Irving deal concluded

24 October 2005

Meriturn Partners have completed their acquisition of Irving Tanning Company, the Hartland, Maine-based side and shoe leather tannery which has been operating under Chapter 11 protection since March 17, 2005. Meriturn received court approval for their Plan of Reorganization on July 26, which enabled the transaction to proceed. More than $14.5 million of new equity and debt capital was arranged. Irving's ceo Richard Larochelle commented: 'We are thankful to all of our constituents for their patience and support through this process, and are very excited about our new partnership with Meriturn. Together, we have developed a turnaround plan and built a capital structure that will enable Irving to compete and thrive on a global basis.'

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