FiberMark, Inc. Receives Court Approval of First-Day Motions Receives Interim Approval of Debtor-in-Possession Credit Facility; Hearing on Final Approval Scheduled for April 27, 2004 BRATTLEBORO, Vt., April 2 /PRNewswire-FirstCall/ -- FiberMark, Inc. today announced that Judge Colleen A. Brown of the U.S. Bankruptcy Court for the District of Vermont has given interim approval for all of FiberMark's first-day motions in connection with its previously announced chapter 11 filing on March 30, 2004. The first-day orders issued by Judge Brown yesterday will enable FiberMark to continue normal operations during the reorganization process. (Logo: http://www.newscom.com/cgi-bin/prnh/20030929/FIBERLOGO ) Judge Brown's orders included interim approval, as requested, of the debtor-in-possession (DIP) credit facility being provided to the company by GE Commercial Finance. A hearing on final approval of the DIP facility and of FiberMark's other first-day motions has been scheduled for April 27, 2004. Alex Kwader, chairman and chief executive officer of FiberMark, said: "The granting of interim approval of our first-day motions by Judge Brown is an important early step toward the completion of our financial reorganization. The ability to continue providing our employees with pay and benefits, and to meet our post-petition vendor obligations-with cash on hand, cash flow from operations and, as necessary, by means of the DIP facility-will enable us to continue normal operations at all of our facilities. That, in turn, will allow us to continue to meet our customer commitments in a business-as-usual manner." The company also announced today that it has signed an amended and restated $40 million revolving credit facility for its German subsidiaries. Both credit facilities are supplied by GE Commercial Finance, which was FiberMark's financial partner on the credit facility that closed in November 2003. Reflecting its recent voluntary filing for chapter 11 protection in order to pursue a financial reorganization and debt restructuring, the company has decided to voluntarily delist the company's common stock from the American Stock Exchange ("Amex"). FiberMark said it will seek listing on the OTC Bulletin Board and, to that end, is currently evaluating potential market makers for its stock. Since the filing, Amex has suspended trading. Trading is expected to resume once the company transitions to the OTC Bulletin Board, a process that is expected to take another week or so. FiberMark, headquartered in Brattleboro, Vt., is a leading producer of specialty fiber-based materials meeting industrial and consumer needs worldwide, operating 11 facilities in the eastern United States and Europe. Products include filter media for transportation and vacuum cleaner bags; base materials for specialty tapes, electrical and graphic arts applications; wallpaper, building materials and sandpaper; and cover/decorative materials for office and school supplies, publishing, printing andpremium packaging. This press release contains forward-looking statements. Actual results may differ depending on the economy and other risk factors discussed in the company's Forms 10K as filed with the SEC on March 30, 2004, which is accessible on the company's Web site: http://www.fibermark.com/. Contact: Janice C. Warren Director of Investor Relations and Corporate Communications 802 257 5981 Roy Winnick or Mark Semer Kekst and Company 212-521-4842 or 4802 Logo: http://www.newscom.com/cgi-bin/prnh/20030929/FIBERLOGO AP Archive: http://photoarchive.ap.org PRN Photo Desk, 888-776-6555 or 212-782-2840 DATASOURCE: FiberMark, Inc. CONTACT: Janice C. Warren, Director of Investor Relations and Corporate Communications of FiberMark, Inc., +1-802-257-5981; or Roy Winnick, +1-212- 521-4842 or Mark Semer, 1-212-521-4802 both of Kekst and Company Web site: http://www.fibermark.com/

Copyright