ORANGE COUNTY SUPERVISORS AUTHORIZE JANUARY 1 INTEREST
PAYMENTS; SUSPEND SET ASIDES FOR JUNE PRINCIPAL PAYMENT
SANTA ANA, Calif.--Dec. 29, 1994-- The Orange County Board of
Supervisors today authorized -- subject to bankruptcy court approval --
payment of an amount equal to $3.9 million in interest due January 1 on
six bond issues. At the same time, citing uncertainty with regard to the
County's cash flow situation and a need to conserve cash to meet
short-term operating commitments, the Supervisors determined to suspend
the December $34.7 million set aside and January $18.7 million set aside
for payment of principal on its Series A Tax and Revenue Anticipation
The County said that the payment on other issues of indebtedness will be
made from reserve accounts maintained by the trustees for such issues.
According to Gaddi H. Vasquez, Chairman of the Orange County Board of
Supervisors, "Maintaining our relationship with the financial markets is
fundamental to the long-term recovery and restructuring of the County's
financial future. The actions taken here today allow us to keep open our
lines to the financial markets, while enabling the County to conserve cash for
the immediate operating needs.
"While we would prefer to be able to set aside the funds required for the
June principal payment on the TRANS note, the uncertainty we face with regard
to the current financial crisis makes it impossible to commit funds for all
but essential short-term operating needs," Mr. Vasquez said.
The $3.9 million in interest is due on a total of $815 million principal
amount of Sanitation District Sewer bonds, General Obligation Improvement
bonds, Series B TRANS notes, taxable notes and Teeter Plan notes, interest
payments on the sewer and general obligation improvement notes are due
semi-annually; interest on the remaining notes is payable monthly.
CONTACT: Sandra Sternberg or Michael Kolbenschlag of Sitrick Krantz &
Company, 714-834-4720 or 310-788-2850/
MAJOR AMPEX STOCKHOLDER CONSUMMATES SHARE DISTRIBUTION PLAN
REDWOOD CITY, Calif.--December 28, 1994--Ampex Corporation announced
that NH Holding Incorporated, the holder of 16 million shares of Ampex
common stock, today consummated its Chapter 11 plan which was previously
confirmed by the U.S. Bankruptcy Court for the District of Delaware on
Dec. 7, 1994.
Under the plan, the Ampex shares held by NH Holding, which represent
approximately 26% of Ampex's common stock on a fully diluted basis, and 78% of
its currently outstanding common stock will be distributed to the creditors of
NH Holding, as soon as possible, in settlement of all claims and NH Holding
will be completely liquidated.
Building on a 50-year history of technology achievement, Ampex Corporation
(OTC Bulletin Board: AMPX) is the leader in applying scanning magnetic
recording technology to meet the massive requirements of visual age storage.
Its advanced tape drive storage systems, video image recording and processing
equipment and ultra-ruggedized instrumentation recorders set new levels of
performance in the most critical areas of business, science, entertainment and
CONTACT: Ampex Corporation, Redwood City
Karen D. Schweikher
Investor Relations, 415/367-4111