Liberty Tire Recycling Holdco, LLC and Liberty Tire Recycling Finance, Inc. Announce Commencement of a Consent Solicitation Relating to the Amendment of the Indenture Governing their 11% Senior Notes Due 2016

PITTSBURGH, Nov. 19, 2013 /PRNewswire/ -- Liberty Tire Recycling Holdco, LLC (the "Issuer") and Liberty Tire Recycling Finance, Inc. (the "Co-Issuer" and together with the Issuer, the "Issurers") announced today the commencement of a solicitation of consents (the "Consent Solicitation") to amend (the "Proposed Amendments") the indenture governing their 11% Senior Notes due 2016 (the "Notes").  The Consent Solicitation is being made in accordance with the terms and subject to the conditions stated in a Consent Solicitation Statement dated November 19, 2013 (the "Consent Solicitation Statement"), to holders of record as of November 18, 2013 (collectively, the "Holders").  The Consent Solicitation is scheduled to expire at 5:00 p.m., New York City time, on November 25, 2013, unless extended or earlier terminated (the "Expiration Date").

Holders of Notes who validly deliver consents to the Proposed Amendments prior to the Expiration Date (and do not revoke such consents) will receive consent consideration equal to $5.00 per $1,000 principal amount of Notes for which consents have been delivered.  Holders providing consents after the Expiration Date will not receive consent consideration.  Consent consideration will be paid as promptly as practicable after the Expiration Date and the satisfaction or waiver of the applicable conditions.

The Consent Solicitation is subject to a number of conditions that are set forth in the Consent Solicitation Statement, including, without limitation, the consent of the Holders of at least a majority in aggregate principal amount of outstanding Notes (the "Requisite Consent") being received by the Expiration Date and not revoked and the execution and effectiveness of a supplemental indenture effecting the Proposed Amendments.  A supplemental indenture giving effect to the Proposed Amendment may be executed any time following receipt of the Requisite Consent and consents may not be revoked on or after the date such supplemental indenture becomes effective.  A more comprehensive description of the Consent Solicitation can be found in the Consent Solicitation Statement.

The purpose of the Consent Solicitation is to obtain approval of the Proposed Amendments to enable the Issuers to issue up to $25.0 million aggregate principal amount of additional Notes under the indenture which governs the Notes.

The Issuers have retained BofA Merrill Lynch to act as Solicitation Agent in connection with the Consent Solicitation.  Questions about the Consent Solicitation may be directed to BofA Merrill Lynch at (888) 292-0070 (toll free) or (980) 387-3907 (collect).  Requests for copies of the Consent Solicitation Statement and related documents, and assistance relating to the procedures for delivering consents, may be obtained by contacting Global Bondholder Services Corporation, the Information and Tabulation Agent, at (212) 430-3774 (collect) or (866) 470-4200 (toll free).

The press release is neither an offer to purchase or sell securities, a solicitation of an offer to purchase or sell securities, nor a solicitation of consents, and no recommendation is made as to whether or not holders of Notes should consent to the adoption of the Proposed Amendments pursuant to the Consent Solicitation is not being made to holders of Notes in any jurisdiction in which the making thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction.

Issuer Description

The Issuer is the leading scrap tire collector and recycler in the United States and Canada.  The Issuer operates 30 scrap tire collection and processing facilities in the United States and Canada and is the leader within each geographic market it serves.

Forward-Looking Statements

This press release contains forward-looking statements.  If used, words such as "anticipate," "approximate," "believe," "continue," "estimate," "expect," "forecast," "intend," "may," "plan," "project," "should," "will" and other similar words or phrases, or the negative thereof, unless the context requires otherwise, are intended to identify forward-looking statements.  These statements reflect management's current views with respect to future events and are subject to risks and uncertainties, both known and unknown.  Important factors that could impact the accuracy of forward-looking statements include, but are not limited to, the following:  conditions in the economy; our ability to recruit and retain highly skilled employees; the outcome or impact of ongoing or future regulatory actions and litigation; the effect of domestic governmental laws, such as environmental laws and agency regulations; our ability to successfully identify, acquire and integrate future acquisitions; our ability to continue to grow our business and execute our growth strategy; commodity price volatility; our exposure to potential litigation claims; our cash flows and borrowing facilities may not be adequate for our additional capital needs and our future cash flow and capital resources may not be sufficient for payments of interest and principal of our substantial indebtedness or to fund our other liquidity needs; our ability to borrow additional funds or refinance debt; the impact of weather conditions on our business; and our ability to manage and control fire risks at our facilities.  Forward-looking statements should, therefore, be considered in light of various factors, including those set forth above.  We therefore caution you not to rely on these forward-looking statements.

SOURCE Liberty Tire Recycling Holdco, LLC