Huffy leaves bankruptcy

MIAMISBURG, Ohio – Huffy Corp. announced today it has emerged from bankruptcy
after receiving $50 million in loans from two financing corporations.

The 117-year-old bicycle and sporting goods company filed for reorganization
last October under Chapter 11 of the federal bankruptcy code, citing losses
largely from a Canadian sports equipment company. A judge last month approved
the reorganization plan, contingent on the company finding financing.

Huffy has about 110 workers and is headquartered in this Dayton suburb.

“Huffy Corp. has now successfully completed a very difficult period in its long
history,” said John Muskovich, president and CEO. “We have accomplished all of
our major objectives for this process and have secured an exit financing
package, which along with the support from our trade suppliers will provide
assurance to our customers as to the strength of the new Huffy.”

Huffy said its board of directors has been reconstituted. Its new chairman is
Zhidong Liang, executive vice president of China Export & Credit Corp.

“Huffy Corporation is an important partner for the China-based companies which
manufacture its bicycles, and we look forward to a long and mutually beneficial
working relationship,” Liang said.

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