Court Approves Wolverine Tube Plan of Reorganization

DECATUR, Ala., June 10, 2011 /PRNewswire/ -- Wolverine Tube, Inc. (PINKSHEETS: WLVTQ), a global leader in advanced metal surface technology enhancements for heat transfer solutions, announced today that the U.S. Bankruptcy Court for the District of Delaware has confirmed the company's Plan of Reorganization.

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"Approval of the Plan clears the way for us to officially exit bankruptcy," said Steven S. Elbaum, Chairman of Wolverine. "We are pleased to report that the Plan was approved by an overwhelming majority of our creditors."

Under the Plan as confirmed by the court, $139 million of senior secured notes and accrued interest at the petition date will be converted to equity plus a $30 million note, and all unsecured creditors will be paid in full. The company's pension will be terminated and assumed by the Pension Benefit Guaranty Corporation (PBGC).

Wolverine filed a voluntary petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the U. S. Bankruptcy Court for the District of Delaware on November 1, 2010. For access to court documents and other general information about the Chapter 11 case, please visit http://www.donlinrecano.com.

Wolverine expects to emerge from Chapter 11 on June 24, 2011.

About Wolverine Tube, Inc.

Wolverine is a global leader in offering proprietary custom-engineered components that provide a thermal management solution for our customers in multiple markets including HVAC, refrigeration and appliance, electronics cooling, power generation, petrochemical and chemical processing. We deliver the most advanced metal surface technology enhancements for heat transfer solutions in today's marketplace. We have also earned a reputation for having the broadest engineered product offering in the non-ferrous metals market.

Throughout our more than 90-year history, we have utilized our proprietary tooling and process technology to enhance surface geometry for tubular and flat metal surfaces to expand our product lines, effectively meeting our customers' increasing needs for effective enhanced heat transfer performance. Our tailored solutions for many OEM customers are globally recognized.

Contact
Harold M. Karp
President and Chief Operating Officer
Wolverine Tube, Inc.
256-580-3960
[email protected]

SOURCE Wolverine Tube, Inc.

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