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Safety Components Announces Confirmation of Plan

1 September 2000

Safety Components International Announces Confirmation of Plan to Emerge From Bankruptcy

    GREENVILLE, S.C., Aug. 31 Safety Components International,
Inc. (OTC Bulletin Board: ABAG) and certain of its United States subsidiaries,
including Safety Components Fabric Technologies, Inc. and Automotive Safety
Components International, Inc. (collectively, "Safety Components"), a leading,
low cost supplier of automotive airbag fabric and cushions in the United
States, announced today that their plan of reorganization to emerge from their
pre-arranged chapter 11 cases was approved today by the District Court of the
State of Delaware.  The plan will effect a substantial deleveraging of, and
strengthening of the balance sheet for, Safety Components.  Subject to
fulfillment of the conditions precedent to emergence, Safety Components is
expected to emerge from chapter 11 in early October.
    Immediately upon emergence, the Company will have access to approximately
$56 million in debt financing.  The Company has reached agreement with
Congress Financial Corporation on a three-year $35 million credit facility,
which will become effective upon emergence from its chapter 11 case.  The
Congress facility, which has received District Court approval, is expected to
provide adequate funding for Safety Components' ongoing global operating
needs.  Further, the pre-bankruptcy secured banks will retain a two-year
subordinated secured note for approximately $20.9 million.
    The Company has also obtained the support of its major suppliers who have
already agreed to extend open credit terms upon the Company's emergence.
    Pursuant to the plan, as confirmed, all of the Company's 10-1/8% senior
notes issued by the Company due 2007 will be converted into the right to
receive 96.8% of the Company's post-bankruptcy equity, and the current
shareholders of common stock, excluding stock held by Robert Zummo (Chairman
of the Company), will receive 3.2% of the Company's post-bankruptcy equity and
warrants to acquire 12% of such equity.  In addition, all trade suppliers and
other creditors will be paid in full pursuant to the terms of the confirmed
plan.
    John C. Corey, the Company's President and Chief Operating Officer,
stated, "We are pleased that our plan of reorganization has been approved.
The Company has significantly improved its operations over the past few
months, exceeding projections.  As a result of the operations improvements
introduced last year, and new program awards this year, upon emergence, the
Company will have a much stronger balance sheet and access to flexible
financing arrangements from Congress Financial."  Mr. Corey added, "Now that
the Company's position has improved, we can return our primary focus to the
fulfillment of our goals: increasing productivity and profitability from the
core airbag automotive business, capitalizing on continuing growth
opportunities in the airbag automotive business and divesting non-core
operations.  We have further enhanced our ability to fulfill these goals by
retaining our operations management team.
    Mr. Corey continued, "Finally, we are very appreciative for all of the
support provided by our customers, suppliers, employees and advisors during
this critical time, which has enabled the Company to emerge from chapter 11 on
an accelerated timetable.  We believe we will be able to demonstrate that such
support was warranted by maintaining a strong automotive airbag business."