SOLON, Ohio, Oct. 28, 2003 (PRIMEZONE) -- Advanced Lighting Technologies, Inc. ("ADLT") (OTCBB:ADLTQ) announced today that an agreement has been reached with the Creditors' Committee and that the company's reorganization plan is now supported by all major constituents.
The Creditors' Committee has asked in a letter to all unsecured creditors that they vote to accept the plan, the company said. The principal issue that has been resolved related to the amount, interest rate and maturity date on new notes to be issued to the holders of the company's outstanding senior notes.
The company filed a motion with the bankruptcy court asking for approval of its agreement with the Creditors' Committee. Once approved, a revised supplemental disclosure statement describing the changes that have been made will be circulated to interested parties. The company anticipates that voting on the plan will be completed in time for the December 8, 2003, confirmation hearing previously scheduled by the bankruptcy court.
Advanced Lighting had filed the plan filed on October 3, 2003, in collaboration with Saratoga Partners. Saratoga, a New York-based private-equity investment firm, has said it will invest a total of $30 million in Advanced Lighting.
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.
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, 2003. 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.