Key Plastics Plan of Reorganization Confirmed by Court

    NOVI, Mich., March 30 Key Plastics, LLC announced that the
U.S. Bankruptcy Court in Detroit has approved Key's plan of reorganization.
The Court's order allows the Company to continue operations and emerge from
Chapter 11 protection under the new ownership of Dallas-based Carlyle
Management Group ("CMG").  Key expects to close on the purchase by CMG and
emerge from Chapter 11 by April 30, 2001.
    "This latest development is a culmination of the hard work and support of
our employees, customers and suppliers," said David C. Benoit, Key Plastics
Chief Executive Officer.  "By all accounts, it has been a challenging year and
fiercely long journey.  Key Plastics' management team looks forward to working
collaboratively with the new ownership on a seamless transition."
    Benoit continued:  "I, along with our management team, praise our
employees and partners worldwide for the hard work required to facilitate the
Company's transformation.  All of us at Key Plastics value the relationships
we have maintained with our customers and suppliers throughout this
reformation process.  We especially thank our customers for standing by us as
we now conclude this difficult chapter in our Company's history."
    Going forward, Key Plastics will be under the new leadership of CMG's
Chief Executive Officer, B. Edward Ewing, who also will become the new CEO of
Key post-closing.
    Commenting on the development, Ewing said:  "It is important to note that
one of our key objectives when evaluating this opportunity was identifying a
company that has a fundamentally sound business and good people.  This is a
business that has a leading market share in a number of its key products, a
fact we hope to leverage in the future.  Once we close the acquisition, an
orderly transition is planned which should result in minimal disruption to our
customers and employees.  CMG will bring financial discipline and managerial
support, which will enable Key Plastics to achieve its overall financial and
strategic goals.  I would like to acknowledge Key's customers for the support
they have given this enterprise and I look forward to a mutually beneficial
relationship going forward.  In addition, we commend the creditor group for
their support during the bankruptcy process.  Supported by our employees and
suppliers, Key Plastics will continue to serve its customers by producing the
industry's highest quality plastic systems and components.  Our primary
objective with Key Plastics, as with all of our companies, is for our
employees, customers and shareholders to say we are a great management team."
    CMG focuses on acquiring and managing turnaround and special situation
investment opportunities.  The principals of CMG have extensive operations and
investment experience in the automotive, aerospace, defense and heavy
manufacturing industries.  CMG is part of The Carlyle Group, one of the
largest private equity firms in the world managing over $13.5 billion of
capital.
    Key Plastics is a global manufacturer of highly engineered precision
plastic components and subsystems to the automotive industry with revenues of
approximately $550 million.  Headquartered in Novi, Michigan, the company has
19 facilities in North America and 13 in Europe (located in 7 countries) and
employs 6,500 individuals globally.
    This release contains certain "forward-looking statements" within the
meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and
are subject to a number of risks and uncertainties.  These include, among
others, the Company's ability to maintain its customer and supplier
relationships, implement its program of reorganization and retain key
employees; general business and economic conditions; and the business and
economic conditions in the automotive plastic industry.  Actual results,
performance or achievements may be materially different from the results,
performance or achievements expressed or implied by the forward-looking
statements.  Consequently, the forward-looking statements contained herein
should not be regarded as representations by Key Plastics or any other person
that any projected outcomes can or will be achieved.