EaglePicher Technologies Completes Restructuring
Company Positioned for Growth with New U.S. Ownership
Joplin, Missouri, July 31, 2006 – EaglePicher Incorporated (EPI) and its U.S. subsidiaries, including EaglePicher Technologies successfully completed their Chapter 11 restructuring process. On August 1, 2006, pursuant to their confirmed plan of reorganization, substantially all the assets of EPI and its U.S. subsidiaries will be transferred to the newly formed EaglePicher Corporation (EPC) and its subsidiaries. The defense and space commercial battery assets of the former EaglePicher Technologies will be transferred to the new EaglePicher Technologies (EaglePicher).
EaglePicher Medical Power Acquires Assets from EaglePicher Commercial Power Division
EaglePicher Incorporated Completes Restructuring
Vancouver, British Columbia, July 31, 2006 – EaglePicher Incorporated (EPI), and its U.S. subsidiaries, including EaglePicher Commercial Power Division, successfully completed their Chapter 11 restructuring process. On August 1, 2006, pursuant to their confirmed plan of reorganization, substantially all the assets of EPI and its U.S. subsidiaries will be transferred to the newly formed EaglePicher Corporation (EPC) and its subsidiaries, which have entirely new ownership, principally Angelo, Gordon & Company and Tennenbaum Capital Partners.
EaglePicher Completes Restructuring
Inkster, Mich., July 31, 2006 – EaglePicher Incorporated (EPI) and its U.S. subsidiaries have successfully completed their Chapter 11 restructuring process. On August 1, 2006, pursuant to their confirmed plan of reorganization, substantially all the assets of EPI and its U.S. subsidiaries will be transferred to the newly formed EaglePicher Corporation (EPC) and its subsidiaries.
EPI and its U.S. subsidiaries filed Chapter 11 petitions in the U.S. Bankruptcy Court for the Southern District of Ohio in Cincinnati on April 11, 2005.
EaglePicher Technologies, LLC Announces Selection of Pittsburg, Kansas as New Home for Automated Facility Facility Due to Be Operational By Year-End
Joplin, Missouri, May 16, 2006 – EaglePicher Technologies today announced that it will relocate its automated battery facility from Phoenix, Arizona to Pittsburg, Kansas. Preparation work has already begun at the new location on 2919 N. Rotary Terrace, very close to the campus of Pittsburg State University. The automated manufacturing equipment has already been shipped from Phoenix, and the 30,000 square foot facility is scheduled to be operational by the end of the year.
EaglePicher Technologies Celebrates One Billion Hours in Space
Astronauts Buzz Aldrin and Bruce McCandless in Attendance
Joplin, Missouri, September 12, 2006 – EaglePicher Technologies, LLC (EaglePicher) today announced its one-billionth hour in space with 100 percent mission success. For 29 years EaglePicher nickel-hydrogen cells have provided power for military and commercial applications, including communications satellites, deep space probes and the International Space Station. Astronauts Bruce McCandless and Buzz Aldrin were on hand to mark this important milestone. “This is a great day for our team,” said Steve Westfall, EaglePicher Technologies president and CEO. “We have provided the power source for such things as the Mars Missions, the Hubble Space Telescope and the International Space Station. In fact, the space shuttle Atlantis, which is today docked to the International Space Station is equipped with backup power in its cabin provided by EaglePicher and is deploying a second set of EaglePicher battery cells which will double the station’s current ability to power the station during eclipse,” added Westfall.
EaglePicher Completes $345 Million Financing
Phoenix, Arizona – January 3, 2006 -- EaglePicher Incorporated (“EaglePicher” or the “Company”) announced that it has completed a $345 million financing transaction arranged by Goldman Sachs Credit Partners L.P., the proceeds of which were used to repay all obligations under an existing debtor-in-possession credit facility and EaglePicher’s pre-petition senior secured credit facility. The new credit facilities consist of a $230 million first lien facility, which includes a $70 million revolving credit facility and a $160 million term loan, a $65 million second lien term loan and a $50 million third lien term loan. The new credit facilities are convertible into financing pursuant to a plan of reorganization acceptable to the agents for the lenders and satisfaction of other conditions, including court approval.
Steven E. Westfall Named President of EaglePicher Technologies, LLC
Accounting Function Moved to Joplin, Missouri
Phoenix, Arizona, December 1, 2005 – EaglePicher Technologies, LLC today announced that Steven E. Westfall has been appointed President. Mr. Westfall has P&L accountability for the businesses that comprise the division including; EaglePicher Defense and Space, EaglePicher Pharmaceutical (where he continues as President), EaglePicher Medical Energy Products, EaglePicher Boron, EaglePicher Distributed Products and the EaglePicher Horizon Joint Venture. As a result of his expanded role, Mr. Westfall will now have responsibility for functional leadership for EaglePicher Technologies as well, including Legal and Human Resources.
EaglePicher Obtains Commitments for Debtor-in-Possession Financing
Stuart B. Gleichenhaus named Interim Chairman, President and CEO
David L. Treadwell named Chief Operating Officer
Phoenix, Arizona – November 4, 2005 -- EaglePicher Incorporated (“EaglePicher” or the “Company”) announced that it has obtained a commitment from Goldman Sachs Credit Partners L.P. for $295 million of senior secured debtor-inpossession financing and a commitment from Angelo, Gordon & Co., L.P. and Tennenbaum Capital Partners, LLC for $50 million of junior secured debtor-inpossession financing, subject to normal closing conditions. The proceeds of this financing will be used to repay in full EaglePicher’s existing bank debt and its current debtor-in-possession financing and is convertible into financing for the reorganized company upon court approval of a plan of reorganization and satisfaction of other conditions. Angelo, Gordon and Tennenbaum are also significant holders of the Company’s 9.75% Senior Notes. This financing is subject to court approval and is expected to be completed by the end of 2005.
EaglePicher Signs Final DIP Financing Agreement
Phoenix, Arizona – August 1, 2005 -- EaglePicher Holdings, Inc., and EaglePicher Incorporated (collectively “EaglePicher or the “Company”) announced today that it has entered into a final debtor-in-possession (“DIP”) financing agreement with a bank group led by Harris N.A. This credit facility increases the Company’s interim DIP credit facility from $50 million to $65 million and extends the maturity to August 1, 2006. The final DIP credit facility received interim Court approval on July 29, 2005 and the Company expects to receive final approval from the Court on August 23, 2005. The funds will be used to meet operating needs during its restructuring process.
EaglePicher Receives Extension of Interim DIP Financing Agreement
Phoenix, Ariz. – May 25 -- EaglePicher Holdings, Inc., and EaglePicher Incorporated (collectively “EaglePicher”) announced today it had received court approval to extend the use of its interim $50 million debtor-in-possession (DIP) financing from a bank group led by Harris Trust and Savings Bank through June 24, 2005. The final DIP hearing has been rescheduled for June 20, 2005. The Company required additional time to update its 2005 forecasts and in turn, give its financial advisors, banks and the unsecured creditors’ committee adequate time to analyze the updates. At the same time, the Company continues to negotiate a final DIP loan agreement and intends to present the financing package at its June 20 hearing.