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Lenzing Sells Lenzing Fibers Corp Shares

For an undisclosed price, Austria-based Lenzing AG has transferred its residual shares totaling 39 percent in Lenzing Fiber Corp., Lowland, Tenn., to a private equity group that is the majority stockholder of the corporation. Going forward, Lenzing Fibers Corp. will be known as Liberty Fibers Corp.

The transfer and name change will not affect the company's management team nor its involvement in the North American rayon market.

Liberty has filed for Chapter 11 bankruptcy protection and secured a new $10 million revolving line of credit. The company will continue to restructure operations in order to attract new capital for working capital and future investments. "We firmly believe that this operation can be returned to profitability," said Craig Barker, president and CEO, Liberty. "However, to do so means we have had to make a number of difficult decisions and institute a number of changes from the way we previously operated."

January 2004