SOLON, Ohio, July 2, 2003 (PRIMEZONE) -- Advanced Lighting Technologies, Inc. (OTCBB:ADLTQ) announced today that the US Bankruptcy Court for the Northern District of Illinois, Eastern Division, approved the company's new DIP financing agreement with Wells Fargo Foothill, which has now replaced the prior DIP credit facility.
The replacement facility allows the Debtors to complete the filings related to the amended plan and to seek approval of the amended plan without the requirement in the prior DIP credit facility to enter into agreements to sell assets of the Company prior to reorganization.
The case has been assigned to the Honorable Bankruptcy Judge Squires. Information regarding the filings in this case is available on the court's web site. ADLT's case is jointly administered under case No. 03-05255.
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 and certain of its United States subsidiaries, including APL Engineered Materials, Inc., are currently operating as debtors-in-possession while the companies reorganize under Chapter 11 of the United States Bankruptcy Code. ADLT also develops, manufactures and markets passive optical telecommunications devices, components and equipment based on the optical coating technology of its wholly owned subsidiary, Deposition Sciences, Inc., which is not operating under protection of the Bankruptcy Code.
About Wells Fargo Foothill
Wells Fargo Foothill is a leading provider of senior secured financing to middle-market companies across the United States and Canada. It is part of Wells Fargo & Company (NYSE:WFC), a diversified financial services company with $370 billion in assets, providing banking, insurance, investments, mortgage and consumer finance from more than 5,800 stores and the Internet (wellsfargo.com) across North America and elsewhere internationally. For more information, visit Wells Fargo Foothill on the Internet at www.wffoothill.com.
Forward-Looking Statements
Except for historical information contained herein, the matters discussed in this news release are forward-looking statements that involve risks and uncertainties, including uncertainties associated with the restructuring process, the ability of ADLT to successfully emerge from bankruptcy, the ability of ADLT to operate successfully during the reorganization proceeding, and disruptions to ADLT's business relationships during the restructuring process. Other risks and uncertainties include the strength of the recovery of the U.S. economy, timely development and market acceptance of new products, including production equipment, the ability to provide adequate incentives to retain and attract key employees, the impact of competitive products and pricing, and other risks detailed from time-to-time in ADLT's EDGAR filings with the Securities and Exchange Commission. In particular, see "Risk Factors" in ADLT's Form 10-K for the fiscal year ended June 30, 2002. Without limiting the foregoing, the words "believes," "anticipates," "plans," "expects" and similar expressions are intended to identify forward-looking statements. ADLT's actual results could differ materially from those anticipated in these forward-looking statements.