Neenah Enterprises, Inc. Secures Exit Financing and Expects Timely Emergence from Bankruptcy

NEENAH, Wis., July 2 /PRNewswire/ -- Neenah Enterprises, Inc. ("NEI" or the "Company"), one of the largest independent foundry companies in the United States and one of the leading suppliers of castings to the domestic municipal and industrial markets, announced today that it has secured financing commitments for its exit from bankruptcy.  The confirmation hearing for the Company's plan of reorganization has been scheduled for July 6, 2010 and the Company expects to close on the financing and emerge from bankruptcy approximately two weeks later.  Upon emergence, the Company will have successfully reduced its debt by more than $270 million.  

In connection with its exit from bankruptcy, the Company will transition to a new executive management team.  Richard D. Caruso, a Managing Director for Huron Consulting Services, LLC ("Huron"), will serve as Acting Chief Executive Officer of the Company, and Brent E. Johnson of Huron will serve as Acting Chief Financial Officer of the Company.  Mr. Caruso has served as Chief Restructuring Advisor to the Company since it filed for bankruptcy in February, 2010 and has over 25 years of experience in the metals, manufacturing and construction industries.  Korn Ferry International, a leading executive recruiting firm, has been retained to assist the Company in hiring permanent successors to Mr. Caruso and Mr. Johnson, who will replace Robert E. Ostendorf, Jr., the current President and Chief Executive Officer of the Company and Dale E. Parker, the current Chief Financial Officer of the Company.  Mr. Ostendorf, recently announced his decision to resign from his current positions.  Mr. Ostendorf, who has served as President and Chief Executive Officer since July 2007, will be available to assist the Company with an orderly transition of his responsibilities.  Dale E. Parker, the Chief Financial Officer of the Company, has also announced his intention to resign in connection with the Company's exit from bankruptcy.

The Company also announced that William Barrett will serve as Special Advisor to the Board and Chief Executive Officer. Mr. Barrett was Chief Executive Officer of the Company from 2000 through 2007 and will provide valuable experience to the reorganized Company.  

On February 3, 2010, NEI and its subsidiaries filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware in order to consummate a balance sheet restructuring while providing 100% recoveries to its suppliers and vendors.  Huron has served as the Company's restructuring advisors during their reorganization process.

About Neenah Enterprises, Inc. and Neenah Foundry Company

Neenah Enterprises, Inc. is the indirect parent holding company of Neenah Foundry Company. Neenah Foundry Company and its subsidiaries manufacture and market a wide range of iron castings and steel forgings for the heavy municipal market and selected segments of the industrial markets. Neenah is one of the largest independent foundry companies in the United States, with substantial market share in the municipal and various industrial markets for gray and ductile iron castings and forged steel products. Additional information about Neenah is available on the company's website at www.nfco.com

SOURCE Neenah Enterprises, Inc.

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