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<SEC-DOCUMENT>0000950123-04-014595.txt : 20041209
<SEC-HEADER>0000950123-04-014595.hdr.sgml : 20041209
<ACCEPTANCE-DATETIME>20041209144618
ACCESSION NUMBER:		0000950123-04-014595
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20041208
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20041209
DATE AS OF CHANGE:		20041209

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PHIBRO ANIMAL HEALTH CORP
		CENTRAL INDEX KEY:			0001069899
		STANDARD INDUSTRIAL CLASSIFICATION:	INDUSTRIAL INORGANIC CHEMICALS [2810]
		IRS NUMBER:				131840497
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-64641
		FILM NUMBER:		041193004

	BUSINESS ADDRESS:	
		STREET 1:		ONE PARKER PLZ
		CITY:			FORT LEE
		STATE:			NJ
		ZIP:			07024
		BUSINESS PHONE:		2019446020

	MAIL ADDRESS:	
		STREET 1:		ONE PARKET PLZ
		CITY:			FORT LEE
		STATE:			NJ
		ZIP:			07024

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PHILIPP BROTHERS CHEMICALS INC
		DATE OF NAME CHANGE:	19980908
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>y69483e8vk.txt
<DESCRIPTION>8-K
<TEXT>
<PAGE>

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 8-K

                                 Current Report

     Pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934

       Date of report (date of earliest event reported): December 8, 2004

                        Phibro Animal Health Corporation
             (Exact name of registrant as specified in its charter)

New York                                 333-64641          13-1840497
(State or other jurisdiction of  (Commission File Number)   (IRS Employer
incorporation)                                              Identification No.)

                                ONE PARKER PLAZA
                           FORT LEE, NEW JERSEY 07024
               (Address of principal executive offices) (Zip Code)

                                 (201) 944-6020
              (Registrant's telephone number, including area code)

         Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:

[  ]     Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)

[  ]     Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
CFR 240.14a-12)

[  ]     Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))

[  ]     Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))

<PAGE>

Item 1.01 Entry into a Material Definitive Agreement.

         In connection with the completion of Phibro Animal Health Corporation's
(the "Company") consent solicitation, commenced on November 18, 2004, with
respect to its 105,000 units consisting of $85,000,000 13% Senior Secured Notes
Due 2007 (the "U.S. Notes") of the Company and $20,000,000 13% Senior Secured
Notes Due 2007 (the "Dutch Notes" and together with the U.S. Notes, the
"Existing Notes") of Philipp Brothers Netherlands III B.V. (the "Dutch Issuer"
and, together with the Company, the "Issuers"), the Issuers entered into a
Second Supplemental Indenture, dated as of December 8, 2004 (the "Supplemental
Indenture"), to the Indenture governing the Existing Notes, dated as of October
21, 2003, as supplemented to the date hereof (the "Indenture"), among the
Issuers, the guarantors named therein, and HSBC Bank USA, National Association,
as trustee.

         The Supplemental Indenture, and the amendments to the Indenture to be
effected by the Supplemental Indenture will become operative upon the
consummation by the Company of the offering of new U.S. Notes and Dutch Notes
(the "Additional Notes") contemplated by amended clause (xx) of Section 4.12 of
the Indenture, with Jefferies & Company, Inc. as initial purchaser, on or prior
to December 31, 2004. If such offering of Additional Notes is not consummated on
or prior to December 31, 2004, then the Proposed Amendments will not become
operative.

         The above description of the Supplemental Indenture is not complete and
is qualified in its entirety by the full text of the Supplemental Indenture, a
copy of which is attached as Exhibit 4.2.2 to this Report and is incorporated
herein by reference.

         A copy of a press release issued by the Company on December 9, 2004
announcing that it had received and accepted the requisite consents from the
holders of a majority of the Existing Notes, and that the proposed amendments to
the Indenture governing the Existing Notes have become effective is attached as
Exhibit 99.1 to this Report.

         Nothing in this Report shall constitute an offer to purchase or sell,
or a solicitation of an offer to purchase or sell, any securities of the
Company.

