SOLON, Ohio, Dec. 10, 2003 (PRIMEZONE) -- Advanced Lighting Technologies, Inc. (Nasdaq:ADLT) ("ADLT") (OTCBB:ADLTQ) today announced that the Company's Plan of Reorganization has been approved and is effective. As a result, Advanced Lighting has emerged from bankruptcy and is no longer operating under Chapter 11. The reorganization was approved by an affirmative vote of all classes of its creditors and shareholders. On Monday, December 8th, Judge Goldgar reviewed the evidence presented by the Company and issued a confirmation order in his Chicago bankruptcy court approving the terms of the Plan.
Under the confirmed Plan, Saratoga Lighting Holdings LLC, an affiliate of Saratoga Partners LLC, invested $30 million dollars in cash and equity for the Company's preferred and common stock. In addition, Wells Fargo Foothill entered into a $30 million dollar senior secured credit facility. Operating management will also have a significant equity investment in the Company.
After today, ADLT will no longer be a Company with publicly traded stock. As a result, Advanced Lighting Technologies, Inc. Common Stock will be cancelled and will cease trading effective December 10, 2003. As part of the Plan of Reorganization, a trust has been established for the benefit of shareholders of record through today's trading, who are expected to receive certain future distributions as provided in the Plan.
"Since filing for Chapter 11 protection in February 2003, the Company's revenues have grown and our earnings have improved substantially," said ADLT CEO, Wayne Hellman. "All of the Company's employees, suppliers, and customers are to be congratulated for helping ADLT to emerge in ten months with a plan that provides for the payment of its creditors in full. ADLT will benefit by having a strong investor, such as Saratoga Partners, who is very much interested in continuing the growth rates that ADLT has achieved in the past." Hellman continues, "ADLT will continue to be a leading producer and developer of metal halide lighting products and advanced material products in the world today."
About Advanced Lighting Technologies:
ADLT is an innovation-driven designer, manufacturer, and marketer of metal halide lighting products, including materials, system components, systems and equipment. ADLT also develops, manufactures, and markets high technology materials and thin film coatings used in other energy-efficient lighting products.
About Saratoga Partners:
Saratoga Partners is a leading middle-market private equity investment firm with $750 million of committed and invested institutional equity capital. It invests in businesses with strong management teams and valuations of between $50 million and $500 million, specializing in companies in manufacturing, business services, and the information services industries.
Since Saratoga was founded in 1984, as a division of the New York investment firm Dillon, Read & Co., Inc., it has invested in 33 companies with an aggregate value of more than $3.8 billion. It has been an independent firm since 1998 after Dillon Read was acquired by Swiss Bank Corporation (a predecessor to UBS AG).