Arclin Receives Approval of Restructuring From Canadian and U.S. Courts


    
    Company Expects to Complete Financial Restructuring in Early January




    
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<p>MISSISSAUGA, Ontario, <chron>Dec. 11</chron> /CNW/ -- Arclin, a privately held provider of bonding and surfacing solutions, today announced that its Plan of Arrangement, which was filed by Arclin's Canadian entities, was approved by the Ontario Superior Court of Justice.  In addition, the <location>United States</location> Bankruptcy Court for the District of Delaware confirmed Arclin's Plan of Reorganization on <chron>December 8, 2009</chron>.  The Company expects to complete its financial restructuring in early <chron>January 2010</chron>.</p>
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<p>Claudio D'Ambrosio, Arclin's President and Chief Executive Officer, said, "Court approval in both <location>Canada</location> and the U.S. is the last major step for Arclin in what has been a very fast and efficient restructuring process.  Throughout this period we have continued to develop new and innovative solutions to serve our customers while enhancing our commitment to environmental sustainability.  We are poised to emerge with increased financial flexibility and a significantly improved capital structure.  We are grateful for the unwavering support of our employees, customers, suppliers and other stakeholders, and we look forward to achieving renewed growth and enhanced profitability."</p>
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<p>Under the plans approved by the Canadian and U.S. courts, Arclin's funded indebtedness will be reduced from US$234 million to US$60 million.  Affiliates of Black Diamond Capital Management, L.L.C. and Silver Point Capital, L.P., the Company's lenders, will become the majority owners of the Company through an exchange of debt for equity.</p>
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    About Arclin
    
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<p>Based in Mississauga, Ontario, Arclin is a leading provider of innovative bonding and surfacing solutions for the building and construction, engineered materials and natural resource markets. Arclin provides bonding solutions for a number of applications including wood based panels, engineered wood, non-wovens and paper impregnation. As a world leader in paper overlays technology, Arclin provides high value surfacing solutions for decorative panels, building products and industrial specialty applications for North American and export markets.</p>
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<p>Contacts</p>
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    Kevin Griffin
    Director, Marketing and Communications
    (919) 542-2526 ext 3020
    
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    Andy Brimmer / Andrew Siegel / Ariel LeBoff
    Joele Frank, Wilkinson Brimmer Katcher
    (212) 355-4449




    

For further information: For further information: Kevin Griffin, Director, Marketing and Communications, +1-919-542-2526 ext 3020; or Andy Brimmer, Andrew Siegel, or Ariel LeBoff, all of Joele Frank, Wilkinson Brimmer, Katcher, +1-212-355-4449

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ARCLIN

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