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Harvard Industries Announces Refinancing

7 August 1998

Harvard Industries Announces Refinancing

    LEBANON, N.J., Aug. 6 -- Harvard Industries, Inc. today
announced that it has executed a fully underwritten commitment letter with
Lehman Brothers, the global investment bank, for a senior secured credit
facility in the amount of $165 million.  Receiving this commitment was an
integral requirement of the Company's capital restructuring plan, and the
proceeds will be used to refinance existing credit facilities.
    Harvard is pleased to have the financial support of Lehman Brothers in
this plan of reorganization. "Harvard's efforts in putting together a
reorganization plan have involved many months of hard work on the part of its
management team, and this agreement allows the Company to execute its new
strategic plan," said Roger Pollazzi, Chief Operating Officer of Harvard.  "It
is our expectation that we will emerge from Chapter 11 early this fall as a
substantially deleveraged, healthy company, prepared to aggressively expand
our role as a leading supplier of finished components for the worldwide
industrial and automotive sectors," added Pollazzi.
    Harvard Industries, Inc. through its subsidiaries, designs, develops and
manufactures a broad range of components for original equipment manufacturers
producing cars and light trucks in North America and abroad.  Harvard and its
domestic subsidiaries have been operating since May 8, 1997 under the
protection of Chapter 11 of the United States Bankruptcy Code.