Wilbur Ross-Led Investors To Provide Oxford Automotive USD $100 Million of New Equity

PARIS, Sept. 15 -- American private equity investor Wilbur Ross has acquired shares of Oxford Automotive Aps from former creditors who exchanged notes for equity when Oxford emerged from insolvency proceedings in April, 2005. Mr. Ross now owns about 25% of Oxford's equity. Mr. Ross and other shareholders have committed to be standby underwriter of a proposed rights offering to existing shareholders of US $100 million of new equity.

Oxford's Board of Directors consists of Mr. Ross, Chairman of the WL Ross & Co. LLC investment firm, Herve Guillaume, CEO of Oxford, Jon Bauer, Managing Member of Contrarian Capital Management LLC, Rolf Zimmermann, former CEO of Ford-Germany, Sarkis Kalyandjian, former CEO of GKN's automotive driveline division, and Eugene Davis, Chairman of Venture Group.

Mr. Ross said, "This is the first of what we hope will be a series of investments in European and American auto parts businesses. We view our Oxford investment as an important addition to our industrial portfolio and look forward to working with management on its growth strategy." Mr. Guillaume added, "We are delighted to have such sophisticated and supportive private equity investors committing substantial capital to our company. Our objective is for Oxford to become a preferred Tier 1 supplier. To that end the capital increase will enable us to enhance our existing operations as well as acquire new ones."

Oxford has revenues of $625 million and serves automotive OEMs, including Peugeot, Renault and Daimler Chrysler, from manufacturing plants in France, Germany and Turkey, which produce stamping, assembled modules and mechanisms.