TCR_Public/950526.MBX


BANKRUPTCY CREDITORS' SERVICE, INC.





  DESPITE ROAD CLOSINGS, UPDATE ON FOUNDATION FOR NEW ERA PHILANTHROPY
          BANKRUPTCY STILL TO BE HELD TODAY


Radnor, Philadelphia.--May 26, 1995--Note: The planned press briefing will take  
place today as scheduled, in spite of potential traffic problems due to the  
closure of sections of I-476 and I-76. Please use an alternative route.


    When: Wednesday, May 24, at 4 p.m.


    What: John T. Carroll, 3rd, Trustee for the HREF="chap11.newera.html">Foundation for New
    Era Philanthropy
estate, will hold a press briefing on
    what he and his professional team have uncovered thus
    far in its efforts to determine the location and value
    of the assets of the bankruptcy estate. He will also
    outline his most immediate action plan.


   The briefing will follow a meeting with representatives
   of Federal and State regulatory agencies, which are
   involved in the bankruptcy process.


   Who: Mr. Carroll, of the Philadelphia law firm of Swartz,
   Campbell & Detweiler, will be joined by his attorneys
   with the bankruptcy law firm of Ciardi, Mashmeyer &
   Karalis of Philadelphia. Representatives of Miller,
   Tate & Co., the forensic accountants, will also be
   present.


   Where: Foundation for New Era Philanthropy offices,
   Radnor Corporate Center -- Building No. 3, Radnor, Pa.
   The briefing will take place outside the front entrance of
   the building. (directions -- Rt. 30 to King of Prussia
   Road to Matsonford Road, turn right. The complex is on
   the left.)


   CONTACT: Susan Gurevitz of Susan Gurevitz Communications,
   610-668-4335, or Kina Simeone, 610-254-9578, both for John T. Carroll,
   3rd, Trustee for the Foundation for New Era Philanthropy.






   PHAR-MOR REACHES AGREEMENT WITH HAFT INVESTMENT GROUP AND MAJOR
          CREDITORS ON A CONSENSUAL PLAN OF REORGANIZATION


   YOUNGSTOWN, Ohio--May 25, 1995-- Phar-Mor, Inc.
announced
   today that the Company's major creditor groups, including both the
   senior secured lenders and the unsecured creditors committee, have
   agreed to a consensual Plan of Reorganization that includes an
   agreement by an investment group led by Robert Haft to acquire a
   significant portion of the equity in the reorganized Company. In
   reliance on the Haft Group proposal, the Company withdrew its
   alternative "stand alone" Plan of Reorganization, and today the U.S.
   Bankruptcy Court approved the Company's Disclosure Statement,
   authorized the solicitation of votes on the Plan, and set a
   confirmation hearing for July 1995.


   "This consensual plan of reorganization, which is supported by the
   major creditor constituencies, demonstrates broad faith in the future
   of the Company," said Phar-Mor Chief Executive Officer Tony Alvarez.
   "When Phar-Mor was forced to file for Chapter 11 protection in August
   1992 in the wake of the massive fraud, many people doubted whether
   Phar-Mor could survive. Since then, the Company has been transformed
   into an efficient retailer, with a defined focus as a deep discount
   drugstore. When Phar-Mor emerges from Chapter 11 later this summer, it
   will have 102 solidly profitable stores, which will serve as a base
   for further expansion."
   


   Mr. Alvarez continued: "We have succeeded not only in proving that
   Phar-Mor is a viable company, but in attracting a respected strategic
   investor. Robert Haft is a strong leader and an innovative retailer
   with the enthusiasm and ability to build on our past achievements and
   guide Phar-Mor to greater success. We welcome his future involvement
   in the Company."
   


   Details of the Plan
   


   The proposed Plan outlines the Company's growth plans, which include
   opening 36 new stores during the next four fiscal years.
   


   Under the proposed Plan, Phar-Mor's senior secured lenders will
   receive: (i) approximately $102.5 million in cash; (ii) approximately
   $92.7 million in principal amount of new senior notes payable in seven
   years and bearing interest at a rate 5.25 percent above seven-year
   Treasury notes; (iii) 8.5 million shares of the Reorganized Company's
   new common stock, of which at least 2.5 million will be sold to the
   Haft Group; plus, (iv) interests in potential proceeds from litigation
   Phar-Mor has asserted against various third parties, including its
   previous auditor Coopers & Lybrand.
   


