Thermadyne Announces Waiver of Covenants

    ST. LOUIS--April 25, 2001--Thermadyne Holdings Corporation (OTC BB: TDHC.OB) today announced that it has entered into an amendment to its credit agreement with its banking institutions.
    The amended credit agreement calls, in part, for Thermadyne's banking institutions to waive the requirements under certain financial covenants for the period from March 31, 2001 through May 23, 2001, as to which the Company was not in compliance.
    The Company said that its Board of Directors has authorized management and its financial advisors to evaluate the Company's existing capital structure and consider strategic alternatives to strengthen its balance sheet.
    "Thermadyne is a premier supplier to the welding and cutting industry but it simply has too much debt. Now we have the opportunity to address this issue and find a permanent resolution in the next several months that is equitable to all parties involved," said Karl R. Wyss, chairman and chief executive officer of Thermadyne Holdings Corporation.
    "The waiver provides the Company with the time needed to reach consensus on the restructuring of our debt," Mr. Wyss added.
    "We want to assure our employees, customers and suppliers that we fully expect this process to have no impact on the day-to-day operating performance of our Company. Orders will be fulfilled, suppliers will be paid promptly and our daily operations will continue as usual. Most importantly, this creates a unique opportunity to emerge as a strong, healthy company benefitting customers, suppliers and employees alike," concluded Mr. Wyss.