Key Plastics

KEY PLASTICS L.L.C. REACHES AGREEMENT WITH HOLDERS OF SENIOR SECURED NOTES TO REDUCE LONG-TERM DEBT OBLIGATIONS BY $115 MILLION

Holders in Excess of 75% of Senior Secured Notes Agree To Support Restructuring Plan to Convert $115 Million of Long-Term Debt Obligations to Equity, Significantly De-Leveraging the Company’s Balance Sheet and Eliminating the Related Debt Service Obligations

On-Going Business Relationships with Trade Creditors, Suppliers, Customers and Employees Are Not Impacted by the Restructuring

NORTHVILLE, Mich. , November 13, 2008 - Key Plastics L.L.C., one of the leading manufacturers of engineered plastic components for the global automotive industry, announced today that it has entered into a restructuring and plan support agreement with holders of more than 75% of its Senior Secured Notes which will enable the Company to reduce its outstanding indebtedness by $115 million. The Company has no other borrowings outstanding in North America. The terms of the restructuring support agreement also include a $20 million rights offering backstopped by Wayzata Investment Partners LLC to fund the restructuring and provide the Company with liquidity to support and grow its business operations going forward.

Pursuant to the restructuring, holders of the Senior Notes will convert 100% of the face amount of the Senior Notes into 100% of the common stock of the Company. In order to guarantee that all of the Senior Notes are converted, the restructuring is being solicited through a pre-packaged plan of reorganization. Wayzata and DDJ Capital Management, which together represent 75% of the Senior Notes, have agreed to support the plan. Upon completion of the restructuring, Wayzata, a Minnesota-based investment firm with more than $5 billion in assets under management, will be the Company’s controlling shareholder. Importantly, all obligations to North American trade creditors will be unaffected and paid in full under the plan. The Company’s European and Asian operations will be unaffected by the restructuring of the Senior Notes, and none of the Company’s foreign subsidiaries will be included in the U.S. restructuring.

The Company anticipates that the restructuring will be completed by January, 2009.

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 DDJ and their long-term commitment to the business.”

Separately, manufacturing capacity of the Company’s French and Slovakian operations will be reduced as a result of a significant decline in market demand. An operational and financial restructuring will be carried out under the supervision of French Courts and will involve Key Plastics companies only in these two countries. This process is separate from the U.S. restructuring, and will have no impact on the Company’s operations in the U.S., Asia, and the rest of Europe.

“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.

Forward-Looking Statements

The contents of this press release may include predictions, estimates or other information regarding the Company’s financing alternatives, financial position, business strategy, objectives for future operations, and industry conditions that might be considered forward-looking. While these forward-looking statements represent our current judgment on what the future holds, they are subject to risks and uncertainties which could cause actual results to differ materially. Even if the Company’s current plans or beliefs change because of future events or circumstances, we decline any obligation to update or revise any such forward-looking statement publicly.