Haynes International to restructure debt

New York, Jan. 1 - Haynes International Inc. said it has hired advisers to help with a financial restructuring.

The Kokomo, Ind., manufacturer of high performance alloys for aerospace and chemicals processing said it aims to strengthen its balance sheet and achieve sustainable cash flows.

"A timely, orderly restructuring will allow us to respond more effectively to changing market conditions and preserve and enhance our financial foundation," stated Francis Petro, Haynes' chief executive officer, in a news release.

Haynes announced in its fourth-quarter earnings release it has hired Conway, Del Genio, Gries & Co. LLC. The company reported net revenue decreased 21.1% to $178.1 million for the year to Sept. 30, 2003, compared to $225.9 million in fiscal 2002. Haynes reported a net loss of $63.0 million for fiscal 2003, compared to net income of $0.9 million for fiscal 2002.

The company added that the auditor's report on its financial statements will include a warning that the company "may not generate sufficient liquidity to meet its financial obligations as they come due and may be unable to maintain compliance with its debt covenants during fiscal 2004" and as a result there is substantial doubt about its ability to continue as a going concern.

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