Court Grants Final Approval of Livent Financing.

NEW YORK AND TORONTO--(BUSINESS WIRE)--Dec. 30, 1998--

Livent Inc.(TSE:LIV.) Company's Third Quarter Results to be

Delayed

Livent Inc. today said that the U.S. Bankruptcy Court for the Southern District of New York had provided final approval for Livent's agreement with the investment management firm of Angelo, Gordon & Co., L.P. to provide Livent with CDN$37.5 million (US$25 million) in Debtor-in-Possession (DIP) financing.

On December 3, the Court provided initial approval for the financing agreement and CDN$20 million (US$13.5 million) of the financing was made available at that time. Today's action by the Court provides for the remaining CDN$17.5 million (US$11.5 million) of financing to be made available to Livent after completion of documentation, which is expected shortly. In Canada, the terms of the financing between Livent and Angelo, Gordon were approved by the Ontario Court (Commercial List) on December 4.

Livent management believes that the financing will provide the company with sufficient capital to fund the company's operations while it completes its reorganization. Livent filed a voluntary petition under Chapter 11 of the U.S. Bankruptcy Code on November 18. The company sought protection in Canada under the Companies' Creditors Arrangement Act (CCAA) on November 19.

The company also said today that in light of recent events it would not be able to report its 1998 third quarter results this month. The company said that it was assessing the situation and would issue an announcement when it had a clearer sense of when these results could be expected.

Livent Inc. is a leading producer of theatrical entertainment internationally, whose Broadway productions have collectively won 18 Tony Awards. Livent also owns or controls four theaters, which are located in New York, Chicago, Toronto and Vancouver. Livent's newest musicals include Parade, a co-production with Lincoln Center Theater, which opened at the Vivian Beaumont Theater in New York on December 17 and Fosse, now in previews at the Broadhurst Theater in New York where it opens on January 14. Livent's critically acclaimed productions have included Kiss of the Spider Woman (1993), Show Boat (1995), Barrymore (1997), Candide (1997), and Ragtime (1998). In Toronto, Livent's production of Andrew Lloyd Webber's The Phantom of the Opera is in its tenth year at the Pantages Theater.