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Denali Incorporated announced that the Company will pursue a Restructuring Plan. “Denali’s Restructuring Plan has two major parts: (1) protecting and fostering the strengths and performance of Denali’s underlying businesses; and (2) pursuing all available means to restructure the Company’s balance sheet and strengthen its financial position,” said Dick Volk, Chairman, CEO and President. As previously announced, the Company is in default on its domestic and European credit facilities, and its domestic senior lenders executed a forbearance agreement whereby unpaid principal installments were deferred until November 30, 2000. During the week of November 27, 2000, Denali learned in discussions with William Blair Mezzanine Capital Fund III, L.P. (“Blair”) that Blair had decided not to proceed with its previously proposed $23 million investment in the Company. The proposed investment by Blair had been viewed by the Company and its lenders as a potential solution to the Company’s liquidity problems. As a result of Blair’s decision, the Company advised its domestic senior lenders that it will not make its November 30, 2000 scheduled principal and interest payments. Denali Incorporated is a provider of fluid handling products, specializing in corrosion-resistant applications in process industries. The Company is a manufacturer of engineered fiberglass-composite products, including tanks, vessels, and piping systems, as well as steel, above-ground storage tanks.
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