TCR_Public/950516.MBX


BANKRUPTCY CREDITORS' SERVICE, INC.





STUARTS FILES CHAPTER 11 PETITION


  

  FRANKLIN, Mass.--May 16, 1995--Stuarts Department  
Stores, Inc. (Nasdaq: STUS)
announced today that it had filed a voluntary petition  
for reorganization under Chapter 11, Title 11 of the United States Code with the  
United States Bankruptcy Court for the District of Massachusetts (Western  
Division) in Worcester, Massachusetts.  The Company stated that, as previously  
announced, it continued to experience extreme financial and liquidity  
difficulties and that its efforts to sell the retail chain had been  
unsuccessful.  The Company stated that those continued financial and liquidity  
difficulties precipitated the Chapter 11 filing.



  Stuarts stated that, in connection with the Chapter 11 filing, it had  
entered into debtor-in-possession financing arrangements with its lender,  
Foothill Capital Corporation, for a $6 million credit facility to finance the  
Company's working capital requirements while the reorganization proceedings  
are pending.  The credit facility will be collateralized by substantially all  
of the Company's assets. Borrowings under the facility will be subject to  
availability under a borrowing base formula and to compliance with covenants  
and business plans.  In addition, the Company has obtained the consent of  
Foothill to use cash collateral (from its pre-petition financing arrangements)  
during the reorganization proceeding.  Both the debtor-in-possession financing  
arrangement and the cash collateral arrangement will require the approval of  
the Bankruptcy Court.



  The Company announced also that it had completed negotiations with a  
liquidator relating to the sale of inventory in connection with the closing of  
its Athol, Chelsea and Fitchburg, Massachusetts and Goffstown, New Hampshire  
stores.  Pursuant to these arrangements, the Company received a payment of  
approximately $2.5 million, which was applied toward the reduction of the  
Company's secured indebtedness.



  Stuarts also stated that it had received notice from the Nasdaq Stock Market  
that, as a result of the low trading price and publicly held market value of  
the Company's common stock, the Company may no longer meet the listing  
requirements for continued inclusion in the Nasdaq National Market and may be  
subject to delisting.  As a result, the Company's common stock may be delisted  
from the Nasdaq National Market in the near future, perhaps as early as May  
20, 1995.



  /CONTACT:  David Ferguson, President, ext. 224, or Antone F. Moreira,  
Executive Vice President and CFO, ext. 222, both of Stuarts, 508-520-4540/






ONTARIO COURT GRANTS SANCTION ORDER TO CADILLAC FAIRVIEW


  

  TORONTO, Canada--May 16, 1995--The Ontario Court (General Division) today granted  
its approval for Cadillac Fairview Inc. to
proceed with implementation of its restructuring plan. The plan is expected to be  
implemented by June 30, 1995.   Creditors and shareholders approved the terms of the  
plan in a series of votes last month. All conditions for the approval of the court have  
been met, including the signing of a definitive agreement between Cadillac Fairview and  
the new investors in the Company and the satisfactory resolution of all outstanding  
issues with the Canadian Broadcasting Corporation.



  Under the plan, a total of $832 million in new capital will be invested into  
the Company. The Blackstone Group, a New York-based merchant banker, and the  
Ontario Teachers' Pension Plan Board will contribute $300 million of this cash  
for approximately 31% of Cadillac Fairview's equity. Holders of Cadillac  
Fairview's syndicated debt will receive cash and convert their claims into  
approximately 54% of the common shares. (The Whitehall Fund, an affiliate of  
Goldman Sachs & Co. of New York, will hold approximately 30% of Cadillac  
Fairview from converting its syndicated claims.) Holders of unsecured  
debentures will exchange their interests for approximately 15% of the Company.



  Cadillac Fairview is one of Canada's largest real estate companies with a  
portfolio of commercial and mixed-use properties in Canada and the United  
States. It owns interests in and manages some of Canada's better-known  
properties, including the Pacific Centre in Vancouver, and the Toronto Eaton  
Centre and the Toronto-Dominion Centre in Toronto.



  /For further information: Patrick Howe, Howe & Company Inc.  (416) 863-6632,  
(416) 929-7700 (home)/






HAYES MICROCOMPUTERS PRODUCTS TO EXIT CHAPTER 11 BY FALL; 100 PERCENT  
      PLAN PAYS CREDITORS IN FULL


  

  ATLANTA, Georgia--May 16, 1995-- Hayes Microcomputers
Products, Inc.
on Monday, May 15, 1995, filed in Federal Bankruptcy Court its  
Chapter 11 Plan of Reorganization which will lead to its exit from Chapter 11 in less  
than one year from the company's original bankruptcy filing.



  The plan provides for 100 percent payment of claims to creditors. When the  
plan is confirmed by the bankruptcy court, Hayes will pay creditors with valid  
claims the entire amount due within 40 to 60 days. In execution of the plan,  
Hayes will obtain approximately $60 million in new capital funding to be  
comprised of a combination of equity investments and new credit facilities.



  "We are working closely with our financial advisory team at Robinson-  
Humphrey to procure the funding to complete our plan," said Dennis C. Hayes,  
Chairman and CEO, Hayes Microcomputer Products, Inc. "This is great news for  
our creditors, our customers and our employees who have been a constant source  
of support."