   The Company's unsecured creditors will receive: (i) 1.5 million shares
   of the Reorganized Company's new common stock; (ii) interests in the
   potential proceeds from the litigation described above; and (iii)
   warrants to purchase 1.25 million shares of the Reorganized Company's
   new common stock at an exercise price of $13.50 per share. In
   addition, vendors with reclamation claims for goods shipped to the
   Company immediately prior to the bankruptcy filing will receive
   approximately $25 million in cash.
   


   Other secured lenders, who provided the financing for certain
   furniture, fixtures and equipment used by Phar-Mor, will receive notes
   payable over eight years, bearing interest at 7%.
   


   Current shareholders will receive no equity, but will begin to
   participate in the potential proceeds from the litigation described
   above after $200 million of such proceeds are paid to the Company's
   creditors.
   


   In addition to the shares it purchases directly from the senior
   secured lenders, the Haft Group will also acquire 1.25 million shares
   of new common stock directly from the Company at a price of $8.00 per
   share, for a total of $10 million. After these purchases and
   acquisition of shares, the Haft Group will own approximately 30.8% of
   the newly organized Company, the senior secured lenders 49.5% and the
   unsecured creditors 12.3%.
   


   If the Plan is confirmed as proposed, Robert Haft will become Chairman
   and Chief Executive Officer. David Schwartz, currently President and
   Chief Operating Officer, will remain in those positions. The Company
   will have a seven-member Board of Directors, of whom four will be
   appointed by the Haft Group, two by the secured creditors and one by
   the unsecured creditors.
   


   Phar-Mor, headquartered in Youngstown, Ohio, is a deep-discount retail
   chain. When the store consolidation is complete, it will have 102
   stores in 19 states. On August 17, 1992, Phar-Mor filed for protection
   under Chapter 11 of the U.S. Bankruptcy Code.
   


   /CONTACT: Gary Holmes, 212-484-7736, or Robert Mead, 212-484-6701,
   both of Robinson Lake Sawyer Miller/





   Court approves Sunrise asset sale to ENSERCH Corporation


   DALLAS, Texas--May 25, 1995--Sunrise Energy
Services, Inc.

   (a nation-wide, publicly traded non-regulated retail merchant of
   natural gas and natural gas related services) announced today that,
   together with its wholly owned operating subsidiaries, it has executed
   an Asset Purchase Agreement, whereby Enserch Gas Marketing, Inc., a
   wholly owned subsidiary of ENSERCH Corporation (ENSERCH), shall
   acquire substantially all of the assets of the Company's operating
   subsidiaries as previously announced on March 8, 1995.

    

   Approved by the United States Bankruptcy Court for the Northern
   District of Texas, Dallas Division on May 10, 1995, the agreement
   generally provides that in consideration of up to $8.5 million in cash
   ENSERCH shall acquire the Company's natural gas purchase and sale
   contracts; transportation and management services agreements; billing
   and computer systems; as well as employing the employee and management
   personnel integral to the Company's business operations.
   


   On November 15, 1994, four of the Company's operating subsidiaries
   (Consolidated Fuel Corporation; SunPacific Energy Management, Inc.;
   Sunrise Energy Marketing Company; and Sunrise Energy Company) filed
   for voluntary relief under Title 11, Chapter 11 of the United States
   Code. On May 12, 1995 the Court set June 14, 1995 as the Confirmation
   Date for the Plans of Reorganization of the Company's debtor
   subsidiaries.
   


   ENSERCH, a publicly traded, integrated natural gas company
   headquartered in Dallas, Texas, provides services from the wellhead to
   the burner tip through its operations in oil and gas exploration and
   production; natural gas liquids processing; natural gas transmission
   and distribution; and electric power development. The acquisition of
   the Company's retail natural gas marketing and related management
   services augments those of other ENSERCH subsidiaries and broadens its
   geographical market area. ENSERCH reported assets of $2.8 billion and
   equity of $900 million as of December 31, 1994 and revenues of $1.9
   billion for the year ended December 31, 1994.
   


   Mr. Devlin, President and CEO of Sunrise stated, "The ENSERCH
   agreement to purchase the assets of the business operations of the
   Company's operating subsidiaries will add a new dimension to ENSERCH's
   natural gas marketing activities. Customers and suppliers of the
   Sunrise/SunPacific entities and Consolidated Fuel Corporation should
   derive the benefits of the financial strength, ancillary services and
   natural resources of ENSERCH through creation of new opportunities for
   competitive marketing and growth strategies in the acquired
   operations."
   


