Key Plastics

KEY PLASTICS L.L.C. FILES CHAPTER 11 PETITION SEEKING APPROVAL OF ITS PRE-PACKAGED REORGANIZATION

NORTHVILLE, Mich. , December 16, 2008 - Key Plastics L.L.C.,

After Receiving Support From Holders of Approximately 90% of Its Senior Secured Notes, Key Plastics L.L.C. Files Chapter 11 Petition Seeking Approval of its Pre-Packaged Reorganization

The Company Will Reduce Its Long Term Debt Obligations by Converting $115 Million of Senior Secured Notes to Equity, Significantly De-Leveraging the Company’s Balance Sheet and Eliminating the Related Debt Service Obligations

The Company Secures up to $20 Million in DIP Financing to Secure Ongoing Operations

On-Going Business Relationships with Trade Creditors, Suppliers, Customers and Employees are not Impacted by the Reorganization

Trade Creditors Will Be Paid in the Ordinary Course of Business

$20 Million Rights Offering Backstopped by Wayzata Investment Partners LLC to Fund the Reorganization and Provide the Company with Liquidity to Support and Grow its Business Operations Going Forward

Key Plastics L.L.C. (the “Company”), one of the leading manufacturers of engineered plastic components for the global automotive industry, announced today that it filed a voluntary Chapter 11 petition, accompanied by a prepackaged plan of reorganization, seeking to reorganize in the United States Bankruptcy Court for the District of Delaware. In connection with the filing, the Company confirmed that holders of 90% in aggregate principal amount of its Senior Secured Notes agreed to a voluntary and consensual restructuring of the Company. Pursuant to the previously announced Restructuring Support Agreement dated November 12, 2008, holders of the Senior Notes will convert 100% of the $115 million face amount of the Senior Notes into 100% of the common stock of the Company. Upon completion of the restructuring, Wayzata Investment Partners LLC (“Wayzata”), a Minnesota-based investment firm with more than $5 billion in assets under management, will be the Company’s controlling shareholder. The Company anticipates confirmation of its pre-packaged reorganization in late January, 2009.

Importantly, the Company has asked the Court to approve payment of all obligations owed to trade creditors, suppliers, customers and employees in the ordinary course of business, which will leave such parties unimpaired and unaffected by the restructuring.

The Company also announced today that it has reached agreement with Wayzata and certain of its affiliates to provide the Company with debtor-in-possession financing of up to $20 million to finance its ongoing operations. Additionally, in connection with confirmation of the plan, Wayzata has agreed to backstop a rights offering for $20 million in new equity investment in order to fund the reorganization and to provide the Company with liquidity to support and grow its business operations going forward.

Ralph Ralston, President & COO of the Company’s North American operations, stated, “In the face of today’s economic conditions, we are pleased to have achieved such strong support for a consensual restructuring that is beneficial to our employees, customers, and suppliers by dramatically improving our balance sheet, eliminating the related debt service obligations, and enabling continued reinvestment in our products and future growth. This process will give Key Plastics one of the strongest financial profiles in the industry, and allow us to persevere through the current industry environment while continuing to provide exceptional products and services to our customers worldwide. We look forward to the continued support of Wayzata and their long-term commitment to the business.”

In connection with the filing, the Company is also seeking approval of a variety of first day motions that will allow it to continue to manage operations in the ordinary course. The motions include requests to make wage and salary payments and other benefits to employees and to pay suppliers, and certain other pre-petition claims in the ordinary course. This relief will allow the Company to operate its business without interruption while it restructures.

“The global automotive industry is going through a period of historic change, and Key Plastics is taking the necessary steps to position the Company to succeed in the dynamic global business environment,” continued Ralston. “These steps will strengthen Key Plastics financially and operationally and allow the Company to focus on growing its business worldwide. We thank our employees, customers, suppliers and creditors for their hard work and support and look forward to a successful future for Key Plastics.”

About Key Plastics, L.L.C.

Key Plastics is a leading supplier of a broad range of highly engineered plastic components and functional assemblies to manufacturers of light vehicles and their tier one suppliers in North America, Europe, and Asia. In North America, the Company has strong market positions in door handles, pressurized fluid reservoirs, and other precision molded parts. In Europe, the Company has strong market positions in decorative bezels, center consoles, air vents and other mechanisms, decorative trim, and underhood technical components. Key Plastics employs approximately 5,000 personnel in North America, Europe, and Asia.