NEW YORK, March 6, 1995 -- Alexander's,
Inc. href="(NYSE:" target=_new>http://www.secapl.com/cgi-bin/edgarlink?ALX">(NYSE:ALX)
today that, following receipt of bankruptcy court approval of the loan and
management agreement described below, Vornado Realty Trust has completed the
previously announced purchase of the 1,353,468 shares of common stock of
Alexander's owned by Citibank, N.A.
As a result, Vornado and its affiliate,
Interstate Properties, now own 56.4% of Alexander's. Steven Roth, the
Chairman and Chief Executive Officer of Vornado, has become Chief Executive
Officer of Alexander's. Russell Wight, Jr. and David Mandelbaum have been
elected as Directors of Alexander's, replacing two of the three vacancies
created as a result of the resignations of the Citibank directors. Mr. Roth
and Interstate Properties, a partnership in which Messrs. Roth, Wight and
Mandelbaum are general partners, together own 34.5% of the outstanding common
shares of beneficial interest of Vornado and 27.2% of Alexander's common
stock. Vornado and Interstate are restricted for three years from owning in
excess of two-third of Alexander's common stock without the consent of the
independent directors of Alexander's. Alexander's will elect to become a REIT
for its 1995 fiscal year.
In addition, Vornado and First Fidelity Bank, N.A. have entered into
agreements to loan Alexander's an aggregate of $75 million, on a secured
basis, for a three year term. $45 million of these loans will be funded by
Vornado. Alexander's will use the loan proceeds, expected to be funded by the
end of March 1995, to repay allowed general unsecured creditor claims, to
repay certain loans and for working capital and real estate development costs.
Alexander's expects that it will need additional financings, which have been
concluded or are in various stages of negotiation, to complete planned
Alexander's has also entered into the previously announced three- year
comprehensive management and development agreement with Vornado, under which
Vornado will manage all of Alexander's business affairs and be responsible for
the management and development of Alexander's properties, and has extended an
existing agreement under which Vornado acts as Alexander's exclusive leasing
agent for the same three year term.
/CONTACT: Roanne Kulakoff of href="dir.firm/kekst.html">Kekst & Company, 212-593-2655/
NEW YORK, Mew York -- March 6, 1995 -- SLM International, Inc.
today stated that Buddy L Inc., its
subsidiary, had signed an agreement with Empire of Carolina, Inc. href="(AMEX:EMP)" target=_new>http://www.secapl.com/cgi-bin/edgarlink?EMP">(AMEX:EMP)to sell
assets and liabilities of Buddy L to Empire. Terms of the agreement were not
The transaction is subject to the satisfaction of various conditions,
including the completion of due diligence by Empire, obtaining satisfactory
financing and approval of the Bankruptcy Court for the District of Delaware.
There can be no assurance that the transaction will be completed. Buddy L
announced on March 2, 1995 that it had filed a voluntary petition for
reorganization under Chapter 11 of the U.S. Bankruptcy Code.
Separately, Buddy L announced that the Bankruptcy Court has signed orders
authorizing the Company's use of cash collateral. The orders effectively
permit cash generated by Buddy L assets to be used to satisfy post-petition
obligations to creditors. Buddy L's lending group has consented to the
SLM International, Inc. designs, develops, manufactures and markets a broad
range of sporting goods and toys on a world-wide basis.
CONTACT: SLM International, Inc.
Howard Zunenshine, 514/331-5150
John Sarto, 212/675-0070
Edward Nebb, Melissa Garelick,
Jeff Majtyka (investors)
Lisa Bradlow (media), 212/850-5600
NEW YORK, March 3, 1995 -- Edwin Mishkin,
the SIPA" target=_new>http://www.law.cornell.edu/uscode/15/ch2B-1.html">SIPA
Trustee of Adler
Coleman, announced today that he had reached agreements in principle
three firms to accept and service all Adler Coleman customer accounts, except
for Hanover Sterling accounts. The agreements are subject to approval of the
U.S. Bankruptcy Court, and are expected to be submitted to the Court for
approval as early as Monday.
The speed with which accounts will be transferred will depend upon a variety
of factors. Mr. Mishkin remarked that he was "pleased with the bidding prices
that led to the agreements in principle" and that he and the firms involved
"would do their utmost to enable customers to trade as soon as possible."
/CONTACT: John Cullum of href="dir.firm.cleary.gottlieb.html">Cleary, Gottlieb, Steen & Hamilton,
Wayne, N.J. -- March 6, 1995 -- The Grand Union Company announced
today that it will defer filing with the U.S. Bankruptcy Court the
revised Plan of Reorganization and related Disclosure Statement which were
to be filed today. The Company stated that it will continue to seek
resolution of the issues which remain after meetings last week with its
creditor group representatives, but that a number ofpoints remain to be
resolved. The Company had anticipated filing today in anticipation of a
hearing on March 7 and has requested that the hearing be continued to
March 10. The Company's announcement today noted that negotiations
continue with the Official Creditors Committee and with representatives of
its bank lenders and holders of its Senior Notes. The Company's
announcement stated that: "We are optimistic that discussions 0mpresently
taking place will result in a Plan the details of which are consistentwith
management's views as to what is required if the Plan is to be feasible
while still being satisfactory to the creditor groups. The Company will
continue to press forward in cooperation with all interested parties to
reach anaccommodation on open issues and to present a Plan in a form which
can be confirmed within the time frame initially contemplated by the
Company." The Company emphasized, in response to an inquiry, that a
keystone of its proposal continues to be the full and prompt payment of
its trade vendors.
CONTACT: The Grand Union Company, Don C. Vaillancourt, 201/890-6100