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Key Plastics, L.L.C. Seeks Financial Reorganization

24 March 2000

Key Plastics, L.L.C. Seeks Financial Reorganization

    NOVI, Mich., March 23 Key Plastics, L.L.C., one of the
world's leaders in the automotive plastics industry, and certain of its
domestics affiliates, today filed for voluntary petitions for reorganization
under Chapter 11 of the United States Bankruptcy Code in the United States
Bankruptcy Court for the Eastern District of Michigan, Southern Division.
    The Company also announced that it has received a proposed commitment from
its lending group for up to $125 million in debtor-in-possession (DIP)
financing.  The DIP financing, which is subject to court approval, is expected
to provide adequate funding for all post-petition trade and employee
obligations, as well as the costs associated with the restructuring process.
Most importantly, it will provide sufficient working capital during
restructuring to allow Key Plastics to maintain full operations.
    "This decision will enable our company to maintain engineering and
manufacturing of our products without significant interruption, while
addressing the burden of our interest charges and debt amortization," said
David C. Benoit, Chief Executive Officer of Key Plastics, L.L.C.
    "We want to emphasize that Key Plastics is a viable and growing company.
Our management team is focused on, and committed to, producing high quality
components for the automotive sector.  We expect to work constructively and
garner the continued support of our employees, customers, vendors,
shareholders and creditors.  Their support is extremely gratifying,
particularly from our customers who are referring new business and who have
shown outstanding professionalism and support throughout this experience,"
said Benoit.
    In just five years, Key Plastics has grown from nine facilities in the
United States and Mexico to 34 facilities in nine countries.  The company has
enjoyed strong growth, tripling employment since 1995 while increasing sales
200 percent over that period.
    Key Plastics designs and manufactures highly engineered precision plastic
components and subsystems, including Interior Trim such as driver information,
audio and HVAC components; Under Hood components including pressurized bottles
and mass air flow housings, and Exterior Ornamentation including door handles
and fuel filler doors.
    The Company's World Headquarters and Technical Center is located in Novi,
Michigan.  Key's Novi Headquarters and Plymouth, Michigan Test and Validation
Laboratory are ISO 9001 certified.  All of its manufacturing facilities are
QS-9000 certified.
    This release contains certain "forward-looking statements" within the
meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and
are subject to a number of risks and uncertainties.  These include, among
others, the Company's ability to maintain its customer and supplier
relationships, implement its program of reorganization and retain key
employees; general business and economic conditions; and the business and
economic conditions in the automotive plastics industry.  Actual results,
performance or achievements may be materially different from the results,
performance or achievements expressed or implied by the forward-looking
statements.  Consequently, the forward-looking statements contained herein
should not be regarded as representations by Key Plastics or any other person
that any projected outcomes can or will be achieved.