Wolverine Tube, Inc. Reaches Agreement With Noteholders to Restructure Debt

HUNTSVILLE, Ala., Nov. 1, 2010 /PRNewswire-FirstCall/ -- Wolverine Tube, Inc. (OTC Bulletin Board: WLVT), Tube Forming L.P., Wolverine Joining Technologies, LLC, and WT Holding Company, Inc. ("Wolverine" or "the Company"), a publicly held company and a global leader in advanced metal surface technology enhancements for heat transfer solutions, announced that it has reached an agreement in principle with holders of the Company's notes on the terms of a financial restructuring to reduce the company's indebtedness.

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To implement the financial restructuring, Wolverine today elected to file Chapter 11 petitions in the United States Bankruptcy Court for the District of Delaware ("the Court") to effectuate a prearranged plan of reorganization supported by Wolverine's noteholders, which plan the Company intends to file shortly. The Company believes the filings will have little impact on its operations, and it will continue operations during the restructuring process.  Wolverine expects to emerge from Chapter 11 within approximately 90 days.

The Company believes its cash on hand, together with the cash generated from ongoing operations, will be sufficient to fund its normal business obligations through the financial restructuring.

"Once completed and approved by the Court, the financial restructuring will reduce the Company's debt by approximately $110 million, leaving Wolverine with $30 million of debt at much more attractive terms and a substantial positive shareholder's equity," said Steven S. Elbaum, Chairman of Wolverine. "We are very pleased to have reached this agreement with noteholders.  It is a very positive step for Wolverine, our customers, suppliers and employees because it underscores confidence in Wolverine's ability to achieve sustained profitable growth.  Over the last three years Wolverine has successfully restructured its operations, improved its cost structure and competitiveness and repaid a substantial amount of debt.  It is highly focused on its core business and customers.  The announced restructuring will firmly position Wolverine to successfully compete in the global markets it serves."

"On an operational level, Wolverine has a strong foundation in place with a cash position that is more than sufficient to run its business during this period," added Elbaum.  "A court-supervised process will accelerate – and finalize – Wolverine's financial restructuring while ensuring that current business operations continue without impediment."

Wolverine has also filed a variety of customary motions to support its employees and suppliers during the restructuring process.  As part of these motions, the Company has asked the Court for additional authorizations, including permission to continue paying employee wages and salaries, provide employee benefits, and pay trade creditors in full without interruption.

Wolverine has retained Proskauer Rose and Cozen O'Connor as legal counsel in connection with the restructuring.

Additional information is available at the Company's website www.wlv.com. For access to Court documents and other general information about the Chapter 11 cases, please visit www.donlinrecano.com

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 customer's increasing needs for effective enhanced heat transfer performance. Our tailored solutions for many OEM customers are globally recognized.

SOURCE Wolverine Tube, Inc.

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