Pfleiderer Gets Reprieve from Creditors

Neumarkt, Germany, April 4, 2011 -- Pfleiderer said that the boards of all its creditors have approved the extension of the standstill agreement until May 9, which, among other things, will suspend interest and capital repayments.

The delay should allow Pfleiderer to implement its restructuring, which aims to achieve a significant reduction in the Pfleiderer Group's debt and a return to an appropriate and sound equity base.

It stipulates that Pfleiderer AG will receive further loans of 100 million euros from the banks
and funds involved, which will secure Pfleiderer's financing while it implements its financial restructuring.

Banks and other creditors have agreed to waive a significant proportion of their credit receivables but will be able to acquire a majority stake in the company.

Pfleiderer also said that Ernest Pelzer, who was named to the board to guide the restructuring, is stepping down.

 has made a significant contribution to the operational and financial restructuring of the Pfleiderer Group. We thank Mr. Pelzer for his great commitment and his
successful efforts for our company."