         This Report includes statements that constitute forward-looking
statements within the meaning of Section 27A of the Securities Act and Section
21E of the Exchange Act. These statements are subject to risks and
uncertainties. Forward-looking statements include information concerning
possible or assumed future results of operations of the Company and its
affiliates. These statements may relate to, but are not limited to, information
and assumptions about capital and other expenditures, dividends, financing
plans, capital structure, cash flow, pending legal and regulatory proceedings
and claims, including environmental matters, future economic performance,
operating income, cost savings, management's plans, goals and objectives for
future operations and growth. These forward-looking statements generally are
accompanied by words such as "intend," "anticipate," "believe," "estimate,"
"expect," "should" or similar expressions. It should be understood that these
forward-looking statements are necessarily estimates reflecting the best
judgment of the Company's senior management, not guarantees of future
performance. They are subject to a number of assumptions, risks and
uncertainties that

<PAGE>

could cause actual results to differ materially from those expressed or implied
in the forward-looking statements. Important assumptions relating to the
forward-looking statements include, among others, assumptions regarding demand
for the Company's products, the expansion of product offerings geographically or
through new applications, the timing and cost of planned capital expenditures,
competitive conditions and general economic conditions. These assumptions could
prove inaccurate. Forward-looking statements also involve risks and
uncertainties, which could cause actual results that differ materially from
those contained in any forward-looking statement. Many of these factors are
beyond the Company's ability to control or predict. Such factors include, but
are not limited to, the following: the Company's substantial leverage and
potential inability to service its debt; the Company's dependence on
distributions from its subsidiaries; risks associated with the Company's
international operations and significant foreign assets; the Company's
dependence on its Israeli operations; competition in each of the Company's
markets; potential environmental liability; potential legislation affecting the
use of medicated feed additives; extensive regulation by numerous government
authorities in the United States and other countries; the Company's reliance on
the continued operation and sufficiency of its manufacturing facilities; the
Company's reliance upon unpatented trade secrets; the risks of legal proceedings
and general litigation expenses; potential operating hazards and uninsured
risks; the risk of work stoppages; the Company's dependence on key personnel;
and other factors discussed in the Company's filings with the U.S. Securities
and Exchange Commission.

         Undue reliance should not be placed on forward-looking statements,
which speak only as of the date of this Report.

         All subsequent written and oral forward-looking statements attributable
to the Company or any person acting on its behalf are expressly qualified in
their entirety by the cautionary statements contained or referred to in this
Report and any other cautionary statements that may accompany such
forward-looking statements. The Company does not undertake any obligation to
release publicly any revisions to these forward-looking statements to reflect
events or circumstances after the date of this document or to reflect the
occurrence of unanticipated events, unless the securities laws require the
Company to do so.

Item 9.01 Financial Statements and Exhibits

(c)      Exhibits

<TABLE>
<CAPTION>
Exhibit No.     Description
<S>             <C>
4.2.2           Second Supplemental Indenture dated as of December 8, 2004
99.1            Press Release, dated December  9, 2004
</TABLE>

<PAGE>

                                   SIGNATURES

         Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

                                            PHIBRO ANIMAL HEALTH CORPORATION

Dated: December 9, 2004             By:     /s/ Richard G. Johnson
                                        ---------------------------------------
                                                  Richard G. Johnson,
                                                Chief Financial Officer

<PAGE>

                                  EXHIBIT INDEX

<TABLE>
<CAPTION>
Exhibit No.    Description
<S>            <C>
4.2.2          Second Supplemental Indenture dated as of December 8, 2004
99.1           Press Release, dated December 9, 2004
</TABLE>


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.2.2
<SEQUENCE>2
<FILENAME>y69483exv4w2w2.txt
<DESCRIPTION>SECOND SUPPLEMENTAL INDENTURE
<TEXT>
<PAGE>

                                                                   Exhibit 4.2.2

                  SECOND SUPPLEMENTAL INDENTURE ("Second Supplemental
Indenture"), dated as of December 8, 2004, among Phibro Animal Health
Corporation (the "U.S. Issuer"), Phillip Brothers Netherlands III B.V. (the
"Dutch Issuer" and with the U.S. Issuer, the "Issuers"), each of the Guarantors
named herein (including each Guarantor whose guarantee is confirmed by, or
becomes effective pursuant to, this Second Supplemental Indenture), as
guarantors, and HSBC Bank USA, National Association, as Trustee (the "Trustee").
All capitalized terms not otherwise defined herein shall have the meaning
assigned to them in the Indenture (as defined herein).

