NEW YORK--February 13, 1995--(OTC/Bulletin Board-BCRH)" target=_new>http://www.secapl.com/cgi-bin/edgarlink?BCRH">BCRH)Bancroft
Holding Corp.'s subsidiary, Bancroft Plaza
Inc., which filed for Chapter 11
Bankruptcy Protection on Nov. 7, 1994 intends, subject to approval of the
United States Bankruptcy Court, to convert its Chapter 11 Plan of
Reorganization into a Chapter 11 Liquidation Plan.
The plan involves Bancroft Plaza's consignor, K & M Retail Management Co.
and PNC Bank, Bancroft Plaza's secured creditor. Bancroft Plaza operates
retail apparel stores in New York City. It is the intention of Bancroft Plaza
to wind down its operations, in an orderly manner, by June 1995.
It is not anticipated that the shareholders of Bancroft Plaza, including
Bancroft Holding Corp., which owns approximately 65% of Bancroft Plaza's
outstanding shares, as well as Bancroft Plaza's Preferred Shareholders, will
receive any proceeds from the liquidation, as it is believed there will be
insufficient proceeds to satisfy the claims of creditors. If the Liquidation
Plan is not approved by the Bankruptcy Court, the Chapter 11 filing will be
immediately converted to a Chapter 7 liquidation.
Bancroft Holding Corp. owns 100% of Rt. 111 Hauppauge Beverages Ltd., a Long
Island, N.Y. based beverage distributor.
CONTACT: Bancroft Holding Corp.
Tom Kellermann, 212/682-3806