WAYNE, N.J.--April 6, 1995--The Grand Union
announced today that the U.S. Bankruptcy Court in Wilmington, Delaware, has
entered an Order provisionally approving the distribution of the Company's
Plan of Reorganization and Disclosure Statement to creditors of the Company.
A hearing on confirmation of the plan has been scheduled by the Court to be
held on May 18, 1995. A Company spokesperson stated that the Company expects
that the plan, which the Company believes will also resolve the claims of
holders of zero coupon notes of Grand Union Capital Corporation, will be
approved at that hearing and consummated shortly thereafter.
"We are pleased to have been able to accomplish this restructuring on a
consensual basis and in accordance with our originally-announced time
schedule," said the spokesperson. "We are particularly gratified that
throughout this process we have had the support of our vendors in maintaining
the level of quality which our customers have learned to expect from Grand
CONTACT: Grand Union, Wayne, New Jersey,
Donald C. Vaillancourt, 201/890-6100
NEW YORK & YONKERS, N.Y.--April 6, 1995--MAGIC
INC. href="(NASDAQ:MGIK,MGIKW)" target=_new>http://www.secapl.com/cgi-bin/edgarlink?MGIK">(NASDAQ:MGIK,MGIKW)
announced today that it has filed a voluntary petition
in the United States Bankruptcy Court in the District of Delaware under
Chapter 11 of the Bankruptcy Code.
Magic Restaurants is the owner and operator of upscale casual "Red Robin"
and "American Cafe" restaurants in the New York and Washington, D.C.
CONTACT: Magic Restaurants Inc.,
Gary Rogers, 914/969-0600