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New World Pasta Company Names New Chief Executive Officer

Company Successfully Exits From Chapter 11
Leading Lending Institutions Provide New Financing to the Company

HARRISBURG, Pa., Dec. 8 /PRNewswire/ -- New World Pasta Company, North America's leading marketer and supplier of branded dry pasta and noodles, today announced that it has appointed a new Chief Executive Officer, that it has successfully emerged from its Chapter 11 reorganization proceedings and that it has completed its new financing and credit agreements with Morgan Stanley Senior Funding, Inc., GE Capital Markets, Inc. and Wells Fargo Foothill, Inc.

Scott Greenwood has been named as the new Chief Executive Officer of the Company. Mr. Greenwood's most recent position before New World Pasta was U.S. President of Puratos Corporation, a worldwide supplier to bakery and patisserie customers. Prior to Puratos, Mr. Greenwood served in a variety of roles of increasing responsibility and breadth at Dole Food Company, Inc., including President of Dole Fresh Flowers, Unilever and General Mills Canada, Inc. Mr. Greenwood, age 47, brings with him more than 20 years of leading experience in the food and consumer packaged goods industries.

Paul S. Levy, founder of JLL Partners Inc. and the Chairman of the Company's Board of Directors, said, "We are delighted that Scott has decided to join New World Pasta. He brings to our Company a track record of success, with a demonstrated ability to focus on the operational and functional disciplines which provide the platform for the near-term, while at the same time developing and implementing a longer-range strategic vision."

New World Pasta also announced today that, a little more than eighteen months after filing for a voluntary restructuring under Chapter 11, the Company has successfully exited Chapter 11. As part of the exit, the Company finalized $240 million in new financing from Morgan Stanley Senior Funding, Inc., GE Capital Markets, Inc. and Wells Fargo Foothill, Inc.

"New World Pasta emerges from its restructuring under Chapter 11 as a reinvigorated Company," stated Chief Executive Officer Scott Greenwood. "We will continue to focus on profitable business, efficient operations and disciplined decision-making. Our leading and well-known brands of pasta and noodles like Healthy Harvest�, Ronzoni�, San Giorgio�, Creamette�, American Beauty� and Catelli� make us the largest branded pasta maker in North America, and they provide us further opportunities for profitable growth. This is an exciting time for New World Pasta, and I'm looking forward to being part of it."

Mr. Greenwood replaces Lisa Donahue as the Company's Chief Executive Officer. Ms. Donahue, who joined New World Pasta in June 2004, is a principal at AlixPartners LLC, a consulting firm that specializes in financial restructuring and operational performance improvement.

About New World Pasta

New World Pasta is a leading marketer and supplier of dry pasta and noodles in the United States and Canada. Headquartered in Harrisburg, Pennsylvania, New World Pasta has over 700 employees in the United States and Canada.

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New World Pasta Company Names New Chief Executive Officer: Financial News - Yahoo! Finance

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