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CONSTAR INTERNATIONAL INC. RECEIVES FINAL APPROVAL OF ITS DEBTOR-IN-POSSESSION FINANCING AND AUTHORIZATION TO ENTER INTO EXIT FINANCING AGREEMENT

Tuesday 15. February 2011 - Constar International Inc. (Other OTC:CNSTQ.PK) announced that on February 1, 2011 the U.S. Bankruptcy Court for the District of Delaware granted final approval of the Company's $55 million debtor-in-possession ("DIP") financing. The Company previously received interim approval of the DIP financing facility from the Court on January 13, 2011.

The Company also announced that, on February 1, 2011, the U.S. Bankruptcy Court for the District of Delaware granted authorization for the Company to enter into a Commitment Letter with Wells Fargo Capital Finance, LLC for a $60 million Senior Secured Asset-Based Revolving Loan Facility for exit financing.
Grant H. Beard, President and Chief Executive Officer of Constar, commented, “The Court’s approval of our DIP financing and permission to execute an exit financing agreement are significant steps in our reorganization process that enable the Company to continue to operate as usual. We appreciate the ongoing support of our loyal customers, committed suppliers and dedicated employees as we progress with our plans to quickly emerge from the reorganization process.”
As previously announced, Constar and certain of its subsidiaries filed to reorganize under Chapter 11 on January 11, 2011, in the U.S. Bankruptcy Court for the District of Delaware. The case number for the consolidated cases is 11-10109.