UPDATE 1-Hayes Lemmerz, creditors agree on reorganization plan

NEW YORK, Sept 2 (Reuters) - Hayes Lemmerz International Inc HAYZQ.PK, a maker of car and truck wheels reached, said on Wednesday it has reached an agreement with its lenders and unsecured creditors on the terms of a plan of reorganization.

Hayes Lemmerz also said that the bankruptcy court for the District of Delaware approved the company's disclosure statement incorporating the terms of the agreement.

The approval of the disclosure statement allows the firm to move forward in soliciting acceptances of the plan. The hearing to confirm the plan has been scheduled for Oct. 15, the company said in a statement.

Hayes Lemmerz had received on Tuesday a green light to send its reorganization plan to creditors, whose approval would clear the way for the Northville, Michigan-based company to emerge from bankruptcy.

Unsecured creditors dropped demands to investigate the relationship between senior managers of Hayes Lemmerz and the lenders that funded its bankruptcy, which helped to end a two-month fight over the company's reorganization.

The providers of the bankruptcy financing will end up with the majority of the reorganized company under the company's proposed plan. The company has also requested an incentive plan for senior managers.

Deutsche Bank AG and General Electric Capital Corp were the joint lead arrangers for the company's bankruptcy financing.

The firm amended its reorganization plan last month to sweeten the payout for creditors, who have argued that the company undervalued its assets.

The lenders, which provided $200 million of bankruptcy financing, will have their share of the reorganized company trimmed to 84.50 percent from 87.25 percent, according to the amended plan.

The rest of the equity will be distributed among secured lenders, while noteholders and the Pension Benefit Guaranty Corp will receive $5 million and warrants that would allow them to buy up to 10 percent of the reorganized company.

General unsecured claims will end up recovering less than 1 percent of what they are owed, according to the amended plan.

The case is: In re Hayes Lemmerz International Inc, U.S. Bankruptcy Court, District of Delaware, No. 09-11655. (Reporting by Juan Lagorio and Tom Hals; Editing Bernard Orr)