Oxford Automotive Issues $280 Million in Bonds And Obtains New $60 Million Revolving-Credit Facility

TROY, Michigan, November 5 -- Oxford Automotive, Inc., a Tier 1 automotive supplier with UD$1 billion in annual revenues, has completed a transaction to refinance the company and provide funding for future growth.

Oxford has issued US$280 million in new seven-year bonds to pay off existing bank debt, to provide additional working capital and to fund capital expenditures. Jefferies & Company, Inc. acted as the underwriter for the bonds.

Oxford also has obtained a three-year revolving-credit facility of US$60 million with Silver Point Finance, LLC. This facility is currently undrawn. In addition, MatlinPatterson Global Opportunities Partners, Oxford's equity sponsor, has invested US$75 million in new Oxford equity.

These transactions completely refinance Oxford's existing debt and provide liquidity for the company's working capital and capital expenditure needs as it grows.

"This is excellent and much-anticipated news for Oxford. The refinancing strengthens our position as a world-leading supplier of specialized metal-formed assemblies and related services to the automotive industry," said John Potter, president and CEO.

This financing will fund completion of Oxford's new plant in McCalla, Ala., and will help provide for a successful launch of Oxford's components for the Mercedes redesigned M-Class and new Grand Sports Tourer.

"We are very pleased with the financing. Oxford is now poised for additional growth as a leading Tier 1 supplier in the automotive industry," said David Matlin, CEO of MatlinPatterson, a private equity fund that invests globally in financial reorganisations and turnarounds.

About Oxford Automotive, Inc.

Oxford Automotive, Inc., with headquarters in Troy, Mich., is a leading Tier 1 supplier of specialised welded metal assemblies and related services. The company, which is privately held, currently has approximately 7,200 mployees at 33 locations in nine countries, with technology centers in the United States, France, Germany and Italy. Annual revenues for the fiscal year ended March 31, 2003 were approximately US$1 billion.

The notes have not been registered under the Securities Act of 1933 or the securities laws of any state, and may not be offered or sold in the United States or outside the United States, absent a registration or an applicable exemption from registration requirements under the Securities Act and any applicable state securities laws.

Forward-Looking Statements

This press release includes statements that constitute forward-looking statements, as that term is defined by the federal securities laws. All forward-looking statements involve risk and uncertainties and there can be no assurances that actual results will not materially differ from expected results. Risks and uncertainties that could cause actual results to vary materially from those anticipated in the forward-looking statements included in this press release include general economic conditions in the markets in which we operate, industry-based factors, and factors more specific to us such as: dependence on significant automotive customers; dependence on utomotive industry conditions; uncertainty relating to new program awards; osses and declining base of business at our Canadian subsidiary; cyclical nature of the automotive industry; instability in the global economy; risks associated with conducting business in foreign countries; exposure to increased cost of purchased raw materials and components; inability to reduce costs; labor costs and strikes at our major direct and indirect customers and at our facilities; increased internal production by our automotive customers; the level of competition in the automotive supply industry; inability to develop or implement new technologies; inability to successfully integrate acquired businesses; inability to meet future capital requirements; exposure to environmental liabilities; inability to sell receivables; dependence on key personnel; and exposure to product liability and warranty claims.