TCR_Public/950602.MBX


BANKRUPTCY CREDITORS' SERVICE, INC.





        SOLO SERVE CORPORATION REPORTS MAY SALES, FIRST QUARTER OPERATING
        RESULTS
   

      

         The Closing of the Montgomery, Alabama Store, and the Approval of
        the Proposed Disclosure Statement
        


            SAN ANTONIO, Texas--June 1, 1995--Solo Serve
Corporation (Nasdaq: SOLOQ)
today reported sales of $8.3 million for the four
        week period ended May 27, 1995, on the 30 Solo Serve stores
        continuing in operation, all of which were in operation in May 1994.
        The Company's comparable store sales decreased 2.9 percent during
        the four week period ended May 27, 1995, as compared with the same
        period in 1994.  Total store sales in May 1994, when the Company
        operated 39 Solo Serve stores and 8 Half & More stores, were $11.7
        million, of which $3.0 million was associated with stores that are
        now closed.  Early in May, one of the Company's stores located in
        the New Orleans, La. area was closed due to flooding and was
        excluded from the comparable store sales calculation for the month
        of May.  The Company anticipates this store will be closed several
        weeks while repairs are being made.

         
    

        Separately, the Company also reported a net loss for the first
        quarter ended April 29, 1995, of $2.6 million or $.46 per share,
        compared to net loss of $1.6 million, or $.29 per share for the same
        period last year.
       

  
           

The Company's year-to-date sales of $33.5 million for the 17
        weeks ended May 27, 1995 represents a decrease of 32.9 percent from
        sales of $49.9 million for the same period in 1994.  The Company's
        year-to-date comparable store sales decreased 11 percent.  Net sales
        for the first quarter ended April 29, 1995 decreased 34.0 percent
        from the prior year first quarter to $25.2 million from $38.2
        million, of which $9.1 million was associated with stores that are
        now closed.  For the quarter ended April 29, 1995, comparable store
        sales in continuing stores were down 13.5 percent from the
        comparable period of the prior year.
        


            The Company also announced that it has closed its one store in
        Montgomery, Ala.  During the three quarters following the voluntary
        petition under Chapter 11 of the Bankruptcy Code, the direct pre-tax
        operating loss attributable to the Montgomery store, including
        buying and distribution costs, was approximately $338,000 or $.06
        per share. The Company plans to transfer the inventory, furniture
        and fixtures in the Montgomery store to other Solo Serve stores.
        The Company will establish a reserve of approximately $300,000 to
        $500,000 during the second quarter of 1995 for estimated closing
        costs associated with the Montgomery store.  The provision will be
        established to cover leasehold and other write-offs, inventory
        adjustments, and employee costs, excluding the impact of any claim
        arising from the rejection of the store lease which may be allowed
        by the Bankruptcy Court.
   

      

            The Company also reported that on May 17, 1995, the United
        States Bankruptcy Court for the Western District of Texas entered an
        order approving the Company's proposed Disclosure Statement
        describing the terms of its Plan of Reorganization, as amended (the
        "Plan").  The amended Plan provides for a $2.5 million equity
        infusion by General Atlantic Corporation, the Company's principal
        stockholder, and a distribution to unsecured creditors of $.725 per
        dollar of allowed unsecured claims.  Under the Plan, existing
        stockholders, other than General Atlantic Corporation, would retain
        approximately 66 percent of their current equity ownership
        percentage in the post-reorganization equity of the Company,
        exclusive of shares reserved for issuance pursuant to stock
        incentive plans for senior management and directors. The Plan is
        supported by the Official Committee of Unsecured Creditors as well
        as by Texas Commerce Bank, N.A., the Company's largest creditor.
   

      

            In accordance with Bankruptcy Court procedures, the Plan and
        Disclosure Statement will be furnished to creditors, stockholders
        and other parties in interest for their consideration and vote.
        Copies of the Plan, the related Disclosure Statement and ballots
        relating to the Plan are currently being distributed to stockholders
        of record on May 17, 1995 and creditors of the Company.  Ballots are
        expected to be due on or before June 26, 1995, and a hearing on
        confirmation of the proposed Plan has been scheduled for 9:00 a.m.
        on July 6, 1995.
        


