Tender Offers for SPhinX Access LLC and SPhinX Access Ltd.

NEW YORK, Sept. 3 /PRNewswire/ -- SAF TenderCo LLC ("Purchaser"), c/o Contrarian Capital Management, L.L.C., has extended the expiration date for its offers to purchase all outstanding interests of SPhinX Access LLC and all outstanding shares of SPhinX Access Ltd. to 11:59 P.M., New York City time, on Friday, September 10, 2010, unless further extended.  The tender offers were previously scheduled to expire today, on Friday, September 3, 2010.  Purchaser reported that as of 1:00 P.M., New York City time, approximately 85% of interests of SPhinX Access LLC and 45% of shares of SPhinX Access Ltd. have been tendered in response to its tender offers.

Purchaser has waived the condition with respect to SPhinX Access Ltd. that more than 50% of the shares (by net asset value) of SPhinX Access Ltd. be tendered, which previously formed a part of the tender offer with respect to SPhinX Access Ltd., so that such tender offer is no longer subject to such minimum condition.

SOURCE Contrarian Capital Management, L.L.C.