TCR_Public/950428.MBX BANKRUPTCY CREDITORS' SERVICE, INC.



Gotham Apparel Corp. files for chapter 11 protection



  NEW YORK, New York--April 28, 1995--Gotham
Apparel Corp.
(NASDAQ:
TBAY), a designer and marketer of women's and children's apparel, today
reported that it filed a petition under Chapter 11 of the Bankruptcy
Code.


  Michael Kipperman, chairman and chief executive officer of the company,
noted that "we anticipate that the company can emerge as a stronger competitor
in the marketplace after we have had the opportunity to reorganize with the
oversight of the court."



    CONTACT: Gotham Apparel Corporation, New York,
             Michael M. Schulman, 212/921-8800





GRANISKO RESOURCES INC. - AGREEMENT IN PRINCIPLE FOR RESTRUCTURING OF
      SECURED DEBT AND RESULTS FOR THE YEAR ENDED DECEMBER 31, 1994



  CALGARY, Alberta--April 28, 1995--href="internat.canada.granisko.html">GRANISKO RESOURCES INC.
(ME:GKO.A) Granisko Resources Inc. announced the terms of an agreement in
principle regarding the restructuring of its secured debt and results for the
year ended December 31, 1994.



Agreement in Principle for Restructuring of Secured Debt



  Granisko announced today that it has reached an agreement in principle
regarding an Amended Forbearance Agreement and amendments to an Amended and
Restructured Securities Purchase Agreement with the holders of its secured
debt which includes the 16.22% Senior Notes and 16.22% Convertible Debentures
(the "April Restructuring").


  The April Restructuring, which amends agreements entered into between
Granisko and the secured debt holders on January 23, 1995 (the "January
Restructuring"), is conditional upon the occurrence of certain prescribed
events including: ratification by the shareholders, acceptance by the Montreal
Exchange, no material adverse changes in the business conditions of the
Company, the election of certain directors and other usual conditions relating
to restructuring matters.


  Amendments to the January Restructuring include: a lowering of the
conversion price of the $9,000,000 (US), 16.22% Convertible Debentures, which
represents 24% of the total secured $US principal amount outstanding, to $0.35
(Cdn) from $0.50 (Cdn) to reflect market conditions, placing an upper limit of
75%, on a partially diluted basis, on the number of Class A Common Shares
which may be issued on the conversion of the 16.22% Convertible Debentures and
cancellation of the 12,500,000 share purchase warrants previously issued to
the holders of the secured debt.  The 16.22% Convertible Debentures are
convertible at the option of the holders in whole or in part at any time prior
to maturity on June 30, 2002.  Any 16.22% Convertible Debentures not converted
will, in conjunction with the non-convertible 16.22% Senior Notes, continue to
remain outstanding as secured debt.


  Sayer Securities Limited,
which acted as financial advisor to the Special
Committee of the Board of Directors of Granisko with respect to the January
Restructuring, has been retained by the Board to provide an opinion as to the
fairness of the April Restructuring to the holders of the Class A Common
Shares and 6% unsecured Debenture of Granisko.


  Secured debt outstanding at the end of 1994 was $30,000,000 (US) including
$24,000,000 (US) in the form of 16.22% Senior Notes and $6,000,000 (US) in the
form of 16.22% Convertible Debentures.  Since year end an additional
$8,000,000 (US) has been advanced pursuant to the January Restructuring with
the result that secured debt currently outstanding is $38,000,000 (US)
including $29,000,000 (US) in the form of 16.22% Senior Notes and $9,000,000
(US) in the form of 16.22% Convertible Debentures.  Virtually all of the
additional $8,000,000 (US) has been used to pay outstanding trade payables,
outstanding royalties payable and for limited capital expenditures during the
winter of 1994/95.