   The common shares of Sunrise Energy Services, Inc. are listed on the
   American Stock Exchange (AMEX) and on the Official list of the London
   Stock Exchange (LSE). Trading in the Company's stock on the AMEX and
   LSE has been halted during the pendency of the bankruptcy proceedings.
   There is no assurance that trading on the AMEX will be reinstated as
   the Company does not currently meet the AMEX guidelines for continued
   listing.
   


   CONTACT: Sunrise Energy Services, Inc., Dallas
    
   Philip D. Devlin, 214/385-1616
   





   Key to commence negotiations to acquire Orbitron Capital


   NEW BRUNSWICK, N.J.--May 25, 1995--Key Energy Group
   Inc. (AMEX:KEG) announced today it has entered into a Letter of Intent
   to provide funding for a plan of reorganization for HREF="chap11.orbitron.html">Orbitron Capital
   Corp.
and its subsidiaries Orbitron Oil & Gas Corp. and Orbitron
   Operating Corp.
   


   Under the terms of the agreement, creditors would be paid in full and
   Key would acquire a 58% interest in Orbitron on a fully diluted basis.
   It is presently contemplated that Key would make a $5 million
   investment in Orbitron funded with a $1 million equity contribution
   and a $4 million loan bearing interest at the prime rate and a term of
   5 years. The Orbitron subsidiaries are debtors in Chapter 11 cases
   pending before the United States Bankruptcy Court for the Western
   District of Texas (Midland/Odessa Division).
   


   Orbitron Capital Corporation and Subsidiaries consist of approximately
   26 gas producing wells, 30 miles of pipeline and gathering system, a
   gas processing plant and approximately 6,000 acres located in West
   Texas.
   


   Francis D. John, president & CEO stated that, "Negotiations with
   Orbitron have made steady progress since their initiation last month.
   An investment in Orbitron would be consistent with Key's strategy to
   enhance its growth and diversification in the energy industry in West
   Texas."
   


   Material terms of the company's proposed investment have not yet been
   finalized and any investment is subject to acceptance by Orbitron's
   Trustee, creditors and shareholders, Bankruptcy Court approval,
   negotiation of definitive agreements and satisfaction of various
   contingencies.
   


   Key Energy Group is a diversified energy company specializing in
   drilling, well servicing and production of oil and natural gas in the
   Permian Basin of West Texas.
   


   CONTACT: Key Energy Group Inc.
    
   Diane Mack, 908/247-4822
   





   CORRECTION/Sunrise Energy corrects and replaces release sent earlier
          today; Court approves Sunrise asset sale to ENSERCH Corporation


   DALLAS, Texas--May 25, 1995--Sunrise Energy
Services, Inc.

   (a nation-wide, publicly traded non-regulated retail merchant of
   natural gas and natural gas related services) announced today that,
   together with its wholly owned operating subsidiaries, it has executed
   an Asset Purchase Agreement, whereby Enserch Gas Marketing, Inc., a
   wholly owned subsidiary of ENSERCH Corporation (ENSERCH), shall
   acquire substantially all of the assets of the Company's operating
   subsidiaries as previously announced on March 8, 1995.


   The agreement, subject to confirmation by the United States Bankruptcy
   Court for the Northern District of Texas, Dallas Division, generally
   provides that in consideration of up to $8.5 million in cash ENSERCH
   shall acquire the Company's natural gas purchase and sale contracts;
   transportation and management services agreements; billing and
   computer systems; as well as employing the employee and management
   personnel integral to the Company's business operations.
   


   On November 15, 1994, four of the Company's operating subsidiaries
   (Consolidated Fuel Corporation; SunPacific Energy Management, Inc.;
   Sunrise Energy Marketing Company; and Sunrise Energy Company) filed
   for voluntary relief under Title 11, Chapter 11 of the United States
   Code. On May 12, 1995 the Court set June 14, 1995 as the Confirmation
   Date for the approval of the Asset Purchase Agreement and the Plans of
   Reorganization of the Company's debtor subsidiaries.
   


   ENSERCH, a publicly traded, integrated natural gas company
   headquartered in Dallas, Texas, provides services from the wellhead to
   the burner tip through its operations in oil and gas exploration and
   production; natural gas liquids processing; natural gas transmission
   and distribution; and electric power development. The acquisition of
   the Company's retail natural gas marketing and related management
   services augments those of other ENSERCH subsidiaries and broadens its
   geographical market area. ENSERCH reported assets of $2.8 billion and
   equity of $900 million as of December 31, 1994 and revenues of $1.9
   billion for the year ended December 31, 1994.
   


