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Safelite Glass Corp. Takes First Steps in Restructuring

10 June 2000

Safelite Glass Corp. Takes First Steps in Restructuring

    COLUMBUS, Ohio - Safelite Glass Corp. gained approval for the important 
first steps in a financial reorganization that will result in a 50 percent plus 
reduction in the Company's long-term debt.

    The Company's first day motions were approved by the court late today.
These motions included:  continuation of all Safelite associate compensation
and benefits plans; all customer sales, support, warranties, and service
activities; all insurance policies; and payment of funds due to the company's
vendors.  As a third-party administrator of a number of insurance and fleet
glass programs, Safelite has also ensured its ability to pay independent auto
glass shops.  The company has also negotiated credit facilities to assist in
funding operations during the court process.

    The company has taken the action as part of its efforts to reorganize its
capital structure and preserve value for its creditors.  Safelite management
has submitted a "pre-negotiated" reorganization plan, and gained agreement to
the plan from over 75% of their banks and bondholders.  The filing will allow
the Company to complete their restructuring while continuing with business as
usual.

    "We are delighted to see the first day motions approved by the court,"
said Safelite President and CEO John Barlow.  "This means that business will
continue as usual for our associates, our vendors, independent shop partners,
and our clients and their customers.  Safelite will be able to maintain our
traditionally high levels of service with virtually no disruption."

    Founded in 1947, Safelite Glass Corp. operates two manufacturing
facilities, 80 auto glass warehouses, and more than 500 Safelite(R) AutoGlass
service centers in 50 states, employing more than 6,000 associates nationwide.
The Company filed for Chapter 11 reorganization this morning.