[ETSList] Rohn Files For Chapter 11

Sun, 21 Sep 2003 15:11:39 -0400

World Headquarters
6718 W. Plank Rd.
Peoria, IL 61604 USA
Ph: 309-697-4400
FAX: 309-697-5612

FOR IMMEDIATE RELEASE

For Further Information:
Horace Ward
President and Chief Executive Officer
(309) 633-6886
[email protected] <mailto:[email protected]>

ROHN INDUSTRIES, INC. FILES FOR CHAPTER 11 PROTECTION;
$9.5 MILLION DEBTOR-IN-POSSESSION FINANCING SECURED;
BOARD MEMBERS RESIGN

PEORIA, IL, September 16, 2003 - ROHN Industries, Inc., (OTCBB: ROHN), (the
"Company") a provider of infrastructure equipment to the telecommunications
industry, announced today that the Company and five of its direct and
indirect subsidiaries have filed voluntary petitions for Chapter 11 relief
in the United States Bankruptcy Court for the Southern District of Indiana
(the "Bankruptcy Court").

The Company also announced that, concurrent with the Chapter 11 filing, it
has entered into a $9.5 million debtor-in-possession ("DIP") line of credit
with the lenders that are party to the Company's Amended and Restated Credit
Agreement, subject to the approval of the Bankruptcy Court, which will
include funds that will be rolled forward from the Company's current credit
facility. Subject to the provisions of the Bankruptcy Code, the Company
remains in possession of its assets and properties, and continues to operate
its business. The Company said that the objective of the Chapter 11
proceeding is to maximize recovery to creditors by facilitating an orderly
sale of assets. The Company is currently in discussions with an unrelated
third party regarding a proposed sale of the assets of the Company.

Upon the filing of the bankruptcy petition of the Company, but following the
approval by the Board of Directors of the Chapter 11 filing, Stephen Gorman
and Jordan Roderick each have resigned from the Board of Directors of the
Company. Currently, Horace Ward, the Chief Executive Officer of the Company,
is the only remaining director of the Company.

Commenting on today's announcement, Mr. Ward said, "Our immediate goal is to
stabilize the Company's financial situation and utilize the Chapter 11
process to enable the Company to conduct normal business operations as the
Company works to complete a sale transaction."

The Company has retained the Indianapolis law firm of Ice Miller to act as
its legal counsel in the bankruptcy proceedings. The Company has also
retained Silverman Consulting, a national turnaround consulting firm.

About the Company

The Company is a manufacturer and installer of telecommunications
infrastructure equipment for the wireless industry. Its products are used in
cellular, PCS, radio and television broadcast markets. The Company's
products include towers, poles, related accessories and antennae mounts. The
Company also provides design and construction services. The Company has a
manufacturing location in Frankfort, IN along with offices in Peoria, IL and
Mexico City, Mexico.

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Statements in this press release include "forward-looking statements" within
the meaning of the Securities Exchange Act of 1934, the Private Securities
Litigation Reform Act of 1995 and other related laws, and include, but are
not limited to, those statements relating to sales and earning expectations,
expected demand and other statements of outlook. The Company's actual
results and effects could differ materially from those currently anticipated
in our forward-looking statements. Factors and risks that could cause such
differences include, but are not limited to: wireless and fiber optic
communications industry capital spending; the ability of the Company's
customers to secure adequate financing; elections by customers to terminate
or delay previously placed orders; the effects of competition, particularly
on pricing and margins; the Company's implementation of our growth
objectives in foreign markets; the Company's indebtedness, which could
restrict its operations, making it more vulnerable to adverse economic
conditions and making it more difficult for us to implement its business
strategy; liquidity problems that confront or may confront the Company; the
Company's inability to obtain bonding required for certain customer
contracts or potential contracts; liabilities arising from an engineering
problem with the Company's internal flange poles and a testing and repair
program undertaken by the Company in connection with that problem;
unexpected problems and costs the Company may encounter or incur in
consolidating our manufacturing operations at its facilities in Frankfort,
Indiana; the Company's Commonwealth of Pennsylvania construction project
staying on its currently anticipated schedule; and regulatory changes
affecting the industry in which the Company operates. The cautionary
statement contained in Exhibit 99.1 to the Company's Form 10-K for the year
ended December 31, 2002 is incorporated herein by reference. Forward-looking
statements are given as of the date of this release and the Company is not
undertaking any duty or obligation to update these statements publicly as a
result of new information, future events or otherwise.

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#1DXCC * 160M DXCC * A1-OP * NJDXA * 9BDXCC
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