NEW YORK, New York--April 27, 1995--The
Leslie Fay Companies, Inc.
(NYSE: LES) said today that the U.S. Bankruptcy Court for the Southern
District of New York has approved the Company's agreement with its bank group
extending its debtor-in-possession (DIP) revolving credit facility through
December 15, 1995 or until resolution of Leslie Fay's chapter 11
reorganization case, whichever occurs first. The agreement also modifies the
terms of Leslie Fay's existing DIP facility, providing the Company up to $80
million in the aggregate for borrowings and letters of credit, subject to
certain sublimits for cash borrowings. Leslie Fay's bank group is led by
Separately, Leslie Fay said that the bankruptcy court has granted a motion
extending the period during which the company has the exclusive right to file
a plan of reorganization from May 1, 1995, through July 17, 1995. Likewise,
the period during which the company can solicit acceptances for the
reorganization plan has been extended through September 18, 1995.
Founded in 1947, The Leslie Fay Companies, Inc., is one of the nation's
leading manufacturers of women's apparel, including dresses, suits and
sportswear. Its brand names include Leslie Fay, Nipon Boutique, Nipon Studio,
Kasper for A.S.L., Castleberry, Outlander, Andrea Gayle and HUE.
CONTACT: Kekst and Co., New York,
James Fingeroth or
Michael Freitag, 212/593-2655
WILMINGTON, Delaware, April 27, 1995 -- href="chap11.columbia.html">Columbia Gas Transmission
Corporation and The Columbia Gas System, Inc., (NYSE: CG) today asked
Bankruptcy Court in Delaware to approve a settlement agreement with major
producer creditors of Columbia Gas Transmission that is a cornerstone of the
Chapter 11 reorganization plans filed by the two companies on April 17,
The agreement is signed by virtually all of the largest producer creditors
who filed claims against Columbia Transmission. These producers represent
more than 80 percent of the producer creditor claims filed against Columbia
Transmission and 80 percent of the approximately $1.2 billion that its amended
reorganization plan proposes to distribute to resolve producer claims.
The court's approval of the settlement will allow both companies to take a
significant step towards confirmation of their reorganization plans while also
providing a process whereby other non-settling producers can resolve their
claims on the same basis as the settling producers.
The two companies have asked the court to hold hearings on the settlement on
June 15 and 16, 1995. They also asked the court to defer further proceedings
in the previously established claims estimation process until after the court
has ruled on approval of the producer settlement.
The Columbia Gas System, Inc., and Columbia Gas Transmission Corporation
have been operating as debtors in possession under Chapter 11 of the U. S.
Bankruptcy Code since July 31, 1991.
/CONTACT: W.R. McLaughlin, 302-429-5443, or H.W. Chaddock, 302-429-5261, or
(financial), T.L. Hughes, 302-429-5363, or K.P. Murphy, 302-429-5471, all of