TCR_Public/950531.MBX


BANKRUPTCY CREDITORS' SERVICE, INC.





  AMERICAN GAMING & ENTERTAINMENT SUBSIDIARY GETS COURT APPROVAL FOR CHAPTER 11
  FILING


   ATLANTIC CITY, N.J.--May 30, 1995--American Gaming & Entertainment, Ltd.
(Nasdaq-OTC: AGEL) announced today that AMGAM Associates
("AMGAM")
, the operator of the Gold Shore Casino in
   Biloxi, Mississippi, on May 25, 1995 obtained the consent of the
   United States Bankruptcy Court, Southern District of Mississippi, to
   convert the previously announced involuntary petition filed against
   AMGAM by certain of its creditors under Chapter 7 of the U.S.
   Bankruptcy Code (the "Code") into a voluntary reorganization under
   Chapter 11 of the Code. AMGAM is indirectly a wholly-owned subsidiary
   of AGEL.
   


   /CONTACT: Alfred J. Luciani of American Gaming & Entertainment, Ltd.,
   609-272-7700/






   FOODBRANDS AMERICA COMPLETES SALE OF RETAIL DIVISION
   


   OKLAHOMA CITY, OK--May 31, 1995--Foodbrands
America,
Inc. (Nasdaq:FBAI)
, today announced that it has completed the
   previously announced sale of the assets of its Retail Division to
   Thorn Apple Valley, Inc. (Nasdaq:TAVI) for cash and the assumption of
   certain liabilities. The purchase price approximates $70 million
   payable in cash and the assumption of debt. The agreement also
   includes a five year earnout of up to an additional $10 million upon
   achievement of certain incentive targets.
   


   As a result of this transaction, Foodbrands America's revenue will be
   reduced by the division's sales, approximately $238 million in 1994.
   Interest expense will be reduced by approximately 29% as approximately
   $64 million of long-term debt will be removed from the balance sheet.
   The company expects to write off approximately $65 million of post
   bankruptcy intangibles and will record a one-time charge of
   approximately $37.0 million, or $3.00 per share, after tax, in the
   second quarter ending July 1, 1995.
   


   R. Randolph Devening, Chairman, President and Chief Executive Officer,
   commented, "We are pleased to announce the completion of this
   transaction with Thorn Apple Valley. As a result of this divestiture,
   we expect a substantial improvement in our earnings outlook given the
   solid profitability of our remaining operations. As this transaction
   enables the company to pay down a significant portion of its
   outstanding debt, we plan to continue to implement our strategy of
   acquiring food manufacturers that are successfully exploiting product
   niches in the food-away-from-home market."
   


   Foodbrands America produces, markets and distributes branded and
   processed food products under proprietary brand names that include
   Wilson's Continental Deli(R), American Favorite(TM), Doskocil
   Foods(TM), Jefferson Meats(TM), Fred's(R), Rotanelli's(R), Posada(R),
   and Butcher Boy(R). The Company's products include pepperoni and beef
   and pork toppings marketed to the pizza industry, appetizers, Mexican
   and Italian foods, as well as boneless hams, sausage, bacon, and other
   branded and processed products for the foodservice and retail
   delicatessen markets.
   


   CONTACT: FOODBRANDS AMERICA, INC.

    
   Bryant Bynum
    
   Vice President Planning
    
   Corporate Finance
    
   405/879-5500
    
   or
    
   Naomi Rosenfeld/Eileen Howard
    
   Media contact: Stan Froelich
    
   Morgen-Walke Associates
    
   212/850-5600