International Wire Group, Inc. announced that Mark K. Holdsworth, Chairman of the Board of Directors, has resigned in order to focus on other aspects of the business of Tennenbaum Capital Partners, and the Board of Directors has appointed Hugh Steven Wilson as a new director and Chairman of the Board. Mr. Wilson is a Managing Partner of TCP. Prior to joining TCP in 2005, he retired from the international law firm of Latham & Watkins where he was a senior partner and was Global Co-Chair of the Mergers and Acquisitions Practice Group and former Chairman of both the National Litigation Department and the National Mergers and Acquisitions Litigation Practice Group.

International Wire Group Inc. announced that Mark K. Holdsworth, Chairman of the Board of Directors, has resigned in order to focus on other aspects of the business of Tennenbaum Capital Partners and the Board of Directors has appointed Hugh Steven Wilson as a new director and Chairman of the Board. Mr. Wilson is a Managing Partner of TCP. Prior to joining TCP in 2005, he retired from the international law firm of Latham & Watkins where he was a senior partner and was Global Co-Chair of the Mergers and Acquisitions Practice Group and former Chairman of both the National Litigation Department and the National Mergers and Acquisitions Litigation Practice Group. Mr. Wilson is Vice Chairman and a director of Burford Capital Limited and a director of Alabama Aircraft Industries Inc. He holds a J.D. degree from the University of Chicago Law School and a Master of Laws degree from Harvard Law School.

International Wire Group Inc. reported earnings results for the second quarter and first six months ended June 30, 2009. For the quarter ended June 30, 2009, the company reported that net sales were $102.0 million, a $97.9 million, or 49.0%, decrease from net sales of $199.9 million for the same period in 2008. This decrease was primarily due to a lower selling price of copper, decreased volume, lower customer pricing/mix, and the impact of a stronger U.S. dollar versus the euro. Excluding the effects of lower copper prices and a lower proportion of tolled copper shipped, net sales decreased $64.7 million, or 38.8%, versus the prior year. This decrease resulted from $60.6 million of lower volume, $1.4 million of lower customer pricing/mix and $2.7 million of unfavorable currency effect in the Europe segment. Operating income for the quarter was $1.3 million compared to $10.9 million for the quarter ended June 30, 2008, a decrease of $9.6 million, or 88.1%, primarily due to lower sales volume in all three business segments partially offset by operating cost reductions and lower selling, general and administrative expenses. Net loss was $0.9 million, or $0.09 per basic and diluted share for the quarter compared to net income of $5.6 million, or $0.56 per basic share and $0.54 per diluted share, for the quarter ended June 30, 2008 due primarily to lower operating income. Second quarter results were significantly below second quarter 2008 levels due to continuing recessionary conditions in the U.S. and Europe. As a result, operating income, income from continuing operations and net income/(loss) for the quarter ended June 30, 2009 decreased from second quarter 2008 levels. For the six months ended June 30, 2009, the company reported that net sales were $203.3 million, a decrease of $203.1 million, or 50.0%, below comparable 2008 levels. Sales declined due to a decrease in the selling price of copper, reduced volume, lower customer pricing/mix and an unfavorable currency exchange rate. Excluding the effects of lower copper prices and a lower proportion of tolled copper business, net sales decreased $127.1 million, or 38.5%, versus the prior year. This decrease resulted from $117.2 million of reduced volume, $4.6 million of lower customer pricing/mix and $5.3 million of unfavorable currency effect in the Europe segment. Operating income for the period was $5.0 million compared to $24.3 million for the 2008 period, or a decrease of $19.3 million, or 79.4%, with declines in all three business segments. Net income of $0.1 million, or $0.01 per basic and diluted share, for the six months ended June 30, 2009 was lower than net income in the 2008 period of $12.8 million, or $1.29 per basic share and $1.25 per diluted share, primarily due to lower operating income. Results for the first six months of 2009 also decreased from the comparable period of 2008, driven primarily by lower sales volume and plant utilization. Net debt was $73.0 million as of June 30, 2009 representing an $8.2 million decrease in the second quarter and an $8.0 million decrease from December 31, 2008 levels primarily as the result of lower working capital requirements.