Tennenbaum Capital Partners(TM) Closes $330 Million DIP Financing Fund

SANTA MONICA, Calif., Nov. 9 /PRNewswire/ -- Tennenbaum Capital Partners, LLC
("TCP"), a leading private investment firm with extensive experience in
distressed investing, today announced the second closing of Tennenbaum DIP
Opportunity Fund, LLC (the "Fund"), an over $330 million fund focused on
debtor-in-possession ("DIP") financing.

"With the closing of this Fund, the first of our funds to exclusively focus on
DIP financing, TCP will be able to assist companies severely affected by this
downturn," said Howard Levkowitz, Managing Partner of TCP. "TCP will partner
with management teams and other parties to provide loans to enable debtors
sufficient time to reorganize properly." The Fund will lead, structure, agent
and participate in DIPs and DIP refinancings, using TCP's unique experience
with distressed investing to guide debtors through their restructurings.

Debtor-in-possession financing, or DIP financing, is a special form of
financing provided to assist companies under Chapter 11 bankruptcy protection.
DIP financing is generally senior to other debt, equity, and any other
securities issued by a company. DIP loans are generally put into place at the
beginning of bankruptcy cases to provide immediate cash as well as ongoing
working capital to allow a company to reorganize. DIP financing assists
companies by restoring vendor and customer confidence in the company's ability
to maintain its liquidity.

The Fund targets DIP loans of a minimum $10 million. TCP has extensive
experience working with companies in energy and power, manufacturing, media
and business services, retail and consumer services, real estate, technology,
telecom, and transportation, but will consider loans in all industries.

"This new DIP fund, comprised primarily of large institutional investors, puts
us among the handful of firms that are willing and able to provide DIP
financing," said David Hollander, a Partner with TCP. "In the recent past,
companies who otherwise would have been able to reorganize in Chapter 11 have
instead had to restructure before they have time to reorganize properly or
liquidate due to a lack of available financing. DIP Financing is an
unprecedented market opportunity."

"TCP has deep experience not only in DIP financing, but also other forms of
distressed investing, and over the years has shown the flexibility to invest
up and down the capital structure. This Fund builds on TCP's history of
providing financing in complicated situations or when financing is in short
supply to help distressed companies emerge from difficult circumstances and
achieve future success," Mr. Hollander continued.

About Tennenbaum Capital Partners, LLC
Tennenbaum Capital Partners(TM) is a Santa Monica, California-based private
investment firm. The firm's investment strategy is grounded in a long-term,
value approach, and it assists -- both financially and operationally --
transitional middle market companies in such industries as technology,
healthcare, energy, aerospace, business services, retail and general
manufacturing. TCP's core strengths include in-depth knowledge of equity and
debt financing vehicles in the public and private markets, as well as a
thorough understanding of special situations. These situations may include
legal, operational or financial challenges; turnarounds, restructurings and
bankruptcies; corporate divestitures and buyouts; and complex ownership
changes. For more, see www.tennenbaumcapital.com.

SOURCE Tennenbaum Capital Partners

Pen Pendleton, +1-212-371-5999, or Dan Hilley, +1-213-630-6550, both of The
Abernathy MacGregor Group, for Tennenbaum Capital Partners