Baldwin gets a breather

[Billbrpt@AOL.COM]

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The latest news...

Bill Bremmer RPT
Madison, Wisconsin

Baldwin Piano & Organ Company Announces Debtor In Possession Financing 
Arrangement With General Electric Capital Commercial Finance Inc. And 
Delisting By The Nasdaq Stock Market

  
MASON, Ohio, June 27 /PRNewswire/ -- Baldwin Piano & Organ Company announced 
today that it has entered into a debtor in possession financing arrangement, 
subject to Bankruptcy Court approval, with General Electric Capital 
Commercial Finance (GECC).  The loan will permit the Company to continue its 
reorganization/restructuring efforts under the protection of the United 
States Bankruptcy Code. Mr. Bob Jones, chief executive officer and president 
of Baldwin, in a statement, said, "This lending arrangement will provide 
Baldwin the opportunity to continue its restructuring efforts and devote its 
energies to its day-to-day operations.  GECC's commitment, coupled with our 
enhanced efficiencies, will permit the Company to engage in its normal course 
of business during the traditionally slow summer season in the piano 
manufacturing industry.  Current management will continue to explore any and 
all alternatives to enhance values, increase performance, and produce quality 
pianos." 

Mr. Kenneth W. Pavia, chairman of Baldwin, stated "Management continues to 
implement its restructuring plans.  GECC, our primary lending partner, has 
permitted us to continue our operations, meet our current obligations, and 
begin to build a new Baldwin Piano & Organ Company.  I am optimistic in 
regard to the direction of the Company and look forward to its eventual 
success." 

In an unrelated matter, the Company announced the delisting of the Company's 
stock on Nasdaq. In a letter to the Company dated June 19, 2001, Nasdaq cited 
the Company's recent bankruptcy filing and Nasdaq Marketplace Rules 4450(f) 
and 4330(a)(3) as determining factors in its decision.  Mr. Jones, in a 
statement, said, "While we regret Nasdaq's decision, the Company understands 
the ramifications of it seeking protection under Chapter 11 of the United 
States Bankruptcy Code.  We look forward to restructuring the Company, 
regaining investor confidence, and applying for future listing on Nasdaq.  In 
the interim, our stock is eligible to trade in the over-the-counter market." 
Mr. Pavia stated that "While Baldwin's current shareholders continue to 
suffer, the Company is proceeding to disentangle itself from the horns of the 
legacy issues which have negatively impacted performance." 

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