Hilco Capital LP Announces Funding $10 Million To Harvard Industries

    CHICAGO--June 5, 2001--Theodore L. Koenig, President and Chief Executive Officer of Hilco Capital LP, today announced the completion and funding of a $10 million junior credit facility for Harvard Industries, Inc. (OTCBB: HAVA.OB). Harvard Industries obtained the Hilco Capital facility in order to provide additional financial flexibility and liquidity in connection with a new $65 million senior credit facility provided by The CIT Group/Business Credit, Inc. and Citicorp USA, Inc.
    Harvard Industries, through its direct and indirect subsidiaries, is a manufacturer and tier 1 supplier of automotive component parts to the automotive industry. Harvard manufactures high-strength aluminum castings, fabrications and machined products and metal stamped and roll form products such as differential carriers, metal fans, shafts, door frames, drip rails, impact beams, door tracks, engine plates, a/c compressor bodies, oil pans and seat reinforcements, among other products. Its customers include Ford, General Motors, Caterpillar, Chrysler, Mitsubishi, Navistar and Lear Corporation. For its most recently completed fiscal year, September 30, 2000, Harvard had net sales of $331 million and employed over 2400 people. Harvard Industries is based in Lebanon, New Jersey and has ten manufacturing plants located in Albion, MI; Deckerville, MI; Jackson, MI; Rock Valley, IA; St. Louis, MO; Arnold, MO; Bryan, OH; Spencerville, OH; Pottstown, PA; and Dundalk, Ontario, Canada. Harvard operates under the trade names Doehler-Jarvis, Pottstown Precision Casting, Harman Automotive, Hayes-Albion, Trim Trends and Kingston-Warren.
    Mr. Koenig said, "We are very excited that we could provide additional capital to Harvard Industries, Inc. It is a rare opportunity to be able to assist a company that can trace its roots back to 1845. We fully support management and their strategic plan for Harvard. We believe that we have structured our facility to provide the company with significant incremental liquidity which should benefit its customers, vendors and other stakeholders alike."
    Roger G. Pollazzi, Chairman and Chief Executive Officer of Harvard Industries, Inc., said, "Hilco Capital offered us the financial flexibility within the time frame we needed. They did what they said they would do when they said they would do it. We are excited about the prospects for our company."