BANKRUPTCY COURT EXTENDS EXCLUSIVITY PERIODS FOR COLUMBIA GAS COMPANIES UNTIL OCTOBER 16
WILMINGTON, Delaware--May 18, 1995-- The U.S. Bankruptcy Court for the
District of Delaware today extended until October 16, 1995, the period during
which The Columbia Gas System, Inc., (NYSE: CG)
and its principal pipeline subsidiary, Columbia Gas Transmission Corp., have the
exclusive right to advance Chapter 11 plans of reorganization. The Court also
extended the companies' exclusive rights to solicit acceptances for their plans of
reorganization until December 18, 1995. The extensions were granted without
The two companies filed reorganization plans on April 17, 1995, and the
bankruptcy court is in the process of considering the plans and the associated
The Columbia Gas System, Inc., and Columbia Gas Transmission Corp., which
have been operating as debtors in possession under Chapter 11 of the U. S.
Bankruptcy Code since July 31, 1991, have been granted nine prior extensions.
/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
DIA RESPONDS TO REPORTS ON FOUNDATION FOR NEW ERA PHILANTHROPY
DETROIT, May 18, 1995 -- The following was released today by The
Detroit Institute of Arts Founders Society:
The Detroit Institute of Arts Founders Society is deeply saddened and
disappointed about recent reports indicating that the
Foundation for New Era Philanthropy of Philadelphia, Pennsylvania has filed for
Along with approximately 300 charitable organizations around the country,
the Founders Society had applied for and was approved for matching grants from
New Era to support the programs and operations of the DIA. The decision by
the Founders Society to participate in the Foundation's program came only
after it had conducted considerable investigation and due diligence with other
charitable organizations and leading citizens around the country who had been
involved with New Era, and after the Founders Society had received partial
financial guarantees from certain of its trustees. To date, the Founders
Society has transferred $3,000,000 to the Foundation and has received back
$2,O00,000. Accordingly, New Era continues to owe the Founders Society at
least $1,000,000 and the Founders Society remains hopeful that New Era will
fulfill its obligations.
"It is important to note that no public or taxpayer funds are involved,"
said Joseph P. Bianco Jr., Executive Vice President of the Founders Society,
"and that prior to participating in the program the Founders Society received
partial financial guarantees from certain of its trustees, thus reducing its
exposure. We will of course continue to monitor the situation, and we expect
no impact on the museum's daily operations or services to the public."
/CONTACT: Cyndi A. Summers of the DIA, 313-833-7962/