  Creditors can contact Hayes by calling the Claims Processing Department at  
404-840-9200.



  Best known as the leader in microcomputer modems, Hayes develops, supplies  
and supports computer communications equipment and software for personal  
computers and computer communications networks.  The company distributes its  
products through a global network of authorized distributors, dealers, mass  
merchants, VARs systems integrators and original equipment manufacturers.



  /CONTACT:  Angela Hooper or Susan Merkel, Hayes Microcomputer Products,  
Inc., 404-840-9200 or, fax, 404-441-1238/






Baker Communications files for bankruptcy


  

  BEVERLY HILLS, Calif.--May 16, 1995--Baker  
Communications Inc.
Tuesday announced that it has filed for reorganization  
under Chapter 11 of the Federal Bankruptcy Act.



  The company has been in discussion with a potential unidentified buyer and  
has deemed the discussed price to be totally inadequate and not in the best  
interests of all its shareholders.



  The company, through its representatives, has been in discussion with  
several potential buyers and it believes that a sale will be consummated in  
the next 120 days.



  All properties are operating profitably, and the company expects 1995 to be  
a record year of operating profits.



  No management changes are contemplated after the sale takes place.


  

           CONTACT:  Baker Communications Inc., Beverly Hills  
                     Seth Baker, 310/275-9975




  
SOLO SERVE CORPORATION ANNOUNCES CHANGE TO PENDING
PLAN OF REORGANIZATION


   
   SAN ANTONIO, Texas, May 16, 1995 -- Solo Serve
   Corporation
(Nasdaq-NNM: SOLOQ) today announced that in connection
   with its pending plan of reorganization (the "Plan") and in lieu of
   its previously announced rights offering to holders of common stock of
   the company, the company had negotiated a $2.5 million equity infusion
   by General Atlantic Corporation ("General Atlantic"), the company's
   principal stockholder. The funds would be utilized by the company to
   partially fund the proposed cash distributions to creditors as part of
   the Plan. Due to a number of factors, including uncertainty regarding
   the availability of an exemption from registration for the proposed
   rights offering, the opinion of the company's financial advisor that
   there was not a high likelihood of significant participation in the
   rights offering and the increased costs and delay to the company
   associated with the proposed offering compared with those associated
   with a private placement of securities, the company has determined to
   pursue a private placement of preferred stock to General Atlantic in
   lieu of the previously proposed rights offering. The terms of the
   proposed private placement were negotiated between representatives of
   General Atlantic and the company with the input and advice of the
   company's financial advisor, Stephens, Inc.
   


   The company currently contemplates that pursuant to the Plan, the
   company's existing common stock would be subject to a two-for-one
   reverse split as of the close of business on the Effective Date of the
   Plan. The investment by General Atlantic would take the form of a
   purchase of 1,388,889 shares of a new series of Preferred Stock for an
   aggregate purchase price of $2.5 million, or $1.80 per share on a
   post- reverse split basis. The Preferred Stock would be convertible
   into an equal number of shares of Common Stock, would have voting
   rights on an as-converted basis, and would pay no preferential
   dividends. The Preferred Stock would have a liquidation preference of
   $1.80 per share. The commitment by General Atlantic is expressly
   subject to certain conditions, including the negotiation and execution
   of mutually satisfactory definitive documentation.
   


   Under the previously contemplated rights offering, the percentage
   interests of existing holders of common stock who chose not to
   subscribe for additional shares would have been diluted by
   approximately 50 percent. Under the terms of the proposed private
   placement, and exclusive of shares reserved for issuance pursuant to
   stock incentive plans, General Atlantic will acquire approximately 33
   percent of the post-reorganization equity of the company for $2.5
   million, reserving 66 percent of the post-reorganization equity for
   existing holders of common stock. When aggregated with its existing
   ownership of common stock, General Atlantic would initially control
   approximately 62 percent of the voting shares of the company after the
   consummation of the reorganization. Representatives of General
   Atlantic have advised the company that they concur with the proposed
   Plan of Reorganization.

   
   The proposed Plan of Reorganization is also subject to a number of
   conditions, including negotiation of documentation setting forth the
   details of the Plan and solicitation and approval in accordance with
   the Bankruptcy Code. The Bankruptcy Court has scheduled a hearing for
   May 17 to review and approve the Disclosure Statement and to consider
   any objections that have been filed. After approval of the Disclosure
   Statement, the Plan and Disclosure Statement will be furnished to
   creditors and stockholders and votes in support of the Plan will be
   solicited. It is anticipated that the record date for voting on the
   Plan will be May 17, 1995. The Court will then schedule a hearing to
   consider entry of an order confirming the Plan.
   


   Solo Serve Corporation operates a chain of off-price retail stores
   offering a wide selection of name brand and other merchandise at
   prices significantly below traditional department and specialty
   stores. The company currently has 30 Solo Serve stores in Texas,
   Louisiana and Alabama.
   


   /CONTACT: Timothy L. Grady of Solo Serve Corporation, 210-662-6262/