Exhibit 99.1

                          ADVANCED GLASSFIBER YARNS LLC

                  Announces Update on Restructuring Discussions

AIKEN, SC/BUSINESS WIRE/October 1, 2002 -- Advanced Glassfiber
Yarns LLC (the "Company") announced today that it has reached an agreement on
the terms of an additional amendment and forbearance agreement with its senior
secured lenders under the Company's senior secured revolving credit and term
loan facility.

Previously, the Company had announced that it was in discussions with its senior
lenders regarding a consensual restructuring of approximately $180 million of
indebtedness outstanding under such facility, and had obtained an agreement from
such senior lenders to forbear from exercising rights and remedies under such
facility until September 27, 2002. Under the latest amendment and forbearance
agreement, the Company's senior lenders agreed, among other things, to extend
the forbearance period until October 31, 2002 while the parties continue
restructuring discussions. In connection with this agreement, the Company, among
other things, will not be making an approximately $5.9 million scheduled
principal repayment under its term loan facility that was due on September 30,
2002, and will be subject to a borrowing cap of $35 million under its revolving
credit facility. The Company currently anticipates that it will have sufficient
liquidity to satisfy its cash obligations in the foreseeable future including
day-to-day trade obligations.

The Company also advised that it intends to use the time afforded under the
latest forbearance agreement to continue restructuring discussions with an ad
hoc committee of its $150 million of 9 7/8% senior subordinated notes.

The Company noted, however, that there can be no assurance that it will be
successful in achieving a consensual restructuring of its senior secured or
senior subordinated indebtedness, in which event, the Company will explore all
viable alternatives.

Advanced Glassfiber Yarns, headquartered in Aiken, SC, is one of the largest
global suppliers of glass yarns, which are a critical material used in a variety
of electronic, industrial, construction and specialty applications.

All statements in this press release other than historical facts are
forward-looking statements which involve risks and uncertainties and which are
subject to change at any time. Such statements are based on management's
expectation at the time they are made. In addition to the assumptions and other
factors referred to in connection with these statements, factors set forth in
the Company's latest 10-K or 10-Q filed with the Securities and Exchange
Commission, among others, could cause actual results to differ materially from
those contemplated.