Friday, June 10th, 2011 - Wolverine Tube, Inc.
DECATUR, AL--(Marketwire) - Wolverine Tube, Inc. (PINKSHEETS: WLVTQ) today announced that it has reached agreement with its largest noteholder, Plainfield Asset Management ("Plainfield"), resolving all differences over the terms of proposed agreements that will become effective upon Wolverine's emergence from bankruptcy and reinstating Plainfield's support for Wolverine's reorganization plan. Wolverine will seek Bankruptcy Court approval of its reorganization plan at a June 10 hearing.

Steven S. Elbaum, Chairman of Wolverine, stated that, "Wolverine is pleased that differences between Plainfield, Wolverine and others have been resolved. Along with the overwhelming support Wolverine has received for its plan of reorganization, this allows the company to proceed with Friday's scheduled confirmation hearing, a key final step in its emergence from bankruptcy. Wolverine is now poised to successfully complete its reorganization and extends its appreciation to noteholders, customers, suppliers and employees for their continued support."

For access to Court documents and other general information about the Chapter 11 case, please visit http://www.donlinrecano.com/cases/caseinfo/wti

Contact Profile

Wolverine Tube, Inc.


Wolverine is a global leader in offering proprietary custom-engineered components that provide a thermal management solution for our customers in multiple markets including HVAC, refrigeration and appliance, electronics cooling, power generation, petrochemical and chemical processing. We deliver the most advanced metal surface technology enhancements for heat transfer solutions in today's marketplace. We have also earned a reputation for having the broadest engineered product offering in the non-ferrous metals market.

Throughout our more than 90-year history, we have utilized our proprietary tooling and process technology to enhance surface geometry for tubular and flat metal surfaces to expand our product lines, effectively meeting our customers' increasing needs for effective enhanced heat transfer performance. Our tailored solutions or many OEM customers are globally recognized.

Forward Looking Statements

All statements in this press release, other than statements of historical fact, are forward-looking statements within the meaning of the "safe harbor" provision of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectation and beliefs and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in this press release. The forward-looking statements speak only as of the date of this press release, and the Company expressly disclaims any obligations to release publicly any update or revision to any forward-looking statements contained herein if there are any changes in conditions or circumstances on which any such forward-looking statement is based.
Judi Stiger
P: 256 580 3958
M: -
W: www.wlv.com/

Keywords

Plainfield Asset Management, Plainfeild, Wolverine, Bankruptcy Court, Steven S. Elbaum

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