Wheel manufacturer Accuride Corporation filed for Chapter 11 bankruptcy protection yesterday (9 October) backed by USD 103m in debtor-in-possession (DIP) financing.

The DIP financing comes from an ad hoc group of the debtors’ first lien term loan lenders, and the ad hoc group and prepetition ABL lenders provided access to cash collateral, according to a declaration of Charles Moore, the debtors’ chief restructuring officer. Accuride has not yet filed a DIP motion or scheduled a first day hearing. In addition to the Chapter 11 case, a Canadian affiliate entered proceedings under the Companies’ Creditors Arrangement Act (CCAA).