                  WHEREAS the Issuers and the Guarantors named therein have
heretofore executed and delivered to the Trustee an Indenture, dated as of
October 21, 2003, as amended by that certain First Supplemental Indenture dated
as of June 25, 2004 (as such may be amended and supplemented from time to time,
the "Indenture"), providing for the issuance of 105,000 Units due 2007 (the
"Units"), each Unit consisting of $809.5238095 principal amount of 13% Senior
Secured Notes due 2007 issued by Phibro Animal Health Corporation (the "U.S.
Notes") and $190.4761905 principal amount of 13% Senior Secured Notes due 2007
issued by Philipp Brothers Netherlands III B.V. (the "Dutch Notes" together, the
"Notes");

                  WHEREAS the Issuers propose to issue and sell to Jefferies &
Company, Inc. 22,491 Additional Units, each such Additional Unit consisting of
$809.5238095 principal amount of U.S. Notes and $190.4761905 principal amount of
Dutch Notes;

                  WHEREAS, in connection with the issuance and sale of such
Additional Units, in accordance with the Indenture, the Issuers have obtained
the written consent of the Holders of at least a majority in aggregate principal
amount of the outstanding Notes to certain amendments (the "Amendments") to the
Indenture as set forth in this Second Supplemental Indenture;

                  WHEREAS, the Holders of at least a majority in aggregate
principal amount of the outstanding Notes have waived in writing the provision
in Section 9.04 of the Indenture requiring that the Record Date be at least 30
days prior to the first solicitation of Consents.

                  WHEREAS, pursuant to Sections 9.02 and 12.16 of the Indenture,
the Issuers and the Guarantors, when authorized by resolution of their
respective Boards of Directors, and the Trustee, together, with the written
consent of the Holders of at least a majority in aggregate principal amount of
the Notes then outstanding, are authorized to amend or supplement the Indenture
as set forth in this Second Supplemental Indenture;

                  WHEREAS, the Issuers, each of the Guarantors and the Trustee
desire and have agreed to execute and deliver this Second Supplemental Indenture
as herein provided and all conditions and requirements necessary to make this
Second Supplemental Indenture a valid, binding and legal instrument in
accordance with its terms have been performed and fulfilled and the execution
and delivery hereof have been in all respects duly authorized by all necessary
parties.

                  NOW, THEREFORE, for and in consideration of the premises
contained herein, it is mutually covenanted and agreed for the benefit of all
Holders of the Notes as follows:

<PAGE>

                   Section 1. Subject to the consummation of the purchase by
Jefferies & Company, Inc., as initial purchaser of the Additional Notes
contemplated by proposed clause (xx) to Section 4.12 of the Indenture (which
clause (xx) is set forth in clause (c)(ii) below) in an aggregate principal
amount of $22,491,000, on or prior to December 31, 2004, the Indenture is hereby
amended as set forth below in this Section 1:

                   (a) Section 1.01. Section 1.01 of the Indenture is amended by
         adding the following definitions to the definitions contained in
         Section 1.01 of the Indenture in the corresponding alphabetical order:

                       "Belgium Equipment" means all equipment located at the
         Belgium Plant.

                       "Belgium Plant" means the plant owned by Phibro Belgium
         in Rixensart, Belgium.

                       "Belgium Plant Sale and Virginiamycin Production
         Transactions" means the following transactions and payments, including
         payments required pursuant to the documents to evidence such
         transactions, each of which is subject to entering into definitive
         documentation containing customary representations, warranties,
         covenants and indemnities for a transaction of that type, and changes
         in the definitive economic terms which are not, individually or in the
         aggregate, material to the Company: (i) the transfer of substantially
         all of the land and buildings and certain equipment of Phibro Belgium
         at the Belgium Plant, as well as the industrial activities and
         intellectual property relating to certain solvent technology of Phibro
         Belgium, for a purchase price of EUR 6.2 million, payable at closing;
         (ii) the transfer to GSK of a majority of the employees of Phibro
         Belgium and the corresponding responsibility for statutory severance
         obligations; (iii) GSK agreeing to be responsible for costs of
         cleaning-up, by demolition or otherwise, certain buildings not to be
         used by it, but for Phibro Belgium to reimburse GSK up to a maximum of
         EUR 0.7 million for such clean-up costs; (iv) in recognition of the
         benefits to the Company from the proposed transaction, Phibro Belgium
         agreeing to pay to GSK EUR 1.5 million within six months from the
         closing date, EUR 1.5 million within eighteen months from the closing
         date, EUR 1.5 million within thirty months from the closing date, and
         EUR 0.5 million within forty-two months from the closing date; (v)
         Phibro Belgium retaining certain excess land (valued at approximately
         EUR 0.4 million) and being able to sell such land for its own account;
         (vi) Phibro Belgium being responsible for certain plant closure costs
         and legally required severance indemnities in connection with workforce
         reductions, estimated in total to be EUR 7.7 million, of which an
         amount estimated to be approximately EUR 4.1 million would be payable
         at or around the closing and an aggregate amount so estimated to be
         approximately EUR 3.6 million would be payable over periods up to
         thirteen years; and (vii) Phibro Belgium retaining any or all equipment
         at the Belgium Plant, and being able to sell such equipment for the
         account of Phibro Belgium or transfer such equipment, together with
         other assets and rights related to the production of virginiamycin, to
         the Company's Restricted Subsidiary in Brazil that owns the facility in
         Guarulhos or in connection with alternative production arrangements.

