Bruce. "Accuride wheels are a critical part of an important industry, and we are poised to deliver on our strong market position, innovation engine and value proposition for our customers in North America with the support of an exceptional team and strong relationships with long-time stakeholders."

Accuride's new Board of Directors is composed of five Directors with significant industry expertise and financial leadership experience. In addition to Kendrick, newly-appointed independent Directors include Fred Bentley, President and CEO of DexKo Global, and Douglas Del Grosso, former President and CEO of Adient. Both Bentley and Del Grosso bring significant industry leadership and operational expertise and will actively support Accuride's management team. Bentley will serve as Chair of Accuride's Board. Additional new Accuride Directors include Lauren Krueger, Managing Director at KKR, and Michael Dussinger, Managing Director at Guggenheim Partners.

Bentley added, "The Board looks forward to working closely with the management team to realize Accuride's full value creation potential. Accuride has tremendous opportunity to grow and create value for customers and other stakeholders as a well-capitalized business with a singular focus on delivering high-quality and innovative wheels for the North American market. We deeply appreciate Robin's contributions and look forward to continuing to benefit from his expertise as a member of the Accuride Board, which brings together the right mix of experience and perspectives to guide the Company into its next phase of growth. We also thank Geoff for stepping into the Interim CEO position and are confident that Accuride is in excellent hands while we search for the Company's next leader."

With a revitalized capital structure and a dedicated focus on the North American wheels market, Accuride intends to accelerate investments and innovation in its core steel and aluminum products, operational efficiencies and lightweighting and coating technologies. Accuride will maintain its superior manufacturing operations across its facilities in the U.S. and Mexico and continue its strong relationships with all stakeholders as the Company executes its growth plan.

Kendrick said, "Accuride has a solid foundation from which the Company will continue to grow, with a focus on innovation and delivering for our customers. It has been an honor to lead Accuride and work with our incredibly skillful team, and I look forward to continuing as a member of the Board to support the Company's go-forward strategy and identify its next leader."