Bankruptcy Court Approves Russell-Stanley Plan of Reorganization; Russell-Stanley Expects to Emerge from Chapter 11 Within 10 Days.

BRIDGEWATER, N.J. -- Russell-Stanley Holdings, Inc. ("Russell-Stanley" or the "Company") announced that on October 24, 2005, after only approximately two months in Chapter 11, the U.S. Bankruptcy Court for the District of Delaware confirmed the prepackaged plan of reorganization of Russell-Stanley and certain of its subsidiaries (the "Plan"). The Plan provides, among other things, for the sale of substantially all of the assets of Russell-Stanley and certain of its subsidiaries to an affiliate of Mauser-Werke GmbH & Co. KG ("Mauser") and One Equity Partners. The Plan is expected to become effective, and the asset sale is expected to close, within the next ten days after satisfaction or waiver of various conditions to closing.

On or shortly after the effective date of the Plan, Russell-Stanley's subordinated notes (the "Notes") and equity securities will be cancelled, and holders of secured and general unsecured claims (other than claims on account of the Notes) will be paid in full. On or shortly after the effective date of the Plan, all trade and vendor claims not already paid when due will be paid in full by Russell-Stanley under the Plan, or by Mauser in accordance with the terms of the asset purchase agreement that is a part of the Plan. Holders of the Notes will receive their pro rata share of the asset sale proceeds that remain after secured claims, general unsecured claims, and Chapter 11 expenses have been paid or otherwise reserved. Plan distributions will be made by a plan administrator that was appointed under the Plan.

Prior to filing under Chapter 11 to effect the terms of the asset sale, Russell-Stanley obtained unanimous acceptance of its Plan from creditors entitled to vote on the Plan, which allowed the Plan to be confirmed after only approximately two months in Chapter 11.

"Today's announcement and our combination with Mauser would not have been possible without the strong support of our creditors, vendors, customers and employees. We are very appreciative of their continued confidence during this process," said Ronald M. Litchkowski, President and Chief Executive Officer of Russell-Stanley. "We are now looking forward to a new era in our business as we become part of an organization that is a global leader in industrial packaging."

About Russell-Stanley

Russell-Stanley Holdings, Inc. is North America's largest plastic drum manufacturer, second largest steel drum manufacturer, and a leading industrial container supply chain management company. More information on the company can be found at www.russell-stanley.com.

About Mauser-Werke GmbH Co. KG

Mauser-Werke GmbH Co. KG is a global leader in industrial packaging, with its headquarters in Bruehl, Germany. More information on Mauser can be found at www.mauser-werke.com.