Firm Also Wins Award for Chapter 11 Reorganization of the Year NEW …

Firm Also Wins Award for Chapter 11 Reorganization of the Year

NEW YORK, March 21, 2007 — Kramer Levin Naftalis & Frankel LLP is pleased to announce that it has received the M&A Advisor Turnaround Award as Law Firm of the Year. M&A Advisor also gave the firm the award for Chapter 11 Reorganization of the Year for Kramer Levin’s work on the WCI Steel case.

Dozens of top firms competed for the awards that recognize excellence in the bankruptcy and restructuring field. Other finalists for law firm of the year included other premier firms with renowned bankruptcy practices. M&A Advisor issued the awards at a ceremony in Palm Beach, Fla., Monday night.

Kramer Levin has established itself as an industry leader through its work on some of the nation’s largest and middle-market bankruptcy cases, including its recent involvement in the Dana Corp., Dura Automotive, Calpine, Adelphia, ASARCO, Footstar, PTS and Fabrikant bankruptcies, to name a few.

In the WCI Steel reorganization, Kramer Levin represented holders of $300 million in secured notes who fought for three years to wrest control of the company from its owner, prominent financier Ira Leon Rennert. The notes traded in the 20s when Kramer Levin began representing the noteholders in May 2003 and rose to 100 cents on the dollar when the noteholders confirmed their plan and took control of the company in May 2006.

Kramer Levin Naftalis & Frankel LLP, with approximately 340 attorneys, is a full-service law firm with offices in New York and Paris. The firm’s Corporate Restructuring and Bankruptcy department represents clients worldwide, including committees, lenders, investors, corporations and individuals. Additional information about the Corporate Restrucuring and Bankruptcy department is available on the firm’s website: www.kramerlevin.com/corporaterestructuring .

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