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[LOGO] Kaiser Group EXHIBIT 99
International
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Kaiser Group International, Inc
9300 Lee Highway
Fairfax, Virginia 22031
703/934-3300 Fax 703/934-3740
www.kaiseregineers.com
FOR IMMEDIATE RELEASE Press and Investor Contact: Marijo Ahlgrimm
703/934-3995
KAISER GROUP INTERNATIONAL ANNOUNCES EFFECTIVENESS OF PLAN OF REORGANIZATION AND
FORMATION OF KAISER GROUP HOLDINGS, INC.
FAIRFAX, VA, December 18, 2000 Kaiser Group International, Inc. (OTCBB: KSRG)
announced that its Plan of Reorganization, which was confirmed by Order of the
United States Bankruptcy Court for the District of Delaware on December 5, 2000,
became effective today. As a result, Kaiser Group International, Inc. is now
100% owned by Kaiser Group Holdings, Inc., a newly formed Delaware corporation
and a "successor issuer" to Kaiser Group International, Inc. by virtue of Rule
12g-3(a) under the Securities Exchange Act of 1934. Future filings with the
Securities and Exchange Commission will be filed under the name Kaiser Group
Holdings, Inc. rather than under the name Kaiser Group International, Inc.
Kaiser Group International, Inc. ("Old Kaiser") filed with the Securities and
Exchange Commission on December 14, 2000 a Current Report on Form 8-K
summarizing the terms of the Plan of Reorganization of Old Kaiser and its debtor
subsidiaries and how the Plan will be implemented.
As explained in more detail in the Form 8-K, with the effectiveness of the Plan
of Reorganization, shares of common stock of Old Kaiser ("Old Common Stock") no
longer represent shares of common stock of Kaiser Group International, Inc.
Instead, shares of Old Common Stock represent the right to receive the number of
shares of common stock of Kaiser Group Holdings, Inc. ultimately distributable
to holders of Old Common Stock under the Plan of Reorganization.
Similarly, and as more fully described in the Form 8-K, as of the effective date
of the Plan, Old Kaiser's senior subordinated notes due 2003 ("Old Subordinated
Notes") no longer represent a debt obligation of Old Kaiser. Instead, the Old
Subordinated Notes now represent the right to receive (1) cash and preferred
stock and common stock of Kaiser Holdings distributable to holders of Allowed
Class 4 Claims under Old Kaiser's Plan of Reorganization and (2) to the extent
the holder of an Old Subordinated Note accepted the exchange offer of Kaiser
Government Programs, Inc. ("KGP") that was completed on November 15, 2000, or is
a direct or indirect transferee from a holder of Old Subordinated Notes who
accepted the KGP exchange offer, the appropriate number of KGP put rights that
were offered in that exchange.
Kaiser Group Holdings, Inc. expects that, until the initial distribution of cash
and preferred and common stock of Kaiser Group Holdings, Inc. is made under the
Plan of Reorganization, shares of Old Common
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Stock will continue to trade on the NASD's electronic bulletin board under the
symbol "KSRG."
Shares of preferred stock and common stock of Kaiser Group Holdings, Inc.
distributable to holders of Allowed Claims and Allowed Equity Interests (as
defined in the Old Kaiser Plan of Reorganization), including holders of Old
Common Stock and Old Subordinated Notes, will not be tradable before the dates
of actual distribution. Kaiser Holdings plans to attempt to cause its new
preferred stock and new common stock to be tradable on the NASD's electronic
bulletin board following the initial distribution. Details concerning any such
trading availability, including the symbols for Kaiser Holdings' new preferred
stock and new common stock, will be announced in connection with the initial
distribution.
As noted above, the Current Report on Form 8-K filed by Kaiser Group
International, Inc. on December 14, 2000 and the exhibits thereto include
important information concerning the implementation of Old Kaiser's Plan of
Reorganization and Kaiser Holdings. Holders of securities previously issued by
Old Kaiser are urged to review that Current Report on Form 8-K and its exhibits,
which are available on the internet through the Securities and Exchange
Commission's EDGAR system at www.sec.gov/edgarhp.htm.
