Court Approves Appointment of Ernst & Young Inc. as Receiver and Manager of Livent Inc.

NEW YORK and TORONTO--(BUSINESS WIRE)--Sept. 29, 1999--

(TSE:LIV.) Livent Inc. today said that the Superior Court of Justice (Ontario) has approved Livent's request for the appointment of Ernst & Young Inc. as receiver and manager of the property, assets and undertaking of Livent Inc. Ernst & Young Inc. previously had been appointed monitor when Livent filed for protection in Canada under the Companies' Creditors Arrangement Act.

With the previously announced completion of the sale of Livent's assets to SFX Entertainment Inc., the Livent Board of Directors determined that it was appropriate for the realization of the remaining assets of Livent and the administration of claims of its creditors to be conducted by the Court appointed receiver and manager in conjunction with the continuation of the U.S. Chapter 11 proceedings. Members of the Board of Directors tendered their resignations as directors of Livent Inc. effective upon the appointment of Ernst & Young Inc. as receiver and manager. With the appointment of Ernst & Young Inc. members of Livent senior management also are departing the company.

Livent filed for bankruptcy protection in the U.S. under Chapter 11 of the U.S. Bankruptcy Code on November 18, 1998 and filed for protection under the Companies' Creditors Arrangement Act in Canada on November 19, 1998 and is continuing with appropriate proceedings under both these statutes.

This release contains forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to various known and unknown risks and uncertainties including, but not limited to the ability of the company to successfully reorganize; the possible insufficiency of the Company's short term financing; the possible inability of the Company to obtain further short term and/or longer term financing; the profitability of the Company's present and planned productions and other projects; competition in the Company's existing and potential future lines of business; the Company's ability to address its financing requirements; the Company's ability to attract and retain key executive and creative personnel; and other factors. These and other factors and assumptions not identified above could cause actual results to differ materially from those projected. The Company assumes no obligation to update these forward-looking statements to reflect actual results, changes in assumptions or changes in the factors affecting such forward-looking statements.