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Excelsior-Henderson Announces Emergence From Bankruptcy

23 August 2000

Excelsior-Henderson Announces Emergence From Bankruptcy

    BELLE PLAINE, Minn.--Aug. 23, 2000--Excelsior-Henderson Motorcycle Manufacturing Company announced that it has emerged from bankruptcy and that its modified plan of reorganization under Chapter 11 of the U.S. Bankruptcy Code has been confirmed. The Company's confirmation hearing was held on August 18, 2000, and the Bankruptcy Court's order confirming the plan of reorganization was issued on the same date.
    The modified plan of reorganization was the product of intensive efforts by the Company to design a strategy that would enable the Company to reorganize and obtain the required funding to preserve the future of the Company. The Company currently anticipates the modified plan will become effective on or before September 15, 2000, subject to the satisfaction or waiver of certain conditions. As previously announced, the Company's public stockholders and Co-Founders did not retain an equity interest in the Company going forward.
    The Company's Co-Founders, Dan, Dave and Jennie Hanlon said, "Confirmation of the plan represents the culmination of several months work. As we said before, we believe the proposed plan of reorganization represents the best available alternative for the Company and its creditors. This is a great initial step in rebuilding the Company."
    The plan may be reviewed on the U.S. Bankruptcy Court's website at www.mnb.uscourts.gov. A summary of the plan will be filed with the United States Securities and Exchange Commission on Form 8-K.

    Notes concerning forward-looking statements:

    This press release contains forward-looking statements regarding the plan of reorganization. The Company's actual results could differ materially from those anticipated in these forward-looking statements. There can be no assurance that the plan of reorganization will become effective. Investors and creditors are also encouraged to review the factors described from time to time in the Company's reports on file with the Securities and Exchange Commission, including but not limited to the Company's Annual Report on Form 10-K for the fiscal year ended January 2, 1999 and the Company's Quarterly Report on Form 10-Q for the Quarterly period ended October 2, 1999.