  Approval will be sought from the shareholders for the April Restructuring at
the Annual and Special Meeting of Shareholders to be held in Calgary prior to
the end of June 1995.  Results for Year Ended December 31, 1994


  For the year ended December 31, 1994 Granisko reported revenues of
$6,925,243 versus $2,567,900 in 1993.  Negative cash flow from operations in
1994 was $3,463,497 ($0.32 per share) versus negative cash flow from
operations in 1993 of $2,102,945 ($0.26 per share). The net loss for 1994 was
$15,396,263 ($1.44 per share) versus a loss of $2,842,625 ($0.35 per share) in
1993.  The loss for 1994 does not include any reduction in the net carrying
value of its oil and gas assets.  Had the equivalent of a full ceiling test
been applied, including provision for all future financing costs on existing
indebtedness, all the $47,712,930 ($4.45 per share) carrying value of the oil
and gas assets would have been written off.  Including the 16.22% Senior Notes
and 16.22% Convertible Debentures, Granisko currently has approximately
$58,000,000 (Cdn) in outstanding debt.


  Using funds provided pursuant to the January Restructuring, Granisko
completed a limited construction and development programme during the winter
of 1994/95.  The inlet capacity of the Granisko owned and operated gas plant
is being increased from 22,000 Mcf/d to 44,000 Mcf/d with completion of the
work scheduled for June 1, 1995. Three existing wells were recompleted for gas
production, one well was tied in to the gas pipeline system, approximately 1
mile of pipeline construction was completed and one successful dual oil and
gas discovery well was drilled.  The latter is currently on production at 150
barrels of oil per day, 75 barrels per day net to Granisko.  Production rates
from this well have fluctuated widely and have not yet stabilized.  Overall
production net to Granisko is currently approximately 650 barrels per day of
oil and liquids and 10,000 Mcf/d of natural gas.  Raw inlet gas throughput at
the plant, including third party production, is approximately 22,000 Mcf/d.
  Granisko reports that Mr. Jack Peltier has been retained to provide
executive management services to the Company.  Mr. Peltier has extensive
experience in the management, reorganization and financing of independent oil
and gas companies.


  Granisko is a Canadian energy company involved in oil and gas exploration,
development and processing in the Rainbow/Zama area of northwestern
Alberta.



           CONTACT:  Granisko Resources Inc.,
                     Jack Peltier or Mike Cogut, 403/269-8545
                     403/266-5345 (Fax)





TRADE CREDITORS, LANDLORDS, DEBENTUREHOLDERS, AND
SHAREHOLDERS OVERWHELMING APPROVE DYLEX'S RESTRUCTURING PLAN



  TORONTO, Ontario--April 28, 1995--At a series of meetings held here today, trade
creditors, landlords, debentureholders, and shareholders of href="internat.canada.dylex.html">Dylex Limited
overwhelmingly voted to approve the company's proposed restructuring Plan
under the Companies' Creditors Arrangement Act (CCAA). However, the scheduled
meeting for the company's banks to vote on the Plan was adjourned until
mid-day Monday, May 1, 1995, to permit them sufficient time to study the terms
of a proposed $50 million operating line which Dylex has negotiated with a
U.S. financial institution.


  Each of the trade creditors, landlords, debentureholders, and shareholders
groups gave a more than 95 percent vote of approval of the Plan.


  ``We are very pleased with the overwhelming support that Dylex's
restructuring Plan received today from its creditors and shareholders. We
believe that the extent of this support is indicative both of the fairness of
the Plan that we proposed and the confidence of these groups in the future
prosperity of Dylex,'' said Wilfred Posluns, Chairman and Chief Executive
Officer. ``Dylex is hopeful that it will reach agreement with the banks once
they have had the opportunity to review the term sheet from the proposed
operating lender.''


  At the trade creditors meeting, $108.8 million of the value of the claims
voting (99.9 percent) approved the plan, representing 1,372 claims (99.2
percent of those voting).


  At the landlords meeting, $45.7 million of the value of the claims voting
(97.8 percent) approved the Plan, representing 535 claims (98.4 percent of
those voting).


  At the debentureholders meeting, $86.2 million of the value of the claims
voting (99 percent) approved the Plan, representing 60 debentureholders (85.7
percent of those voting).


  The Class ``A'' shareholders voting gave a 95.1 percent approval to the
Plan, while the holders of Common shares voted 99.75 percent in favor, and 100
percent of the Class ``C'' shares were voted in support.


  At the meeting of trade creditors, Dylex also agreed to the establishment of
a committee, comprising five individuals drawn from credit bureaus and
factoring firms, which would be kept informed on a monthly basis regarding the
company's financial progress. The committee would operate through the end of
December 1995.