                                       2

<PAGE>

                           "Belgium Purchase Agreement" means a Purchase
         Agreement between Phibro Belgium and GSK relating to the Belgium Plant
         Sale and Virginiamycin Production Transactions, and any related or
         ancillary agreements or instruments entered into by Phibro Belgium,
         GSK, their respective Affiliates and/or other persons in connection
         with the Belgium Plant Sale and Virginiamycin Production Transactions,
         in each case as such agreements may be amended, modified or
         supplemented (so long as such amendments, modifications or supplements
         are not, individually or in the aggregate, materially adverse to the
         Company or the Holders).

                           "GSK" means Glaxosmithkline Biologicals SA and/or
         Affiliates.

                           "Phibro Belgium" means Phibro Animal Health SA
         (formerly Phibro Animal Health (Belgium) SPRL).

                   (b) Section 1.01. Section 1.01 of the Indenture is amended as
         follows:

                       (i)   The definition of the term "Permitted Investments"
is amended by inserting the following provision as the last clause of such
definition:

                             "and (xi)  Investments in Restricted Subsidiaries
         of the Company in connection with the production of virginiamycin in an
         amount not to exceed the Fair Market Value of the Belgium Equipment
         plus $15.0 million."

                       (ii) The definition of the term "Transactions" is
amended by deleting the existing text of such definition in entirety and
replacing it with the following:

                            "`Transactions' means, collectively, the Offering,
         the PMC Sale Transactions and the solicitation of consents with respect
         to the Company's Existing Notes to amendments to the indenture
         governing the Existing Notes, the Belgium Plant Sale and Virginiamycin
         Production Transactions and the offering of the Notes described in
         clause (xx) of the second paragraph under Section 4.12 of this
         Indenture to refinance a portion of the Credit Agreement and the
         solicitation of consents with respect to the Notes to amendments to the
         indenture to permit the foregoing."

                  (c) Section 4.12. Clause (i) of Section 4.12 is amended as
         follows:

                       (i)  by deleting the existing text thereof and
replacing it with the following:

                            "(i) Indebtedness of the Company and its
         Restricted Subsidiaries arising under the Credit Agreement, in an
         aggregate principal amount not to exceed at any time outstanding an
         amount equal to (w) $37.5 million; less (x) during the 30 day period
         preceding the date on which a scheduled payment of interest is due on
         the Notes, the aggregate amount of such interest, less (y) during the
         30 day period preceding the date on which a scheduled payment of
         interest is due on the Existing Notes, the aggregate amount of such
         interest, less (z) the aggregate principal amount of Notes issued
         pursuant to clause (xx) below;"

                                       3

<PAGE>

                            (ii) by inserting the following additional clauses
in Section 4.12 following clause (xviii):

                                 "(xix) Indebtedness of the Company and its
         Restricted Subsidiaries arising under the Belgium Purchase Agreement;
         and"

                                 "(xx) Indebtedness of the Issuers and the
         Guarantors represented by the Additional Notes issued after the Issue
         Date in an aggregate principal amount not to exceed $22.5 million, the
         proceeds of which are used to refinance or replace Indebtedness
         incurred pursuant to clause (i) above, Exchange Notes issued in
         exchange for such Additional Notes and the related Guarantees and the
         Company Guarantee."

