Exhibit 99.1
WHX CORPORATION CHAPTER 11 PLAN CONFIRMED -
COMPANY TO EMERGE FROM BANKRUPTCY
NEW YORK, N.Y. - JULY 22, 2005 - WHX CORPORATION (WHXCQ) ("WHX" or the
"Company") announced today that the Company's Chapter 11 plan of reorganization
(the "Plan") was confirmed by the U.S. Bankruptcy Court on July 21, 2005, paving
the way for the Company's prompt emergence from bankruptcy after it first filed
for Chapter 11 relief on March 7, 2005. Final consummation of the Plan is
expected to occur in the next 10 days.
Upon the effective date of the Plan, the reorganized Company, which will be a
newly formed Delaware corporation, will be owned by the Company's unsecured
creditors and preferred shareholders. Creditors will receive 92% of the new
Company's common stock. The Company's preferred shareholders will own the
remaining 8% (and will also receive warrants for the purchase of an additional
7%) of the new Company's common stock. Upon emergence, there will be a single
class of common stock.
The initial Board of Directors of the new Company will be comprised of five
individuals designated by creditors, Messrs. Warren Lichtenstein, Jack Howard,
Joshua Schechter, Glen Kassan, and John Quicke. The Company's Chief Executive
Officer, Neale X. Trangucci, stated "Consummation of the Plan marks the
culmination of the Company's efforts to reduce debt and simplify its capital
structure which positions the Company to be able to take advantage of future
growth and value opportunities."
Mr. Trangucci added, "We are extremely pleased that the Company navigated its
way through Chapter 11 in less than 5 months. Moreover, we are pleased that
Handy & Harman's business operated uninterrupted during the Chapter 11
proceeding."
WHX is a holding company that has been structured to invest in and/or manage a
diverse group of businesses. WHX's primary business is Handy & Harman, a
diversified manufacturing company with activities in precious metals
fabrication, specialty tubing and engineered materials.
Forward-Looking Statements
THIS PRESS RELEASE CONTAINS FORWARD-LOOKING STATEMENTS WITHIN THE MEANING OF
SECTION 27A OF THE SECURITIES ACT OF 1933, AS AMENDED, AND SECTION 21E OF THE
SECURITIES EXCHANGE ACT OF 1934, AS AMENDED, WHICH ARE INTENDED TO BE COVERED BY
THE SAFE HARBORS CREATED THEREBY. INVESTORS ARE CAUTIONED THAT ALL
FORWARD-LOOKING STATEMENTS INVOLVE RISKS AND UNCERTAINTY, INCLUDING WITHOUT
LIMITATION, GENERAL ECONOMIC CONDITIONS, THE ABILITY OF THE COMPANY TO MARKET
AND SELL ITS PRODUCTS, AND THE EFFECTS OF COMPETITION AND PRICING. ALTHOUGH THE
COMPANY BELIEVES THAT THE ASSUMPTIONS UNDERLYING THE FORWARD-LOOKING STATEMENTS
ARE REASONABLE, ANY OF THE ASSUMPTIONS COULD BE INACCURATE, AND THEREFORE, THERE
CANNOT BE ASSURANCE THAT ANY FORWARD-LOOKING STATEMENTS INCLUDED IN THIS PRESS
RELEASE WILL PROVE TO BE ACCURATE. IN LIGHT OF THE SIGNIFICANT UNCERTAINTIES
INHERENT IN ANY FORWARD-LOOKING STATEMENTS INCLUDED HEREIN, THE INCLUSION OF
SUCH INFORMATION SHOULD NOT BE REGARDED AS A REPRESENTATION BY THE COMPANY OR
ANY OTHER PERSON THAT THE OBJECTIVES AND PLANS OF THE COMPANY WILL BE ACHIEVED.
