JPE Inc. Announces Plans of Reorganization Confirmed

22 April 1999

JPE Inc. Announces Plans of Reorganization Confirmed

    ANN ARBOR, Mich.--(AutomotiveWire)--April 21, 1999--JPE Inc. (OTC BB:JPEI) announced today that on Friday, April 16, 1999, the Plans of Reorganization of Plastic Trim Inc. and Starboard Industries Inc. were confirmed by Bankruptcy Judge Walter Shapero of the United States Bankruptcy Court for the Eastern District of Michigan.
    Plastic Trim and Starboard Industries had filed for bankruptcy protection under Chapter 11 of the Bankruptcy Code on Sept. 15, 1998.
    Richard R. Chrysler, president and chief executive officer of JPE Inc., said: "All of the employees of our companies are grateful for the help and support we received from all of our customers, suppliers, and professionals. We appreciate their assistance through this very difficult time. We have looked forward to this day with great anticipation and are very motivated as we look forward to a new beginning."
    Consummation of the Plans of Reorganization, including funding, remains contingent upon the closing of an investment transaction involving JPE Inc., the parent of Plastic Trim and Starboard Industries. The investment transaction is intended to result, in part, in the subscription for common and preferred shares of JPE by ASC Holdings Inc., and is subject to, among other things, final documentation.
    The statements made above with respect to negotiations with ASC Holdings and consummation of the restructuring plan are "forward looking statements" within the meaning of the Securities Exchange Act of 1934 and are subject to a number of risks and uncertainties including satisfaction of the conditions stated above and various other factors discussed in the company's annual and quarterly reports filed with the Securities and Exchange Commission.