FOR IMMEDIATE RELEASE

  DANIELSON HOLDING CORPORATION IS IN TALKS TO ACQUIRE AMERICAN
       COMMERCIAL LINES IN CONNECTION WITH A COMPREHENSIVE
                     RECAPITALIZATION OF ACL

Transaction intended to recapitalize, and restructure outstanding
                            debt of,
                    American Commercial Lines

JEFFERSONVILLE, IN/NEW YORK, NY - FEBRUARY 27, 2002 - American
Commercial Lines LLC (ACL) and Danielson Holding Corporation
(AMEX:DHC) today announced the potential acquisition of ACL by
Danielson.  ACL has obtained lock-up, support and voting
agreements from holders of more than two thirds of its
outstanding senior notes and from substantially all the indirect
preferred and common members of ACL who have agreed to support
the proposed comprehensive acquisition and recapitalization plan.
The proposed transactions are subject to the parties negotiating
and executing definitive agreements in their discretion.

Under the terms of the proposed transactions, Danielson would
acquire 100% of the membership interests of American Commercial
Lines Holdings LLC, ACL's parent holding company.  ACL's present
equity holders would receive approximately $9 million of
Danielson common stock.  Danielson is also expected to deliver
$25.0 million in cash and approximately $58.5 million of ACL's
existing senior notes to ACL Holdings in connection with the
transaction.  Danielson currently expects to fund the acquisition
through a rights offering to its existing security holders, upon
terms and conditions to be determined.

ACL's President and Chief Executive Officer, Michael C. Hagan,
said, "This recapitalization plan is a major step forward in our
efforts to increase ACL's profitability.  With Danielson's access
to capital markets, we believe we will be better suited to invest
in the company, enhancing our leadership position in river
transportation in both North and South America.  We believe this
recapitalization will be positive for our customers, employees
and vendors. This plan presents the best approach to recapitalize
ACL in a timely and efficient manner."

Danielson's President and Chief Operating Officer, David M.
Barse, said, "Danielson believes that the proposed acquisition of
ACL is in the best interests of our shareholders.  After
expending a great deal of effort looking at numerous potential
deals, we believe that we will be rewarded for our patience in
waiting for this opportunity.  We are extremely excited about the
prospect of acquiring ACL, and we look forward to working with
ACL's strong management team to help lead the continued growth
and success of their business."

The proposed transactions are expected to result in a reduction
of ACL's senior secured bank debt by $25.0 million and the
restructuring of ACL's 10 1/4% senior notes due in 2008 pursuant to
an exchange offer and consent solicitation in which $236,507,000
of its existing senior notes (all notes held by parties other
than Danielson) would be exchanged for $120.0 million of new 11 1/4%
cash pay senior notes due January 1, 2008 and approximately
$116.5 million of new 12% pay-in-kind senior subordinated notes
due July 1, 2008.  ACL's notes held by DHC would be retired in
conjunction with the proposed transactions.  ACL would also issue
additional new cash pay senior notes in an aggregate principal
amount equal to the accrued and unpaid interest on its existing
senior notes, other than those held by Danielson, through the
effective date of the transaction up to $20.0 million, and to the
extent that such accrued and unpaid interest exceeds $20.0
million, additional pay-in-kind senior subordinated notes in an
amount equal to such excess would be issued.

Additionally, ACL has received forbearance agreements from its
senior secured lenders pending the negotiation and execution of
definitive documentation relating to the amendment and
restatement of ACL's senior secured credit facility satisfactory
to the parties.

There can be no assurance that definitive agreements regarding
the acquisition and the recapitalization will be reached on terms
satisfactory to all the parties.  Also, as the negotiations are
ongoing between the parties, it is possible that in the event
definitive agreements are reached, material changes could occur
to the terms of the proposed transactions as described herein.

American Commercial Lines LLC is an integrated marine
transportation and service company operating approximately 5,100
barges and 200 towboats on the inland waterways of North and
South America.  ACL transports more than 70 million tons of
freight annually.  Additionally, ACL operates marine
construction, repair and service facilities and river terminals.

Danielson Holding Corporation is an American Stock Exchange
listed company, engaging in the financial services and specialty
insurance business through its subsidiaries.  Danielson's charter
contains restrictions which prohibit parties from acquiring 5% or
more of DHC's common stock without its prior consent.

THIS PRESS RELEASE SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE
SOLICITATION OF AN OFFER TO BUY ANY SECURITIES OF AMERICAN
COMMERCIAL LINES HOLDINGS LLC, AMERICAN COMMERCIAL LINES LLC,
DANIELSON HOLDING CORPORATION OR ANY OF THEIR AFFILIATES OR, IF
FOR THE ADMINISTRATIVE CONVENIENCE OF THE COURT SYSTEM, THE
PROPOSED TRANSACTIONS ARE IMPLEMENTED THROUGH A VOLUNTARY PRE-
PACKAGED PLAN UNDER THE BANKRUPTCY CODE, A SOLICITATION OF
ACCEPTANCES OF A CHAPTER 11 PLAN UNDER THE BANKRUPTCY CODE.  ANY
SUCH OFFER OR SOLICITATION WILL BE MADE IN COMPLIANCE WITH ALL
APPLICABLE SECURITIES LAWS AND/OR PROVISIONS OF THE BANKRUPTCY
CODE.

Certain  information in this press release contains forward-looking
statements as defined in Section 27A of the Securities Act of  1933
and  Section  21E  of  the Securities Exchange  Act  of  1934.  Any
statements  that express or involve discussions as to expectations,
beliefs  and  plans involve known and unknown risks,  uncertainties
and  other  factors that may cause the actual results to materially
differ  from  those  considered by the forward-looking  statements.
Factors  that  could  cause  actual results  to  differ  materially
include:   ACL  and Danielson's ability to successfully  consummate
the  transactions contemplated by the proposed recapitalization and
financial   restructuring,  ACL's  ability  to  fund  its   capital
requirements  in  the  near term and in the long  term;  and  other
factors,  risks and uncertainties that are described in  ACL's  and
Danielson's filings with the Securities and Exchange Commission. As
a  result, no assurances can be given as to future results,  levels
of  activity and achievements. Any forward-looking statements speak
only  as  of  the  date the statement was made. ACL  and  Danielson
undertake  no obligation to publicly update or revise any  forward-
looking  statement, whether as a result of new information,  future
events or otherwise, unless otherwise required by law.

                              # # #

ACL Media Contacts:                     Danielson Media Contact:
Paul Besson                             David M. Barse
812-288-1886                            President and Chief
Operating Officer
                                   212-888-0347
Doug Morris
212-515-1964