UPDATE 1-Wheel maker Hayes Lemmerz wins bankruptcy plan OK

NEW YORK, Nov 3 (Reuters) - Hayes Lemmerz International Inc (HAYZQ.PK), a century-old maker of aluminum and steel wheels for cars and trucks, said it won approval of its bankruptcy reorganization plan on Tuesday, and expects to emerge from Chapter 11 this year.

Judge Mary Walrath of the U.S. bankruptcy court in Delaware approved the plan, which is expected to reduce the Northville, Michigan-based company's debt by two-thirds to about $240 million from $720 million.

Hayes Lemmerz said it is in talks with potential lenders to obtain $100 million of exit financing, which it said will permit it to emerge from bankruptcy no later than December.

The company has also reached agreements with unions, retirees and the U.S. Pension Benefit Guaranty Corp to reduce its pension and medical liabilities, court documents filed last week show.

Hayes Lemmerz filed for bankruptcy protection in May. It is one of many companies within the troubled auto industry to seek protection from creditors over the last few years.

The company was founded in 1908. Its shares closed down two-tenths of a cent at 3.2 cents on the Pink Sheets.

The case is: In re Hayes Lemmerz International Inc, U.S. Bankruptcy Court, District of Delaware, No. 09-11655. (Reporting by Jonathan Stempel; editing by Gunna Dickson)