Schwinn/GT said Bankruptcy Court has approved the sale procedure for the Company's Cycling Division. A court-supervised auction for the Cycling Division's assets will be held on September 10, 2001. Qualified bids may be submitted through the close of business on September 6, 2001. The Court also approved Huffy Corporation as the "stalking horse" bidder for the Cycling Division. In connection with the sale, Huffy was granted certain bid protections by the Court, including a $1.25 million break-up fee. Schwinn/GT filed voluntary petitions for reorganization under Chapter 11 on July 16, 2001, in the United States Bankruptcy Court for the District of Colorado in Denver. The filing was made to facilitate the sale of the Company's Cycling Division in accordance with Section 363 of the U. S. Bankruptcy Code.