Investor Group Including TCW, Schultze Asset Management and Levine Leichtman Capital Partners Announces Revised Offer for Werner.

LOS ANGELES & PURCHASE, N.Y. -- An investor group consisting of certain lenders of Werner Holding Co. representing a majority in amount of its Second Lien Credit Facility, a substantial portion of its First Lien Credit Facility, and a substantial portion of its 10% Senior Subordinated Notes, announced today that it has made a revised offer to acquire the company for approximately $262 million. The investor group includes, among others, the TCW Group, Inc. (TCW), Schultze Asset Management, LLC ("SAM") and Levine Leichtman Capital Partners.

"We are very pleased to present our revised offer to acquire Werner. We believe in the long-term business prospects of the company and have put forth a proposal that includes a significant cash equity contribution of approximately $140 million that demonstrates our belief in the Werner brand and its business prospects. Our proposal will allow the company to emerge from Chapter 11 with a significantly de-leveraged balance sheet that will give the company the financial flexibility it needs to continue to compete effectively in the marketplace and retain its position as the leading manufacturer and distributor of ladders in the world," said Nick Tell, Managing Director with TCW.

The investor group is offering to acquire substantially all of the assets of the company as a going concern, pursuant to section 363 of the Bankruptcy Code. In addition to acquiring the assets of the company, the investor group will assume substantially all ongoing post-bankruptcy obligations to vendors, customers and employees. Werner expects to file with the court around February 15th a motion which will outline the bidding procedures for a formal auction which is expected to occur in early May. "We are supportive of a bidding process that is fair and open to all bidders, including potential third-party bidders," said Tell. "Regardless who wins the auction, the company will emerge from bankruptcy stronger and better-positioned to compete in the marketplace."

George Schultze, Managing Member of Schultze Asset Management, LLC, added, "We are very supportive of the company's long-term business strategy and believe that the transaction will facilitate its successful turnaround. Going forward, Werner's 50+ year history and its well-established brand names will be instrumental in affirming the company's dominant position in the climbing products industry."

About TCW

Founded in 1971, TCW develops and manages a broad range of innovative, value-added investment products that strive to enhance and protect clients' wealth. The firm has approximately $150 billion in assets under management. TCW clients include many of the nation's largest corporate and public pension plans, financial institutions, endowments and foundations, as well as a substantial number of foreign investors and high net worth individuals. TCW is a subsidiary of Societe Generale Asset Management, which has approximately $460 billion under management and is a division of Societe Generale Group.

About Schultze Asset Management

Schultze Asset Management, LLC (www.samco.net) is a leading investment management firm that specializes in distressed and special situations investing. The firm was founded in 1998 and manages over $500 million in assets for institutional and high net worth clients located throughout the world.

About Levine Leichtman Capital Partners

Levine Leichtman Capital Partners (www.LLCP.com) is a Los Angeles, Calif., private equity firm that was founded in 1984 by Arthur E. Levine and Lauren B. Leichtman. The firm manages in excess of $2.0 billion of institutional investment capital through private equity partnerships. Levine Leichtman has a multi-fund investment strategy focused on companies with revenues between $50 million and $500 million.