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Safelite Glass Corp. Announces Agreement with Its Senior Bank Lenders to Waive Technical Defaults

3 April 2000

Safelite Glass Corp. Announces Agreement with Its Senior Bank Lenders to Waive Technical Defaults

    COLUMBUS, Ohio, March 31 Safelite Glass Corp., the
nation's largest provider of automotive glass replacement and repair service,
announced today that is has entered into a waiver agreement with its senior
bank lenders.  The lenders are waiving, through June 9, 2000, certain
technical defaults under Safelite's $388 million senior bank credit facility.
    The waiver enables Safelite to operate its business as usual.  Through
continued access to its bank credit facility and operating cash flow, Safelite
should have more than sufficient liquidity to operate its business.
    John Barlow, Chief Executive Officer of Safelite, stated, "We are pleased
to have taken this important step.  This waiver provides both the time and
financial support necessary to assess our capital structure and implement
changes that will substantially deleverage our balance sheet."
    Safelite announced that it has also commenced discussions with certain
holders of its $100 million 9-7/8% Series B Senior Subordinated Notes due 2006
and its $55 million 9-7/8% Series D Senior Subordinated Notes due 2006
regarding a potential capital structure change.
    "Safelite is committed to moving through this process expeditiously,"
stated Mr. Barlow. "The Company's deleveraging efforts will not affect
Safelite's ability to provide excellent service to its business clients,
affiliated providers and the driving public.  We have a solid business with
positive operating cash flow and we are committed to continued industry
leadership."

    Cautionary Statement
    Readers are cautioned that there are statements contained in this document
which are "forward-looking" statements within the meaning of the Private
Securities Litigation Reform Act of 1995 (the "Act").  Forward-looking
statements include statements which are predictive in nature, which depend
upon or refer to future events or conditions, which include words such as
"expects," "anticipates," "intends," "plans," "believes," "estimates," or
similar expressions.  In addition, any statements concerning future financial
performance (including future revenues, earnings, liquidity or growth rates),
ongoing business strategies or prospects, and possible future Company actions,
which may be provided by management are also forward-looking statements as
defined by the Act. Forward-looking statements are based on current
expectations and projections about future events and are subject to risks,
uncertainties, and assumptions about the Company, economic and market factors
and the industries in which Safelite does business, among other things.  These
statements are not guaranties of future performance and Safelite has no
specific intention to update these statements.
    These forward-looking statements, like any forward-looking statements,
involve risks and uncertainties that could cause actual results to differ
materially from those projected or anticipated. The risks and uncertainties
include product demand, regulatory uncertainties, the effect of economic
conditions, the impact of competitive products and pricing, and changes in
customers' ordering patterns.  This list should not be construed as
exhaustive.