Court Approves Sale of Werner Co.

GREENVILLE, Pa., April 26 /PRNewswire/ -- Werner Holding Co. (DE), Inc. announced today that the United States Bankruptcy Court for the District of Delaware has entered an order approving the sale of substantially all of Werner's assets to a group including Black Diamond Capital Management, Brencourt Advisors LLC, Levine Leichtman Capital Partners III, L.P., Milk Street Investors LLC, Schultze Asset Management LLC, and the TCW Group, Inc. (TCW).

The transaction is expected to close in May of 2007. The transaction, valued at approximately $270 million, represents a higher price than the Stalking Horse bid selected by the Company in March of 2007. The transaction includes a comprehensive agreement among each of the creditor constituencies, the repayment of the Company's first lien debt, a cash distribution to second lien holders, the payment of significant trade claims in the normal course and the potential for unsecured creditors to realize incremental value.

The company will continue to operate in the normal course of business and ongoing customers, vendors, and employees will be unaffected. The sale transaction will substantially reduce Werner's debt and overall leverage as over $300 million of liabilities will be extinguished through this transaction. Werner will benefit from an improved capital structure and liquidity that will allow the Company to serve its customers and meet all of its future obligations.

James J. Loughlin, Jr., Werner's Interim Chief Executive Officer, said, "We are very pleased the Court has approved the sale order. This is a good result for Werner and its employees and positions the Company for future success. We remain committed to serving our customers and teaming with our suppliers and other business partners to remain the leader in each of our product segments."

Werner Co. was advised by Loughlin Meghji + Company, Willkie Farr & Gallagher LLP, and Rothschild Inc.

About Werner Holding Co. (DE), Inc.

Werner Co. is the world's leading manufacturer and distributor of ladders, climbing equipment and ladder accessories. Backed by over 50 years of product innovation, Werner leads the industry with its commitment to the design and manufacture of quality products that meet or exceed applicable Occupational Safety and Health Administration (OSHA) and American National Standards Institute (ANSI) codes and standards for strength and structural integrity. Werner is headquartered in Greenville, Pennsylvania.

About Black Diamond Capital Management, L.L.C.

Founded in 1995, Black Diamond Capital Management, L.L.C. is an alternative asset management firm with approximately $10 billion under management in a combination of distressed-debt/private equity funds, hedge funds and structured vehicles. Black Diamond has offices in Greenwich, CT, Lake Forest, IL and London, U.K.

About Brencourt Advisors LLC

Brencourt Advisors, LLC was formed in 2001 as a registered investment advisor to various alternative investment funds. Brencourt currently manages approximately $2 billion in assets and has offices in both New York, NY and London, U.K.

About Levine Leichtman Capital Partners, Inc.

Levine Leichtman Capital Partners is a Los Angeles, California private equity firm that was founded in 1984 by Arthur E. Levine and Lauren B. Leichtman. The firm manages in excess of $2.0 billion of institutional investment capital through private equity partnerships. LLCP has a highly differentiated, multi-fund investment strategy focused on companies with revenues less than $500 million. For more information about Levine Leichtman Capital Partners, please visit http://www.llcp.com/.

About Schultze Asset Management, LLC

Founded in 1998, Schultze Asset Management, LLC (http://www.samco.net/) is leading alternative investments firm specializing in distressed and special situations investing. The firm manages approximately $625 million in assets on behalf of institutional and high net worth clients located throughout the world. Schultze's offices are in Purchase, NY.

About TCW

Founded in 1971, TCW develops and manages a broad range of innovative, value-added investment products that strive to enhance and protect clients' wealth. The firm has approximately $150 billion in assets under management. TCW clients include many of the nation's largest corporate and public pension plans, financial institutions, endowments and foundations, as well as a substantial number of foreign investors and high net worth individuals. TCW is a subsidiary of Societe Generale Asset Management, which has approximately $460 billion under management and is a division of Societe Generale Group.

  Media Contact:
  Werner Co.:
  Laura Walters
  Kekst and Company
  212-521-4858