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The Wornick Company Plan of Reorganization Confirmed


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© Business Wire 2008
2008-06-27 23:52:11 -

- Finsbury Group Steven Goldberg, 212-303-7600 steven.goldberg@finsbury.com The Wornick Company, a leading manufacturer of ready-to-eat shelf stable food, announced today that it has received confirmation of its Amended Joint Plan of Reorganization, dated April 4, 2008, (the "Plan") from the U.S. Bankruptcy Court for the Southern District of Ohio in Cincinnati. U.S. Bankruptcy Court Judge J. Vincent Aug, Jr. held

a confirmation hearing on June 25 and today issued an order (the "Confirmation Order") approving the Plan.

The Confirmation Order approves, among other things, the sale of the equity in the reorganized Wornick to Viren Acquisition Corp. ("Viren"), a company owned by the holders of approximately 85% of Wornick's senior secured notes. The sale to Viren is expected to close in early July, and Wornick will emerge from Chapter 11 upon the closing of the transaction.

"We obviously are extremely pleased by the Court's approval of our Plan of Reorganization and the sale to Viren," said Jon Geisler, President and Chief Executive Officer of The Wornick Company. "Viren's shareholders are well-capitalized and committed to investing in our long-term growth and success. Upon our emergence from Chapter 11, Wornick will have a much stronger balance sheet. We will have the resources to take full advantage of the fundamental strength of the business and our leading market position," Mr. Geisler said.

Once the company emerges from Chapter 11, there will be a new seven person Board of Directors. Mr. Geisler will continue to serve as President and Chief Executive Officer of Wornick and no senior management changes are expected.

"We completed our Chapter 11 financial restructuring in less than five months, which is a remarkable achievement," said Mr. Geisler. "The result is a testament to the outstanding effort put forth by the management team, Wornick's employees, our Board of Directors, our senior lenders and bondholders and our outside professionals. All of these groups contributed greatly to the successful restructuring of Wornick. I would also like to thank our customers and suppliers for their support and understanding during this process," Mr. Geisler said.

For more information about the Chapter 11 case, including access to Court documents, please visit www.kccllc.net/wornick.

Court Approves Sale of Equity of Reorganized Company to Viren
Acquisition Corp.


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