   Mr. Devlin, President and CEO of Sunrise stated, "The ENSERCH
   agreement to purchase the assets of the business operations of the
   Company's operating subsidiaries will add a new dimension to ENSERCH's
   natural gas marketing activities. Customers and suppliers of the
   Sunrise/SunPacific entities and Consolidated Fuel Corporation should
   derive the benefits of the financial strength, ancillary services and
   natural resources of ENSERCH through creation of new opportunities for
   competitive marketing and growth strategies in the acquired
   operations."
   


   The common shares of Sunrise Energy Services, Inc. are listed on the
   American Stock Exchange (AMEX) and on the Official list of the London
   Stock Exchange (LSE). Trading in the Company's stock on the AMEX and
   LSE has been halted during the pendency of the bankruptcy proceedings.
   There is no assurance that trading on the AMEX will be reinstated as
   the Company does not currently meet the AMEX guidelines for continued
   listing.
   


   CONTACT: Sunrise Energy Services, Inc., Dallas
    
   Philip D. Devlin, 214/385-1616
   





   Koger Equity Inc. announces agreement of sale of properties of The
          Koger Partnership Ltd.


   JACKSONVILLE, Fla.--May 25, 1995--Koger Equity Inc. (ASE:KE) announced  
   Thursday that The Koger Partnership Ltd., for
   which Southeast Properties Holding Corp. Inc. ("Southeast"), a wholly
   owned subsidiary of Koger Equity, acts as general partner, has entered
   into an agreement for the sale of all the properties of the
   Partnership, consisting of 92 buildings and related land located in
   seven Koger Office Centers, to an investment entity for which J.P.
   Morgan Investment Management Inc. ("Morgan") acts as investment
   manager, for a cash purchase price of $154 million.
   


   The sale is subject to various conditions, including receipt by the
   Partnership of a fairness opinion from a qualified valuation firm and
   the right of Morgan to terminate during its diligence period and until
   the closing which is scheduled for late July. Conditional on
   completion of the Partnership's sale, Koger Equity Inc. has agreed to
   sell to Morgan three office buildings and land within or contiguous to
   the Partnership's office centers which were, under the Partnership's
   Bankruptcy Plan, subject to purchase options.
   


   The purchase options were designed to permit the Partnership to
   deliver title to those properties to a buyer of the Partnership's
   office centers. The purchase price for the Koger Equity properties
   will be $28.2 million, which approximates their book value.
   Indebtedness of approximately $21 million on the three buildings will
   be discharged. In addition, a corporation related to Koger Equity will
   enter into an agreement with Morgan to manage the properties being
   sold.
   


   The net proceeds from the sale of the Partnership's properties will be
   sufficient to repay in full all its outstanding debt except for the
   subordinated debt held by Southeast and other subordinated claims. The
   outstanding debt of the Partnership to be repaid includes $31.0
   million of debt which Koger Equity acquired or committed to acquire
   from other creditors for $17.1 million. However, Southeast will be
   repaid only an estimated $14.2 million of the $37.2 million of
   subordinated debt owed to it and restructured under the Partnership's
   Bankruptcy Plan.
   


   Koger Equity had previously assigned no value to this subordinated
   debt in its consolidated financial statements. Koger Equity does not
   expect further payments or distributions from the Partnership on its
   32.4% equity interest in the Partnership.
   


   Koger Equity Inc. owns 219 office buildings containing approximately
   7.9 million net rentable square feet, located in 16 markets in the
   Southeast and Southwest.
   


   CONTACT: Koger Equity Inc., Jacksonville
    
   Mary H. McNeal, 904/398-3403
   





   USG SHARES DISTRIBUTED TO WATER STREET INVESTORS; GOLDMAN SACHS
          DIRECTORS RESIGN


   CHICAGO, Illinois--May 24, 1995-- USG Corporation
(NYSE: USG)
today
   announced that shareholder, Water Street Corporate Recovery Fund I,
   L.P., owner of approximately 21 percent of the USG common stock, has
   distributed its common stock holdings of 9,418,231 shares to its
   approximately 75 limited partners and its general partner, Goldman,
   Sachs & Co. As a consequence, Water Street and USG have terminated an
   agreement dated Feb. 25, 1993, governing their relationship which was
   part of USG's prepackaged bankruptcy plan of reorganization in May
   1993. In addition, on May 23, 1995, two Goldman Sachs partners, Barry
   L. Zubrow and Wade Fetzer III, have resigned as directors of USG, and
   Goldman Sachs has waived any future right to designate directors of
   USG and obtain non-public data or information from USG.
   


