Larry Denton Elects to Leave Company Following Successful
Emergence from Chapter 11 Reorganization
Steven Gilbert Named Chairman
ROCHESTER HILLS, Mich.--(Business Wire)--
DURA Automotive Systems, Inc. (Pink Sheets: DRRAQ) announced today
that its board of directors has named Timothy D. Leuliette president
and CEO, effective today. He succeeds Larry Denton, who elected to
leave the company after successfully leading DURA through a 20-month
reorganization and emergence from Chapter 11.
Leuliette, who was elected chairman of DURA upon its emergence
from bankruptcy on June 27, 2008, will relinquish that role to Steven
Gilbert. Gilbert is senior managing director and chairman of Sun Group
(USA) and is also chairman of the board of Gilbert Global Equity
Partners, L.P., a billion dollar private equity fund. Leuliette, who
founded Leuliette Partners LLC, a financial services and investment
company in January 2008, was previously chairman and CEO of Metaldyne
Corp. and co-chairman and co-CEO of that company's parent Asahi Tec
Corp.
"The DURA team did a tremendous job of positioning the company for
the future," said Leuliette. "DURA has emerged as strong global
company with a solid balance sheet, a lean, low-cost global
manufacturing footprint and leading-edge technologies. I want to thank
Larry for his leadership and vision in getting the company to this
point. I am pleased and proud to join the DURA team and look forward
to working with the company's 13,000 employees to build an even
stronger company."
"Tim brings tremendous experience and is an excellent choice to
lead DURA," said Denton, who has been president and CEO since 2003 and
chairman since 2005. "I am proud of the dedication and support of our
worldwide team, our customers, our suppliers and other key partners.
Together we were able to build a strong foundation that positioned
DURA to grow in the global marketplace. I wish the team the best as it
moves forward with its innovation and growth objectives."
Denton will stay on and advise the company during the transition.
About DURA Automotive Systems, Inc.
DURA Automotive Systems, Inc. ("New DURA"), is a leading
independent designer and manufacturer of driver control systems,
seating control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive industry. DURA markets its automotive products to every
North American, Asian and European original equipment manufacturer
(OEM) and many leading Tier 1 automotive suppliers. DURA is
headquartered in Rochester Hills, Mich. Information about DURA and its
products is available on the Internet at www.duraauto.com.
Forward-looking Statements
This press release may contain forward-looking statements within
the "safe harbor" provisions of the Private Securities Litigation
Reform Act of 1995, that reflect, when made, Old DURA, Inc. (f/k/a
DURA Automotive Systems, Inc. prior to June 25, 2008, "Old DURA") or
New DURA's current views with respect to current events and financial
performance. Such forward-looking statements are and will be, as the
case may be, subject to many risks, uncertainties and factors relating
to New DURA's operations and business environment, which may cause the
actual results of New DURA to be materially different from any future
results, express or implied, by such forward-looking statements.
Factors that could cause actual results to differ materially from
these forward-looking statements include, but are not limited to, the
following: (i) the ability of New DURA to successfully implement all
post-emergence aspects of the Plan as confirmed; (ii) the ability of
New DURA to manage liquidity needs and operate subject to the terms of
its financing facilities; (iii) the potential adverse impact of the
Chapter 11 cases on New DURA's liquidity or results of operations;
(iv) the ability of New DURA to maintain contracts that are critical
to its operations; (v) the ability of New DURA to execute its business
plans and strategy, and to do so in a timely fashion; (vi) financial
results that may be volatile and may not reflect historical trends;
(vii) the ability of New DURA to attract, motivate and/or retain key
executives and associates; (viii) New DURA's ability to obtain and
maintain normal terms with vendors and service providers; (ix) New
DURA's ability to avoid or continue to operate during a strike, or
partial work stoppage or slow down by any of its unionized employees
or unionized employees of any of its significant customers; (x)
general economic or business conditions affecting the automotive
industry either nationally or regionally, being less favorable than
expected; and (xi) increased competition in the automotive components
supply market. Other risk factors have been listed from time to time
in Old DURA's Securities and Exchange Commission reports, including
but not limited to the Annual Report on Form 10-K for the year ended
December 31, 2006, and will be listed from time to time New DURA's
Securities and Exchange Commission reports. Old DURA and New DURA
disclaim any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events and/or otherwise.
DURA Automotive Systems, Inc.
Marge Sorge, +1 734-578-6507
media@duraauto.com
Copyright Business Wire 2008
