Michael Ward: Okay. Now it’s – do you have any feedback as far as the timing of the reacceleration of the big three plants that were shut down. I think Arlington probably should come back the fastest because they were least affected or maybe Sterling Heights. I’m not sure if you have anything at Sterling Heights.
Michael Dorah: So for GM, most of the plants started back up yesterday. There’s one plant that’s going to come back next week. Arlington, to your specific question comes on today. The volumes of requesting are not full, so we expect to have an update schedules next week.
Michael Ward: Okay. And any idea of when you could get back up to full production? I think it usually takes at least a couple of weeks.
Michael Dorah: Yes, it’s probably going to be about two weeks.
Michael Ward: Two weeks, not too bad.
Michael Dorah: Yes.
Michael Ward: Okay, well, that’s certainly good news. All right, thank you very much.
Majdi Abulaban: Thanks, Michael.
Operator: Thank you. We’ll now move on to our next question from Mehmet Dere at Deutsche Bank. Your line is open. Please go ahead.
Mehmet Dere: Hey. Good morning. Just thank you for my questions. On the CapEx, which you have reduced for the year-end, is this going to stay also for next year? Or are you going to increase your CapEx? If you can give us some an update there and also the improvement in EBITDA with the closure of the German plan of the €20 million. Can you just remind us again, like for 2024, is it – what portion of that is in 2024 and what portion of that is going into the next year or the year after? And then also another two further questions on debt, which I will ask afterwards.
Tim Trenary: Yes, sure. Mehmet, its Tim. First of all, with respect to your first question, the company has over the last certainly two years, we’ve been very focused on our investment in the balance sheet, more specifically working capital, which has come down dramatically and then capital spending. To your point, this year we’re projecting capital spending of $50 million for the year. And with respect to our ability to maintain that level going into 2024, I would tell you that, while we are not done with our business planning yet for 2024, my – and our objective, frankly, is to keep the spending down closer to that number than the numbers that it’s been in the past. So if you’re just sort of thinking about modeling, you might think of, for the time being, let’s say, $50 million to $55 million for next year, subject to us perhaps adjusting it a little bit early next year when we present our guidance for the year.
But a significant reduction in capital spending, we think for the most part that we can maintain that. With respect to the step change in the profitability of Europe associated with the proceedings in Germany and more specifically, the transfer of the wheels being produced in Germany to Poland, the exact timing of that process whereby the wheels will be transferred is really quite fluid. And at this point, I think it would be inappropriate for me to say specifically how much of that approx €20 million when we’re all done with the transfer will land in 2024. I would tell you that we have been and continue to be very focused on getting those wheels move just as quickly as we can. So I would anticipate that it would be some time reasonably early next year, but I can’t tell you the exact point in time that, that would be.
The third question, I don’t recall that, I’d be honest with you.
Mehmet Dere: Yes. So two questions on your debt. Can you give us an update again on your TLB hedging because you said just the interest payment was $5 million lower than without hedging. Also for 2024, your interest cost, if you can give us guidance there if nothing changes there. And then also on any potential talks about or plans about refinancing of the bond and the preferred, that would be also very helpful. Thank you.
