Court Confirms Optima Specialty Steel’s Modified Plan of Reorganization

18 October 2017

Optima Specialty Steel, Inc. (together with its subsidiaries, collectively the “Company”) today announced that the United States Bankruptcy Court for the District of Delaware confirmed its Modified Plan of Reorganization (the “Plan”). The Plan confirmation clears the way for OSS to complete its financial restructuring and emerge from bankruptcy in the coming weeks. The Plan, sponsored by DDJ Capital Management, LLC (“DDJ”), received the support of all of the Company’s major creditor groups.

“We are extremely pleased with the results of today’s confirmation hearing and the Court’s action,“ said Michael Salamon, President of the Company. “The Court’s approval of our Plan paves the way for us to complete our financial restructuring and move forward with enhanced financial flexibility and stability. Our path through this critical step of the restructuring process would not have been possible without the support of our debtholders and creditors. I also want to extend our thanks to our customers, vendors, employees, and professional advisors who remained loyal and supportive throughout this process,” Salamon added.

Salamon continued, “Our restructuring will not alter our commitment to ethical business practices, operational excellence, and delivering world-class products and services our customers have come to expect from us. We are emerging well positioned for sustainable long term growth and looking forward to creating new and deeper relationships in the market under our new ownership.”

Jim Kime, Managing Director at DDJ, the investment manager to the Company’s largest creditor constituency, said: “We have been investors in the Company for many years and believe in the future of the Company, as reflected by our continued financial support of the Company as it emerges from bankruptcy. We look forward to working closely with the Company’s management to create a stronger, more sustainable enterprise delivering excellent products to its customers.”