   USG stated that the actions relating to Water Street's distribution of
   these shares and the actions involving its relationship with Water
   Street and Goldman Sachs were mutually agreed upon, and USG believes
   the distribution of shares and termination of the agreement will be
   beneficial to the long term interests of the corporation and its
   shareholders. Eugene B. Connolly, chairman and chief executive officer
   of USG, commented: "We are pleased with this development as it
   reconfirms the important progress we have made toward full financial
   recovery, and we are grateful for the support we have received from
   our largest shareholder since they joined us in May 1993."
   


   Water Street acquired the USG shares in exchange for its holdings of
   USG subordinated debt which it acquired during 1990-1991. The exchange
   was part of USG's plan of reorganization made effective in May 1993.
   


   /CONTACT: Matthew P. Gonring, vice president Corporate Communications,
   312-606-4124, or Keith E. Kahl, manager, Investor Relations,
   312-606-4125, both of USG/





   EPE RESPONDS TO CSW ACCUSATIONS


  EL PASO, Texas--May 25, 1995-- El Paso Electric
(Nasdaq-NNM: ELPAQ)
(EPE) said today that is has received a letter dated May 23,
   1995, from Central and South West Corporation (NYSE: CSR) (CSW) in
   which CSW accused EPE of material breaches of the merger agreement
   between EPE and CSW.

    

   "CSW's letter is scandalous. Nothing can be further from the truth,"
   said EPE Chairman of the Board and Chief Executive Officer David
   Wiggs. "The merger with CSW produces the highest value for creditors
   and shareholders; the lowest rates for customers; and the best
   incentives for management," Wiggs said. "EPE has done everything
   within its power to try to close the merger on its present terms,
   including asking CSW to extend the agreement.
   


   "CSW was in charge of getting the Texas rate order and was on the
   verge of failing. As a last resort, EPE filed litigation against the
   Public Utility Commission of Texas for two reasons -- to protect the
   company's assets and to secure a rate order that would meet the merger
   requirements," Wiggs said.
   


   Wiggs also noted that "CSW has repeatedly repudiated the transaction
   by, among other things, inventing and attempting to impose new
   conditions to the merger agreement."
   


   Wiggs identified as an example, CSW's latest letter requiring EPE to
   "resolve" the developments with Las Cruces before CSW would close.
   "The merger agreement contains no such condition, and even expressly
   contemplates the loss of the Las Cruces franchise," Wiggs stated.
   


   "The bottom line is that CSW did not properly protect itself from a
   decline in the value of its common stock, and they are desperately
   searching for a contractual excuse not to honor their deal with us."
   


   Wiggs added that EPE is seriously considering its legal remedies
   against CSW.
   


   EPE filed a voluntary petition under Chapter 11 of the United States
   Bankruptcy Code on Jan. 8, 1992, and on Dec. 8, 1993, the Bankruptcy
   Court confirmed a plan of reorganization. The plan, which provides for
   the acquisition of EPE by Central and South West Corporation (CSW), a
   registered public utility holding company based in Dallas, Texas, will
   not become effective until regulatory approvals are obtained and other
   conditions are satisfied.
   


   /CONTACT: Alan Lee Bunnell, national and regional media -- corporate
   spokesperson for EPE, 915-543-5823, or Henry Quintana Jr., local media
   -- supervisor of corporate communications, 915-543-5824, or John
   Droubay, financial analysts -- EPE treasurer, 915-543-5710, or
   stockbrokers and shareholders, EPE's Office of the Secretary,
   800-592-1634, or 800-351-1621/
   





   Grand Union names post-reorganization board


   WAYNE, N.J.--May 25, 1995--The Grand Union Company
   announced today that Roger E. Stangeland, formerly chairman of the
   board of The Vons Companies Inc., will be its new chairman of the
   board following its expected emergence from Chapter 11 proceedings
   next month.
   


   Stangeland, who retired from Vons on May 3, also served recently as
   the chairman of the board of the Food Marketing Institute, a national
   supermarket trade organization.
   



   Stangeland said he was delighted to be named as the new chairman of
   the board of Grand Union. "The company is one of the finest retail
   food operators in the country," Stangeland said, "and I am happy to be
   a part of it. Our new board includes some of the most experienced food
   retailing executives in America as well as well-known financial
   consultants.
   


