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Wolverine Tube, Inc. Receives Court Approval of All First Day Motions
Wolverine Tube, Inc. Receives Court Approval of All First Day Motions
Nov. 3, 2010 (PR Newswire) --

HUNTSVILLE, Ala., Nov. 3, 2010 /PRNewswire-FirstCall/ -- Wolverine Tube, Inc. (Other OTC: WLVT) today announced that it has received approval from the United States Bankruptcy Court for the District of Delaware for the First Day Motions that were submitted for approval. The approval of these motions will enable the company to make a smooth transition into Chapter 11 and maintain operations in the ordinary course while it moves forward with its efforts to obtain approval of a prearranged plan of reorganization, as previously announced.

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Wolverine announced on November 1, 2010, that it had reached an agreement in principle with holders of the company's notes on the terms of a financial restructuring to reduce the company's indebtedness and that it elected to file Chapter 11 petitions to effectuate a prearranged plan of reorganization supported by its noteholders.

The company noted that securing court approval of its First Day Motions was a critical first step in its court-supervised reorganization process. Wolverine believes its cash on hand, together with cash generated from ongoing operations, will be sufficient to fund its normal business obligations through the financial restructuring, and that the Chapter 11 filing will have little impact on its operations, which will continue during the restructuring process.

About Wolverine Tube, Inc.

Wolverine is a global leader in offering proprietary custom-engineered components that provide a thermal management solution for our customers in multiple markets including HVAC, refrigeration and appliance, electronics cooling, power generation, petrochemical and chemical processing. We deliver the most advanced metal surface technology enhancements for heat transfer solutions in today's marketplace. We have also earned a reputation for having the broadest engineered product offering in the non-ferrous metals market.

Throughout our more than 90-year history, we have utilized our proprietary tooling and process technology to enhance surface geometry for tubular and flat metal surfaces to expand our product lines, effectively meeting our customer's increasing needs for effective enhanced heat transfer performance. Our tailored solutions for many OEM customers are globally recognized.

Forward Looking Statements

All statements in this press release, other than statements of historical fact, are forward-looking statements within the meaning of the "safe harbor" provision of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectation and beliefs and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in this press release. The forward-looking statements speak only as of the date of this press release, and the Company expressly disclaims any obligations to release publicly any update or revision to any forward-looking statements contained herein if there are any changes in conditions or circumstances on which any such forward-looking statement is based.

Contacts

Harold M. Karp

President and Chief Operating Officer

256-890-0460

[e-mail]



David A. Owen

Sr. Vice President, Chief Financial Officer and Secretary

256-890-0460

[e-mail]





SOURCE Wolverine Tube, Inc.

Harold M. Karp, President and Chief Operating Officer, [phone], [e-mail], or David A. Owen, Sr. Vice President, Chief Financial Officer and Secretary, [phone], [e-mail], both of Wolverine Tube, Inc.




Source: PR Newswire (November 3, 2010 - 8:01 AM EDT)

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