Richard L Huber News

American Commercial Lines LLC announced that Stephen A. Frasher will step down as President and CEO effective April 30, 2004. ACL will make the following executive changes on that date. Richard L. Huber will assume the position of Chief Executive Officer of American Commercial Lines LLC. Mr. Huber has been a member of the ACL Board since 2000, and currently serves as its Chairman. Mr. Huber has over forty years of investment and merchant banking, international business, and management experience, having held executive positions with Chase Manhattan Bank, Citibank, Bank of Boston, and Continental Bank. He was most recently CEO of Aetna, Inc.

American Commercial Lines LLC and its affiliated debtors today filed their Joint Plan of Reorganization in the United States Bankruptcy Court, Southern District of Indiana, New Albany Division. ACL and its affiliated debtors, including American Commercial Barge Line LLC and Jeffboat LLC, filed for Chapter 11 protection on January 31, 2003. Richard L. Under the terms of the Plan, ACL will issue $225M in new Senior Secured Notes, and approximately $138M in new Junior Secured Notes in satisfaction of obligations to the Senior Secured Lenders. Five-year Maritime Lien Holder Notes will be issued to holders of maritime liens or in the alternative, a cash payout of as much as fifty cents on the dollar.

American Commercial Lines LLC sold its ownership interest in Global Materials Services LLC to Mid-South Terminal Company, L.P. for $14 million cash. This transaction gives Mid-South Terminal Company, L.P., headquartered in Memphis, Tennessee, 100% control of Global Materials Services' network of 24 river-served terminals in the United States and 1 in Europe. Richard L. Huber, Chairman of ACL, said “We are pleased that we were able to transfer our interest in this operation to our partner. This transaction allows us to continue our progress toward emerging from Chapter 11 with a focus on our core business. The proceeds from this transaction will be used to pay off the remaining balance of our DIP term loan financing.”

American Commercial Lines LLC (ACL) announced that Mark R. Holden was selected as President and Chief Executive Officer. Prior to joining the Company, Holden was Senior Vice President and Chief Financial Officer of Wabash National Corporation, where he held various officer-level positions for the past 12 years. In addition to his duties as the Chief Financial Officer, Mr. Holden served on the Board of Directors of Wabash National and in the Office of the Chief Executive Officer. As a member of the Office of the Chief Executive Officer, Mr. Holden oversaw a very successful turnaround and restructuring of the $1 billion industrial company. Prior to joining Wabash National in 1992, Mr. Holden spent 12 years at the international accounting firm of Arthur Andersen. Mr.

The United States Bankruptcy Court, Southern District of Indiana, New Albany Division confirmed the Plan of Reorganization for American Commercial Lines LLC and its affiliated debtors. ACL and its affiliated debtors, including American Commercial Barge Line LLC and Jeffboat LLC, filed for Chapter 11 protection on January 31, 2003. Richard L. Huber, Chairman and Chief Executive Officer of ACL said "We are extremely pleased to complete this reorganization process. The implementation of our Plan of Reorganization provides the best possible recovery for our creditors and ensures the Company's future viability. Our efforts are now focused on completing the steps required to emerge from Chapter 11 on January 10…