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Safelite Glass Corp. Files for Pre-Negotiated Reorganization

9 June 2000

Safelite Glass Corp. Files for Pre-Negotiated Reorganization

    COLUMBUS, Ohio - Safelite Glass Corp. today announced that, as part of a 
pre-negotiated plan to restructure its debt, it has filed for protection under 
Chapter 11 of the Federal bankruptcy laws in the U.S. Bankruptcy Court for the
District of Delaware.

    The company has taken the action as part of its efforts to reorganize its
capital structure and preserve value for its creditors.  Safelite management
has submitted a "pre-negotiated" reorganization plan, and gained agreement to
the plan from over 75% of their banks and bondholders.  The filing is an
administrative action to gain 100% approval from the remaining bank and
bondholder creditors.

    "By going to the court with a pre-negotiated plan, we will be able to move
more quickly through the legal process. We expect to emerge from the process
in September as a stronger company," said John Barlow, Safelite President and
CEO.

    "This is the final step in the process of reorganizing Safelite to
preserve its value, while ensuring continued quality service for our
customers," Barlow continued.  "We are a profitable company with sufficient
cash flow to fund our operations, and this filing will help us emerge with a
stronger balance sheet by reducing our debt."

    The company said it has taken all actions required to gain immediate court
approval to permit continuation of all Safelite associate compensation and
benefits plans; all customer sales, support, warranties, and service
activities; all insurance policies; and payment of funds due to suppliers of
essential goods and services. As a third-party administrator of a number of
insurance glass programs, Safelite has also ensured its ability to pay
independent auto glass shops. The company has also negotiated credit
facilities to assist in funding operations during the court process.

    Safelite has determined it is in the best interest of its customers and
financial stakeholders to seek Chapter 11 protection as a way to quickly
finalize its pre-negotiated debt restructuring plan. The company expects to
emerge from protection in September. "Safelite is proud to be the nation's
leading choice for quality automotive glass repair and replacement solutions.
Our organization's commitment to be the industry leader has created strong
long-term client relationships and high customer satisfaction ratings that we
can all take pride in and seek to continue and improve upon," continued
Barlow.

    Additionally, the company plans to move forward with previously announced
strategic initiatives.  Recently, Safelite embarked on several new initiatives
that will propel the company's growth through 2000: Mobile Pro allows Safelite
to have business presence in smaller markets; Service AutoGlass provides a
wholesale distribution channel for windshield products manufactured by the
company's two manufacturing plants, and Repair Medics decreases claim severity
for Safelite's insurance clients, while building brand recognition through
consumer marketing.

    Additional updates to this story will be filed this afternoon and
thereafter, as more information becomes available.

    Founded in 1947, Safelite Glass Corp. operates two manufacturing
facilities, 80 auto glass warehouses, and more than 500 Safelite(R) AutoGlass
service centers in 50 states, employing more than 6,000 associates nationwide.