Dalton Investments Re-Launches Distressed-Debt Strategy

Managers See WideRange of Opportunities after LBO 'Feeding Frenzy'

LOS ANGELES, May 5 /PRNewswire/ -- Dalton Investments, LLC, an SEC-registered
investment management firm serving institutional and private clients, has
re-launched its distressed-debt strategy after a three-year hiatus. Steven D.
Persky, founder, managing partner and chief executive officer of Dalton, and
Swaraj Chowdhury, portfolio manager, will lead the distressed-debt team.

Dalton will initially focus on the most senior debt of large companies with
significant business operations. As with its original distressed debt
strategy, Dalton will invest primarily in companies that have positive
operating earnings but are weighed down by excessive debt.

"Many companies that were taken private in the leveraged buyout feeding frenzy
from 2004 through 2007 are struggling with excessive debt," Mr. Persky said.
"They are good companies with positive earnings, but they are trapped in 'good
deals' that have gone bad. Nothing has changed with the basic businesses --
someone just paid too much to take them private. We believe this is an
opportune time to re-enter the distressed-debt market."

After seven successful years of managing distressed-debt portfolios, Dalton
Investments returned all capital to clients in the second quarter of 2006
because of a lack of compelling distressed-debt investment opportunities.
Three years later, challenging global economic conditions and an excess of
easy credit have combined to produce a broad range of distressed-debt
opportunities.

Dalton began managing distressed assets in 1999 when it concentrated on good
Asian companies with bad balance sheets. The firm's focus on distressed bonds
evolved along with opportunities that included telecom, electrical generation
and aircraft-backed bonds. Over the past year, the firm has been actively
investing in distressed mortgage bonds. This new strategy will significantly
expand the firm's distressed-debt activities.

About Dalton Investments, LLC
Dalton Investments is a registered investment advisor with the Securities and
Exchange Commission. The firm currently has $1 billion in assets under
management and serves institutional and private clients. In addition to the
distressed-debt strategy, Dalton offers five investment strategies, including,
a distressed mortgage strategy, Japanese equity long/short, Japan equity
long-only, Asian equity long/short, and global equity long/short. In
addition, the firm's Dalton Advisors division offers institutional and private
clients investment strategies using low-cost, tax-efficient funds to structure
customized portfolios in separately managed accounts.

SOURCE Dalton Investments, LLC

Steve Rose, Hullin Metz & Co., +1-212-752-1044 (O), +1-917-822-2892 (M),
steve@hmcllc.com