  ``We believe that the formation of a trade committee is a constructive step
that will enable Dylex's creditors to have additional confidence in their
planning to provide the company with merchandise for future seasons,'' said
Mr. Posluns.


  Following the vote by the banks on Monday, if approval is given, Dylex will
file the results of the meetings with the Ontario Court and expects that the
company should emerge from the CCAA process in late May.


  ``Our stronger balance sheet and improved profitability will mean renewed
financial flexibility to finance future growth as a more credit-worthy
organization. Dylex will be able to concentrate its capital on refurbishing
its best stores and opening new ones, using proven, updated formats. Our focus
now must be, and will be, on creating as much value as possible for the
company's investors,'' David Posluns, Chief Financial Officer, told the
meetings.


  /For further information: Richard W. Wertheim, Wertheim &  Company Inc.,
(416) 594-1600, (905) 276-6612 (home)/





Aerospace Creditors Liquidating Trust Sells Obligations Due From AM
General



  NEW YORK, New York--April 28, 1995--The Trustees of the Aerospace
Creditors Liquidating Trust (PSE:ARO.TT) announced today that it has sold to
AM General Corp. ("AMG") all of AMG's obligations to the Trust, including a
$15.2 million note and accrued interest thereon, all rights to earn-out and
non-competition payments arising from a 1992 sale of certain businesses to
AMG, and 100 shares of AMG common stock (together, the "AMG Obligations") in a
sale that resulted in net proceeds to the Trust of $46,546,000 on April 27,
1995.


  The Trust was formed in 1993 when certain assets, including the AMG
Obligations, were transferred to the Trust pursuant to the LTV Second Modified
Joint Plan of Reorganization (the "Joint Plan"). Certificates of beneficial
interest ("CBIs") in the Trust were issued to the unsecured creditors of LTV
Aerospace and Defense Co. ("Aerospace") to evidence their interests in the
Trust.  The LTV Corp. and 66 affiliates,
including Aerospace, had filed for
Chapter 11 protection in July of 1986 and the Joint Plan was confirmed by the
bankruptcy court in May 1993.


  The Trustees expect to distribute the bulk of the proceeds from the sale of
the AMG Obligations to CBI holders after estimating the additional cash
reserves the Trust will need to retain for remaining liquidation costs of the
Trust.  After that distribution to CBI holders, the remaining assets of the
Trust will consist of (i) the cash reserves the Trustees determine to retain,
(ii) the right to the first $10 million in proceeds from a litigation matter
between Aerospace and Thomson-CSF S.A. (with the difference between $10
million and the proceeds actually received by the Trust, if less than $10
million, guaranteed by The LTV Corp.), and (iii) the rights to any proceeds
from a litigation matter between Aerospace and McDonnell Douglas Corp., in
connection with which the Trust bears the burden of the legal fees and
expenses.



    CONTACT:  Aerospace Creditors Liquidating Trust,
              Linda Hitchings, 212/808-0539





Obstacles endanger Orange County, California recovery plan; less than
full payment should not be an option



   NEW YORK, New York--April 28, 1995--Orange
County
is obligated, as are all municipal issuers, to devise a plan
to avoid defaulting on its obligations to bondholders. With political will,
this county has the means to support such a plan. After five months in
bankruptcy, the county is pursuing two divergent paths with no clear statement
of its intentions.  On the one hand, it has developed various mechanisms to
attempt to raise money to pay off its short-term debt obligations.  On the
other hand, the county has been unnecessarily late making debt service
payments, has used reserve funds to make payments on some debt, and has
negated its pledge to set aside funds for note repayment.  These three
negative actions are more consistent with corporate bankruptcy practices than
with a local government approach to public debt.  A corporate approach should
be viewed with extreme caution since one common result of a corporate
restructuring -- liquidation of the bankrupt entity -- is clearly inconsistent
with traditional public policy goals.  The county's objective should be to
rehabilitate itself and continue to function as a municipal government.  
Payment default or any attempt to repudiate debt is clearly at odds with that
approach.



           CONTACT:  Karen S. Krop, Assistant Vice President, 212/553-4860
                     Mary Francoeur, Assistant Vice President, 212/553-7240
                     Barbara Flickinger, Vice President and
                       Assistant Director, Far West Region, 212/553-7736