   "While I won't be part of the everyday management team," Stangeland
   said, "I look forward to being an adviser to the company to help the
   full-time management team grow the company once again after its
   emergence from Chapter 11. I know all the members of the new board are
   enthusiastic about future prospects for Grand Union."
   


   Stangeland was born and raised in the Chicago metropolitan area. A
   graduate of the University of Illinois, he operated his own retail
   sporting goods business. He later joined a large Chicago sporting
   goods wholesaler, rising to the position of vice president and general
   manager. In 1960, he joined Coast to Coast Stores as a merchandiser,
   eventually being named president of the company 12 years later.
   


   In 1978, Stangeland joined the corporate headquarters of the Coast to
   Coast Stores' parent company, Household Merchandising Inc. as group
   vice president. Through a series of promotions, he ultimately became
   chairman and chief executive officer of Vons Grocery Co., a division
   of Household Merchandising. Stangeland led a successful leveraged
   buyout of the entire Household Merchandising enterprise in 1985,
   subsequently divesting all divisions, except Vons, and renaming the
   remaining entity The Vons Companies Inc.
   


   In 10 years as chairman of Vons, he led a series of mergers and
   acquisitions which grew the company to more than $5 billion in sales
   with 325 stores throughout Southern California and Nevada.
   


   McCaig has been president and chief executive officer of Grand Union
   since July 1989. Born in Brooklyn, N.Y., he joined Grand Union as a
   part-time grocery clerk in 1961. After serving in a variety of store,
   field and supervisory positions, he was promoted to superintendent of
   Stores in 1972. In 1974, he was promoted to vice president in charge
   of the company's upstate New York Empire Division. He was named a
   regional vice president in 1977 and elected a corporate vice president
   a year later.
   


   McCaig was elected senior vice president in 1980 and placed in charge
   of the company's Weingarten Stores Region. He was elected president of
   the company in 1981.
   


   Louttit has served as executive vice president and chief operating
   officer of Grand Union since 1989. He joined the company in 1964 as a
   part-time clerk, later serving in a variety of store and field
   supervisory positions. He was named a divisional superintendent of
   stores in 1973. In 1975, he was promoted to vice president in charge
   of the company's Long Island division. He was vice president in charge
   of operations for the New York region before being named regional vice
   president in charge of Grand Union's Florida operations.
   


   He was later elected a corporate vice president and placed in charge
   of Atlanta operations. Louttit was named senior vice president in 1980
   and promoted to executive vice president in charge of merchandising in
   1984. He became chief operating officer in 1989.
   


   Josephs has been involved in food retailing for 47 years. He began his
   career with Jewel Food Stores where he rose to the position of group
   vice president of marketing. Subsequently, he served as president and
   chief operating officer for three companies: Kohl's, Pantry Pride and
   Dominick's Finer Foods, where he served for 10 years. Josephs is a
   graduate of Northwestern University with a degree in business
   administration.
   


   Kagler has been involved in food retailing for more than 30 years. He
   entered the industry in 1964 with The Kroger Co. as public relations
   counsel. He later became vice president of corporate affairs, vice
   president of human resources and group vice president. After serving
   as senior vice president, he became president of Kroger in 1983, a
   position he held until 1986.
   


   Kagler served as president and chief executive officer of Skyline
   Chili Inc., before being named chairman of the board in 1992,
   continuing as chief executive officer until 1994 when he was elected
   chairman of the executive committee of the board. In addition, he
   currently heads a consulting firm providing integrated consultation to
   the food industries.
   


   McClure is a managing director and member of the Management and
   Portfolio Review Committee for New Street Capital corp., a merchant
   banking firm. He was formerly a managing director with the firm of
   Drexel Burnham Lambert.


   Ying has beeng a managing director at Donaldson, Lufkin & Jenrette
   Securities Corp. since January 1993, and is the head of the firm's
   Restructuring Group. From January 1990, to January 1993, Ying was a
   managing director at Smith Barney where he specialized in
   restructurings. He has been an investment banker for the past 17 years
   and received a Master of Business Administration degree from The
   Wharton School of the University of Pennsylvania and a Bachelor of
   Science degree from Massachusetts Institute of Technology.
   


   Grand Union currently operates 231 food stores in six Northeastern
   states.
   


   CONTACT: Grand Union
    
   Don Vaillancourt, 201/890-6100