Oxford Automotive Emerges from Chapter 11 Bankruptcy

TROY, Mich., March 24 -- Oxford Automotive, Inc. (Oxford) announced today that it is emerging from Chapter 11 Bankruptcy Protection. The effective date is March 24, 2005. In early December of 2004, Oxford had filed for protection with the U.S. Bankruptcy Court for the Eastern District of Michigan. Oxford's emergence culminates a consensual Chapter 11 plan that provides for the sale and/or liquidation of its North American businesses, while preserving the company's successful European operations. Oxford Automotive will continue to operate exclusively in Europe under the direction of a newly appointed board and ownership.

"Our strategy to emerge from Chapter 11 is a success," said David Treadwell, chief executive officer of Oxford. "We sold the majority of our North American plants as ongoing operations, thus retaining jobs and avoiding any disruption for our customers. Considering the challenges within the supplier industry, this is a very good resolution that was completed in an expedited process."

Of Oxford's 10 U.S. plants, six have been sold and four have been or will be liquidated. The six plants that were sold continue as ongoing operations.

The Plan of Reorganization names Cloyses Partners, LLC as the plan administrator. Gary Kulesza of Cloyses Partners has served as Chief Reorganization Officer for Oxford since October 2004.

Throughout the reorganization process, turnaround specialist firm Conway McKenzie & Dunleavy (CMD) provided financial advisory services. "The CMD team was instrumental in enabling Oxford to move through this bankruptcy in a quick and efficient process," said Treadwell.

Treadwell, CEO of Oxford since August of 2004, will leave the company after it emerges from bankruptcy. Treadwell was named CEO to restructure the company and retain maximum value on behalf of Oxford creditors. Treadwell will serve as a director of the reorganized Oxford Europe board.

"David did an outstanding job in transitioning Oxford so that it can continue as a major European supplier, while satisfying the needs of its North American customer base, and providing the value sought by Oxford's investors," said Kulesza.