Jack Yang Joins Onex Credit Partners as Managing Partner

All amounts in Canadian dollars unless otherwise stated 

Onex Corporation (TSX:OCX) announced today that Jack Yang has joined Onex Credit
Partners ("OCP") as Managing Partner, bringing over 25 years of credit market
experience and business leadership.


Onex Credit Partners specializes in managing credit-related investments,
including event-driven, long/short, and market dislocation strategies. Asset
classes include bank loans, bonds, and distressed debt. Established in November
2007, OCP manages approximately US$900 million in assets in various products
including separate accounts and an exchange-listed fund.


"Jack brings an extraordinary track record of building and managing world-class
credit businesses," said Gerald Schwartz, Onex' Chairman and Chief Executive
Officer. "We have known Jack for several years, and are delighted to have him
join the Onex Credit Partners' management team. This reflects our commitment to
further developing our credit investing platform, which is an excellent
complement to our core private equity activities."


Mr. Yang was formerly the Managing Partner of Highland Capital Management L.P.
He joined the firm in 2003 to establish and lead its business development
initiatives and head its New York office. He helped grow the firm into one of
the largest specialist managers of credit strategies via the origination and
marketing of hedge, listed, European, separate account and private equity funds.
He was a Director of Highland Capital Management Europe Ltd. and President of
the firm's affiliated broker dealer.


Prior to joining Highland, Mr. Yang spent eight years at Merrill Lynch in a
number of capacities, most recently as Managing Director and Global Head of
Leveraged Finance Products within Global Debt Markets. While at Merrill Lynch,
he was a senior member of the Debt Markets Commitment Committee, established the
firm's Mezzanine and Bridge Loan Funds, and was the head of strategic, cash flow
and asset-based lending. He played a significant role in the firm's distressed
investments and CLO activities. Prior to joining Merrill Lynch, Mr. Yang spent
11 years at Chemical Securities, Inc. where he was a founding member of the
leveraged buyout and syndicated finance groups.


"We believe that Onex Credit Partners is very well positioned in the current
environment, particularly given the team's track record of generating attractive
risk-adjusted and total returns since 2001," said Michael Gelblat, OCP's
Co-Founder and CIO. "Jack will play a key role as we build Onex Credit Partners
into a world-class manager, with institutional practices and a dedication to
investor relationships that has been a hallmark of Onex for more than a quarter
century."


"I am delighted to have the opportunity to work with the Onex and OCP teams to
further build on the firm's US$900 million of assets under management," said Mr.
Yang. "Onex is widely regarded as a best-in-class, value-oriented private equity
firm, and Stuart Kovensky and Michael Gelblat have developed an impressive
long-term track record as successful, disciplined investors. Onex Credit
Partners combines the expertise and resources of a premier, investment
management firm with the focus and energy of a specialist manager."


Mr. Yang, 49, graduated with a B.A. in Economics from Cornell University and
earned an M.B.A. from Columbia Business School. He served as a Director or Vice
Chairman of the Loan Syndications and Trading Association from 1999 - 2009 and
was a Director of the Loan Market Association in 2005.


About Onex 

Onex is one of North America's oldest and most successful investment firms
committed to acquiring and building high-quality businesses in partnership with
talented management teams. Onex manages investment platforms focused on private
equity, real estate and credit securities. In total, the Company manages
approximately US$12 billion. Onex generates annual management fee income and is
entitled to a carried interest on approximately US$7.7 billion of third-party
capital and also invests its own capital directly and as a substantial limited
partner in its Funds.


Onex' businesses generate annual revenues of $31 billion, have assets of $34
billion and employ more than 210,000 people worldwide. Onex shares trade on the
Toronto Stock Exchange under the stock symbol OCX. For more information on Onex,
visit its website at www.onex.com. The Company's security filings can also be
accessed at www.sedar.com.


About Onex Credit Partners, LLC

Onex Credit Partners, LLC is registered as an investment adviser with the U.S.
Securities and Exchange Commission and as a portfolio manager in the Canadian
provinces of Ontario, Alberta and Manitoba. Based in Englewood Cliffs, New
Jersey, OCP is the exclusive credit investing arm of Onex, specializing in
credit-oriented investment strategies, such as event-driven, long/short, special
situations and market dislocation. Key areas of focus include syndicated loans,
bonds, and distressed debt. The firm invests capital for bank, insurance
company, foundation, fund of hedge fund, and high net worth investors, and its
products include separate accounts, and a closed-end mutual fund.


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