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Black Diamond Capital Management, L.L.C. Agrees to Purchase Select Assets of American Remanufacturers Bankruptcy Estate

LAKE FOREST, Ill., Jan. 6, 2006 -- Black Diamond Capital Management, L.L.C., a leading privately-held alternative asset management firm with approximately $7 billion under management, today announced that an entity it manages has executed an agreement to purchase select assets held by the Bankruptcy Estate of American Remanufacturers, Inc. These assets include American Remanufacturers' operations on the East and West Coasts. The transaction is scheduled to close on or before January 17, 2006.

Christopher Kipley, a Managing Director at Black Diamond Capital Management, stated, "Black Diamond intends to explore all options for these assets, including strategic alliances that could potentially result in restarting the business."

American Remanufacturers filed to reorganize under Chapter 11 of the U.S. Bankruptcy Code on November 7, 2005, but just over a week later asked the court to convert the case to a Chapter 7 liquidation. The privately held company, which made new and remanufacturered "undercar" products including axels, brakes and power steering components, halted all operations upon the conversion of the case.

About Black Diamond Capital Management, L.L.C.

Black Diamond Capital Management, L.L.C. is an alternative asset management firm with approximately $7 billion under management in a combination of private equity, hedge funds and structured vehicles. It was founded in 1995 by its managing partners, James Zenni and Stephen Deckoff. Its investors are largely comprised of leading institutional investors, including pension funds, endowments funds, and insurance companies.