Iron Age noteholders form steering committee

New York, Sept. 26 - Iron Age Corp. said that holders of a majority of its 9 7/8% senior subordinated notes due 2008 have formed an informal steering committee to negotiate a restructuring of the company's debt.

The committee has hired Sheffield Merchant Banking Group, part of CRT Capital Group LLC, as its financial advisor and Sidley Austin Brown & Wood LLP as its legal advisor.

Under agreements with its bank lenders, Iron Age is required, with its parent Iron Age Holdings Corp., to provide a the lenders with a plan for restructuring the 9 7/8% notes and Iron Age Holdings' 12 1/8% senior discount notes due 2009 that has been agreed with the holders of the securities.

The restructuring must be completed by Oct. 31 unless an additional waiver is received from the bank lenders, who are Wells Fargo Foothill, Inc., Credit Suisse First Boston International and H/Z Acquisition Partners, LLC.

Iron Age, a Pittsburgh distributor of work and safety footwear, added that Sheffield Merchant Banking is inviting holders of either series of notes to contact Eric Seal of Sheffield at 203 569-6831 or Jessica Knowles of Sidley Austin at 312 853-7030.

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