RNI Wind Down Corp. Announces Key Terms of Bankruptcy Plan

Share Name	Share Symbol	Market	Type	Share ISIN	Share Description
Radstone Rfd	LSE:RSTN	London	Ordinary Share	GB0033499590	ORD 12 1/2P (RFD 01/04/03)

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Radstone Rfd

LSE:RSTN

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ORD 12 1/2P (RFD 01/04/03)

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RNI Wind Down Corp. Announces Key Terms of Bankruptcy Plan

01/06/2006 10:51pm

PR Newswire (US)

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SANTA CLARA, Calif., June 1 /PRNewswire/ -- RNI Wind Down Corporation, formerly Riverstone Networks, today announced that it had reached agreement with its Official Creditors Committee and Official Equity Holders Committee concerning the key terms of a consensual plan of liquidation to be filed shortly in the on-going bankruptcy case pending in the U.S. Bankruptcy Court in Wilmington, Delaware. The parties plan to file the proposed consensual plan of liquidation and accompanying proposed disclosure statement in mid-June. RNI, currently operating as a debtor-in-possession, currently intends to pay all allowed claims of creditors in full plus interest and expects to have sufficient cash remaining to pay a substantial distribution to stockholders after funding certain required reserves. One of the reserves to be established will be an indemnification reserve set aside for claims that might be brought against current directors or officers of the company. In an effort to avoid unnecessary uncertainty and delay in making initial distributions to stockholders, the Company is cooperating with a statutory investigation by the Equity Holders' Committee into the company's affairs. The purpose of this statutory inquiry is to determine whether any legal basis exists for bringing claims to recover funds for the company's bankruptcy estate. The Committee's investigation will commence immediately, and the Committee expects to announce the results of its investigation before the plan of liquidation is confirmed. "A primary reason to begin the investigation now is so that the process of establishing the size of the indemnification reserve is based as much as possible on facts, not speculation," said Interim President Noah D. Mesel. "We want the reserves to be as low as reasonably possible to maximize the initial distribution to investors, while simultaneously preserving legitimate expectations and legal entitlements of officers and directors who agreed to serve the company based in part on their indemnification agreements." The Plan is scheduled to be reviewed by the Bankruptcy Court in mid-September and distributions to creditors and stockholders are expected to be made by the end of September Except for the historical information contained herein, the matters set forth in this press release, including without limitation statements regarding the company's plan of liquidation, payment of creditors, distributions to stockholders, the investigation of possible claims and the establishment of indemnification reserves the are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements speak only as of the date hereof and are subject to risks and uncertainties that may cause actual results to differ materially. These risks and uncertainties include, without limitation, objections to any plan of liquidation filed with the court that alter the plan or delay its confirmation, the size of third-party claims against the company that could affect the size of distributions to stockholders, and any claims discovered by the Equity Committee or by third parties against individuals who have indemnification rights that could affect the size of any indemnification reserve. The company assumes no obligation to update or revise these forward-looking statements. CONTACT: Noah Mesel, Interim President, +1-408-878-6500. DATASOURCE: RNI Wind Down Corporation CONTACT: Noah Mesel, Interim President of RNI Wind Down Corporation, +1-408-878-6500 Web site: http://www.riverstonenet.com/

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