                  (d) Section 4.13(6). Section 4.13(6) is amended by deleting
         the existing text thereof and replacing it with the following:

                      "(6) an agreement for the sale or disposition of assets or
         the Capital Stock of a Restricted Subsidiary; provided, however, that
         such restriction or encumbrance is only applicable to such Restricted
         Subsidiary or assets, as applicable, and such sale or disposition
         otherwise is permitted by Section 4.16, provided further, however, that
         such restriction or encumbrance shall be effective only for a period
         from the execution and delivery of such agreement through a termination
         date not later than 270 days after such execution and delivery (other
         than any such restriction or encumbrance contained in the Belgium
         Purchase Agreement);"

                  (e) Section 5.01(b). Section 5.01(b) is amended by adding the
following as an additional provision thereof:

                      "Notwithstanding the foregoing, the Dutch Issuer may
         permit, and there may be effected, the Belgium Plant Sale and
         Virginiamycin Production Transactions."

                   Section 2. The Issuers and the Guarantors agree that the
Trustee is permitted, and each of them hereby authorizes the Trustee, to place a
notation about this Second Supplemental Indenture on the Notes in accordance
with the provisions of Section 9.05 of the Indenture.

                   Section 3. The Trustee accepts this Second Supplemental
Indenture and agrees to execute the trust created by the Indenture as hereby
supplemented, but only upon the terms and conditions set forth in the Indenture,
including the terms and provisions defining and limiting the liabilities and
responsibilities of the Trustee, which terms and provisions shall in like manner
define and limit its liabilities and responsibilities in the performance of the
trust created by the Indenture as hereby supplemented.

                   Section 4. This Second Supplemental Indenture is executed and
shall be construed as an indenture supplemental to the Indenture and, as
provided in the Indenture, this Second Supplemental Indenture forms a part
thereof. Except as otherwise expressly provided for in this Second Supplemental
Indenture, all of the terms and conditions of the Indenture are hereby ratified
and shall remain unchanged and continue in full force and effect.

                   Section 5. The recitals contained in this Second Supplemental
Indenture shall be

                                       4

<PAGE>

taken as the statements made solely by the Issuers and the Guarantors, and the
Trustee shall have no liability or responsibility for their correctness, and,
without limiting the generality of the foregoing, the Trustee shall not be
responsible in any manner whatsoever for or with respect to any of (i) the
validity or sufficiency of this Second Supplemental Indenture or any of the
terms or provisions hereof, (ii) the proper authorization hereof by the Issuers
and the Guarantors by corporate action or otherwise, (iii) the due execution
hereof by the Issuers and the Guarantors or (iv) the consequences (direct or
indirect and whether deliberate or inadvertent) of any amendment herein provided
for, and the Trustee makes no representation with respect to any such matters.

                   Section 6. This Second Supplemental Indenture shall become
effective upon the execution and delivery hereof by the Issuers, the Guarantors
and the Trustee.

                   Section 7. THIS SECOND SUPPLEMENTAL INDENTURE SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
YORK, AS APPLIED TO CONTRACTS MADE AND PERFORMED IN THE STATE OF NEW YORK,
WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT
THAT THE APPLICATION OF THE LAW OF ANOTHER JURISDICTION WOULD BE REQUIRED
THEREBY.

                   Section 8. This Second Supplemental Indenture may be signed
in any number of counterparts, each of which shall be an original, with the same
effect as if the signatures thereto and hereto were upon the same instrument.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       5

<PAGE>

                                   SIGNATURES

                   IN WITNESS WHEREOF, the parties hereto have caused this
Second Supplemental Indenture to be duly executed, all as of the date written
above.

                                    PHIBRO ANIMAL HEALTH CORPORATION

                                    By: /s/ Richard G. Johnson
                                        -------------------------
                                    Name: Richard G. Johnson
                                    Title Chief Financial Officer

                                    PHILIPP BROTHERS NETHERLANDS III B.V.
                                    By: Philipp Brothers Netherlands II B.V.

                                    By: /s/ Jack C. Bendheim
                                        -------------------------
                                    Name: Jack C. Bendheim
                                    Title Managing Director

                                    By: /s/ Joseph M. Katzenstein
                                        -------------------------
                                    Name: Joseph M. Katzenstein
                                    Title Managing Director

                                    DOMESTIC GUARANTORS:
                                    PRINCE AGRIPRODUCTS, INC.
                                    PHIBROCHEM, INC.
                                    PHIBRO ANIMAL HEALTH HOLDINGS, INC.
                                    PHIBRO CHEMICALS, INC.
                                    WESTERN MAGNESIUM CORP.
                                    C P CHEMICALS, INC.
                                    PHIBRO-TECH, INC.
                                    PHIBRO ANIMAL HEALTH U.S., INC.

