EXHIBIT 12

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(IN THOUSANDS)

|                                                               |                                                        | Nine Months
Ended |         | Years Ended |  
|-------------------------------------------------------------- | ------------------------------------------------------ | ----------------- | ------- | ----------- | -
|
|Earnings (loss) from continuing operations before income taxes |                                                        | $                 | (66,141 | )           | $
|Add:                                                           |                                                        |                   |         |             |  
|                                                               | Interest on indebtedness                               |                   |         | 35,827      |  
|                                                               | Amortization of debt expense                           |                   |         | 1,218       |  
|                                                               | Portion of rents representative of the interest factor |                   |         | 8,076       |  
|Deduct:                                                        |                                                        |                   |         |             |  
|                                                               | Undistributed earnings from unconsolidated companies   |                   |         | (537        | )
|                                                               |                                                        |                   |         |             |  
|                                                               | Earnings                                               |                   | $       | (21,557     | )
|                                                               |                                                        |                   |         |             |  
|Fixed charges:                                                 |                                                        |                   |         |             |  
|                                                               | Interest on indebtedness                               |                   |         | 35,827      |  
|                                                               | Amortization of debt expense                           |                   |         | 1,218       |  
|                                                               | Portion of rents
representative of the
interest factor |                   |         | 8,076       |  
|                                                               |                                                        |                   |         |             |  
|Total fixed charges                                            |                                                        | $                 | 45,121  |             | $
|                                                               |                                                        |                   |         |             |  
|Ratio of earnings to fixed
charges                             |                                                        |                   |        | (a)         |  
|                                                               |                                                        |                   |         |             |  

---

---

QuickLinks