| FOR IMMEDIATE RELEASE | 8/1/2001 |
| Renaissance Partners Leads Formation of Coalition to Restart CSC, LTD. | |
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CLEVELAND ? August 1, 2001 ? Renaissance Partners, LLC, a leading management buyout firm with offices in Cleveland, Detroit and Pittsburgh, announced today that it has formed a coalition including Hatch Beddows, the leading business strategy consulting firm to the steel industry, and the management of steel bar producer CSC, Ltd. to formulate a plan to restart the Warren, Ohio-based producer of high quality steel bar products. The coalition plans to work with the United Steelworkers of America (USWA) in a collaborative effort to restart the facility. CSC, Ltd., operating under Chapter 11 protection since January 2001, ceased operations in April 2001 putting 950 members of the USWA and 170 salaried employees out of work due to the Company's inability to secure working capital to continue operations. Leo A. Keevican, Jr., managing director of Renaissance Partners commented, "We are very optimistic about the coalition we have formed. We have brought together the resources of management and steel industry strategists to formulate a plan to restart CSC, Ltd. Renaissance Partners is being assisted in this effort by our affiliates DKW Law Group, which is providing its labor and transactional legal expertise, and DKW Value Recovery, which is providing turnaround and business reorganization expertise. We are highly confident that this coalition will be successful in formulating a business plan necessary to attract private equity to fund the restart of CSC, Ltd." Keevican further stated, "Our inter-disciplinary approach to solving complex restructurings in the steel industry is unique and particularly attractive to our private equity sponsors, who stand ready to fund the restart of CSC, Ltd. upon presentation of a rational plan that ensures the Company's on-going viability." "Time is of the essence," Keevican noted. "We are prepared to deploy the necessary resources in an extremely timely manner, in order to forestall the looming liquidation of the CSC, Ltd. facility." Renaissance Partners is a management buyout firm affiliated with DKW Law Group, a leading regional middle-market law firm with offices in Cleveland, Detroit, Harrisburg, Pittsburgh and Washington, D.C. Hatch Beddows is the management consulting unit of Hatch Group, and is a leading consultancy to the global metals and mining industries. DKW Value Recovery is a recently formed turnaround consulting, interim management and bankruptcy reorganization and restructuring firm affiliated with DKW Law Group. |
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