                                    By: /s/ David C. Storbeck
                                    ----------------------------
                                    Name: David C. Storbeck
                                    Title: Vice President

                                    FOREIGN GUARANTOR:
                                    PHIBRO ANIMAL HEALTH SA

                                    By: /s/ Jack C. Bendheim
                                    ----------------------------
                                    Name:  Jack C. Bendheim
                                    Title: Managing Director

Accepted and Agreed to:
HSBC BANK USA, NATIONAL ASSOCIATION, as Trustee and Collateral Agent

By: /s/ Herawatta Alli
    --------------------------------------
         Name: Herawatta Alli
         Title: Assistant Vice President

                                       6


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>y69483exv99w1.txt
<DESCRIPTION>PRESS RELEASE
<TEXT>
<PAGE>

                                                                    Exhibit 99.1

FOR RELEASE: IMMEDIATELY

         FOR ADDITIONAL INFORMATION CONTACT: RICHARD G. JOHNSON, CHIEF FINANCIAL
OFFICER, OR STEVEN L. COHEN, GENERAL COUNSEL - (201) 944-6020

                   PHIBRO ANIMAL HEALTH CORPORATION ANNOUNCES
                     RECEIPT OF APPROVAL TO AMEND INDENTURE

FORT LEE, NEW JERSEY, DECEMBER 9, 2004 - Phibro Animal Health Corporation (the
"Company"), which previously announced a consent solicitation with respect to
its 105,000 units consisting of $85,000,000 13% Senior Secured Notes Due 2007
(the "U.S. Notes") of the Company and $20,000,000 13% Senior Secured Notes Due
2007 (the "Dutch Notes" and, together with the U.S. Notes, the "Existing Notes")
of Philipp Brothers Netherlands III B.V., announced today that it has received
and accepted the requisite consents from the holders of over 98% of the
Existing Notes.

         The proposed amendments to the indenture governing the Existing Notes
set forth in the Company's Consent Solicitation Statement dated November 18,
2004, as amended by an Amendment and Supplement dated November 23, 2004 to
Consent Solicitation Statement and as further amended by an Amendment and
Supplement dated November 30, 2004 to Consent Solicitation Statement will become
effective upon the consummation by the Company of the offering of up to $22.5
million aggregate principal amount of additional U.S. Notes and Dutch Notes (the
"Additional Notes"), with Jefferies & Company, Inc. as initial purchaser, on or
prior to December 31, 2004. If such offering of Additional Notes is not
consummated on or prior to December 31, 2004, then the amendments will not
become operative.

         The Company is a leading diversified global manufacturer and marketer
of a broad range of animal health and nutrition products, specifically medicated
feed additives ("MFAs") and nutritional feed additives, which the Company sells
throughout the world predominantly to the poultry, swine and cattle markets.
MFAs are used preventively and therapeutically in animal feed to produce healthy
livestock. The Company is also a specialty chemicals manufacturer and marketer,
serving numerous markets.

FORWARD-LOOKING STATEMENTS

         This news release contains statements that, to the extent that they are
not recitations of historical fact, constitute "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act of 1995,
Section 21E of the Securities Exchange Act of 1934. Such forward-looking
information involves risks and uncertainties that could cause actual results to
differ materially from those expressed in any such forward-looking statements.
These risks and uncertainties include, but are not limited to, the Company's
substantial leverage and potential inability to service its debt; the Company's
dependence on distributions from its subsidiaries; risks associated with the
Company's international operations and significant foreign assets; the Company's
dependence on its Israeli operations; competition in each of the Company's
markets; potential environmental liability; potential legislation affecting the
use of medicated feed additives; extensive regulation by numerous government
authorities in the United States and other countries; the Company's reliance on
the continued operation and sufficiency of

<PAGE>

our manufacturing facilities; the Company's reliance upon unpatented trade
secrets; the risks of legal proceedings and general litigation expenses;
potential operating hazards and uninsured risks; the risk of work stoppages; the
Company's dependence on key personnel; and other factors discussed in the
Company's filings with the U.S. Securities and Exchange Commission.


</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
