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Exhibit 99.1
FOR IMMEDIATE RELEASE
Media:
Joel Weiden
212-515-1970
Investors:
Doug Morris
212-515-1964
RELIANCE CREDIT FACILITY MATURES, RESTRUCTURING DISCUSSIONS CONTINUE
New York--November 10, 2000--Reliance Group Holdings (NYSE:REL) announced today
that the $237.5 million bank credit facility of its subsidiary, Reliance
Financial Services, has matured and has not been paid as the Company continues
discussions with its bank lenders, an unofficial committee representing holders
of its 9.0 percent senior notes due November 2000 and holders of its 9.75
percent senior subordinated debentures due 2003, and insurance regulators with
respect to a comprehensive restructuring of its outstanding debt.
"Discussions are progressing on a restructuring plan with our creditors and
regulators," said George Baker, Reliance Group Holdings Chief Executive Officer.
Any statements in this communication which may be considered to be "forward
looking statements" as that term is defined in the Private Securities Litigation
Reform Act of 1995 are subject to certain risks and uncertainties. The factors
which could cause actual results to differ materially from those suggested by
any such statements include, but are not limited to, those discussed or
identified from time to time in the Company's public filings with the Securities
and Exchange Commission, and more generally, general economic conditions,
including changes in interest rates and the performance of the financial
markets; changes in domestic and foreign laws, regulations and taxes; changes in
competition and pricing environments; and regional or general changes in asset
valuations.
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