DURA Automotive Systems Announces New Management Structure

ROCHESTER HILLS, Mich., Feb. 3 /PRNewswire/ -- DURA Automotive Systems, LLC  ("DURA") today announced new management appointments. These appointments result from the previously-announced acquisition of a majority interest in DURA by affiliates of Patriarch Partners, LLC ("Patriarch") and the planned integration of Global Automotive Systems ("GAS"), another Patriarch-affiliated company, with DURA.

Timothy D. Leuliette becomes executive chairman of DURA and a managing director at Patriarch. In the role of executive chairman, Leuliette, who had been chairman, president and CEO, will continue to provide oversight to the company. As a managing director at Patriarch, he will be responsible for various Patriarch business interests, including DURA.  "We have a solid management team and strategic vision that make DURA a lean, globally-competitive supplier that continues to provide high-quality products and technologies to our customers," Leuliette said. "Our transaction with Patriarch and our new management structure position DURA well for future growth."

Torben H. von Staden, current president and CEO of GAS, becomes president and CEO of DURA. von Staden will report to Leuliette.

The following management team members also will report to Leuliette:

• Jeffrey M. Stafeil, executive vice president and chief financial officer
• Theresa L. Skotak, executive vice president and chief administrative officer
• Jim Gregory, executive vice president, Corporate Development

The following management team members will report to von Staden:

• Tom Chambers, executive vice president and chief operating officer
• Francois Stouvenot, executive vice president, Sales
• Rob Deni, executive vice president, Procurement & Logistics
• Avinoam Heller, executive vice president, Specialty Products

DURA announced its recapitalization and restructuring transaction with Patriarch on December 10, 2009. Under that agreement, Patriarch said it would invest up to $125 million of capital and take a controlling stake in DURA. The closing of this transaction on January 21, 2010, completed the transformation of DURA, a company that emerged from Chapter 11 bankruptcy protection in June, 2008, into an automotive supplier with a strong balance sheet, industry-leading intellectual property and a broad low-cost global presence.

With the integration of GAS, DURA will have sales of $1.6 billion and 10,800 employees in 39 manufacturing operations in 16 countries. DURA is a leading independent designer and manufacturer of driver control systems, seating control systems, glass systems, engineered assemblies, structural components, structural door modules and exterior trim systems for the global automotive industry. "We believe that, together, these two companies create a launching pad for tremendous growth as long term partners to the industry OEMs. The combined management teams provide a depth and breadth of talent that has exceeded all our expectations. We are excited to watch the platform flourish" said Lynn Tilton, Chief Executive Officer of Patriarch Partners.

About DURA Automotive Systems, LLC and Global Automotive Systems, LLC

DURA and GAS combined are leading independent designers and manufacturers of driver control systems, seating control systems, glass systems, engineered assemblies, DURA Automotive structural components, structural door modules and exterior trim systems for the global automotive industry. DURA markets its automotive products to every North American, Asian and European original equipment manufacturer (OEM) and to many leading Tier 1 automotive suppliers. DURA is headquartered in Rochester Hills, Michigan. The combined organization has sales of $1.6 billion and has 10,800 employees in 39 manufacturing operations in 16 countries.

Information about DURA and its products are available on the internet at www.DURAauto.com.

About Patriarch

Patriarch is a vertically-integrated private equity firm with robust in-house operational turn-around expertise. Founded in 2000, Patriarch was built upon a patented financial model designed to manage and monetize the distressed portfolios of financial institutions. Patriarch has since evolved into a global investment firm that concentrates on direct investments in and the transformation of complex businesses, building integrated industry platforms. Patriarch manages funds with over $7 billion of equity and secured loan assets, with equity investments in more than 70 companies and controlling interests in approximately two-thirds of these. For more information, please visit www.patriarchpartners.com.

SOURCE DURA Automotive Systems, LLC