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RHI Magnesita

euro adhoc: RHI AG
Justice/Processes
Deconsolidated US companies file amended Plans of Reorganization

  Disclosure announcement transmitted by euro adhoc.
  The issuer is responsible for the content of this announcement.
16.09.2005
In 2002, US members of the RHI group filed for bankruptcy protection
under Chapter 11. This included North American Refractories Company
(NARCO), Global Industrial Technologies (GIT), A.P. Green Industries
(APG) and Harbison-Walker Refractories Company (H-W).
RHI, several RHI affiliates and various US companies operating under
Chapter 11, including NARCO and GIT, had reached settlement
agreements in April 2004 to settle all mutual prepetition claims,
including those arising from receivables, payables, bank guarantees,
liabilities and tax issues arising out of the debtors’ affiliation
with RHI. These agreements regulate the handling of bank guarantees
and liabilities as well as RHI’s relinquishment of prepetition
operating receivables from the US debtor companies and the
relinquishment of all shares in the US debtor companies in the course
of the Chapter 11 proceedings.
As RHI wrote down all accounts receivable and book values of
investments affected in the financial statements of 2001, no
additional burdens on the results will arise from these agreements
for RHI. A condition to the NARCO settlement agreement is a USD 60
million payment by Honeywell International Inc. to RHI Refractories
Holding under a prior contract related to NARCO’s Chapter 11 filing.
On September 15, 2005, the US-Chapter 11 companies filed amended
Plans of Reorganization (PoR). The PoR filed by these companies
incorporate the abovementioned settlement agreements. RHI and the
parties involved in the Chapter 11 proceedings are currently
reviewing the PoR.
If the court gives its approval, RHI AG and its affiliates will
receive protection with respect to all remaining asbestos claims
against the debtor companies in the USA on the basis of these
settlement agreements and provide, among other things, that RHI AG
and its affiliates will be beneficiaries of the channeling
injunctions of the plans of reorganization.
The implementation of all abovementioned agreements can be effected
as soon as the court in Pittsburgh approves the settlement agreements
and the debtors’ PoR within the Chapter 11 proceedings. Therewith all
present and future asbestos claims against the deconsolidated US
companies would finally be resolved with legal security.
end of announcement                               euro adhoc 16.09.2005 10:58:45

Further inquiry note:

RHI AG
Investor Relations
Dkfm. Markus Richter
Tel: +43-1-50213-6123
Email: markus.richter@rhi-ag.com

Branche: Refractories
ISIN: AT0000676903
WKN: 874182
Index: ATX Prime
Börsen: Wiener Börse AG / official dealing

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