            Solo Serve Corporation operates a chain of off-price retail
        stores offering a wide selection of name brand and other merchandise
        at prices substantially below traditional department and specialty
        stores.  The Company currently has 29 Solo Serve stores in Texas,
        Louisiana and Alabama.
   

      
                             SOLO SERVE CORPORATION

                             (DEBTOR-IN-POSSESSION)
                            CONDENSED BALANCE SHEET
                                  (unaudited)
         
                                           April 29,           April 28,
                                             1995                1994
                                                ($ in thousands)
        Assets
         
        Current Assets:
          Cash and time deposits          $    9,790          $      931
          Inventory                           22,291              25,619
          Other current assets                 2,151               6,883
            Total current assets              34,232              33,433
        Property and equipment, net           17,387              25,664
        Goodwill and service marks, net          500                 625
        Deferred income taxes, net                --               1,770
        Receivable from factors                1,590                  --
           Total Assets                   $   53,709          $   61,492
         
        Liabilities and Stockholders' Equity
         
        Liabilities not subject to compromise:
         
        Current liabilities:
          Current portion of
            long-term debt                 $      --          $    2,487
          Accounts payable and
            accrued expenses                  11,015              14,050
          Total current liabilities           11,015              16,537
        Long-term debt                            5               18,497
        Post-retirement benefit obligation       501                 414
        Liabilities subject to compromise     32,680                  --
        Total Liabilities                     44,201              35,448
         
        Total Stockholders' Equity             9,508              26,044
         
        Total Liabilities and
           Stockholders' Equity           $   53,709          $   61,492
         
                             SOLO SERVE CORPORATION
                             (DEBTOR-IN-POSSESSION)
                       CONSOLIDATED STATEMENTS OF INCOME
                                  (unaudited)
         
                                              Thirteen Weeks Ended
                                          April 29,           April 28,
                                            1995                1994
                                 ($ in thousands, except per share amounts)
         Net sales                       $   25,176          $   38,166
        Cost of goods sold (including
           buying and distribution,
           excluding depreciation
           shown below)                      19,094              26,838
         
        Gross Profit                          6,082              11,328
        Selling, general, and
          administrative expenses             7,427              11,523
        Depreciation and amortization
          expense                               757               1,094
         
        Operating Loss                       (2,102)             (1,289)
        Interest expense                        165                 352
         
        Loss before reorganization
          items and taxes                    (2,267)             (1,641)
        Reorganization items                    373                  --
         
        Loss before income taxes             (2,640)             (1,641)
        Provision for income taxes               --                  --
         
        Net Loss                         $   (2,640)         $   (1,641)
         
        Net Loss per common share        $     (.46)         $     (.29)
         
        Weighted average common
          shares outstanding              5,699,734           5,747,502
        -0-                              6/1/95

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

   





        (AMER-GAMING-&-ENTERTNMNT)(AGEL) American Gaming & Entertainment
        makes announcement
   

      

            ATLANTIC CITY, N.J.--June 2, 1995--American Gaming
        & Entertainment, Ltd. (OTC:"AGEL") announced that  
American Gaming
        and Resorts of Mississippi Inc.
(formerly known as American Gaming
        Corporation) ("AGRM"), a wholly owned subsidiary of AGEL, has filed
        a voluntary petition for reorganization under Chapter 11 of the U.S.
        Bankruptcy Code with the U.S. Bankruptcy Court, Southern District of
        Mississippi.

         

            AGRM owns and leases property in Vicksburg, Miss. which could be
        utilized as a possible casino site.
   

  

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






        NATURE'S ELEMENTS HOLDING CORPORATION RELEASES FIRST QUARTER
        RESULTS
   

      

            EDGEWATER, N.J.--June 2, 1995--Nature's
Elements Holding
        Corporation (NELMQ)
announced today that Net Sales for the three
        months ended April 29, 1995, were $3,305,000 compared to $2,032,000
        in the first quarter of 1994.  Comparable store sales increased 2%
        for the same period.  While Direct Store Expense increased to
        $2,587,000 (78% of sales) from $1,498,000 (74% of sales), expense
        per store week declined 12% to $3,981.  General and administrative
        expenses declined from $699,000 to $593,000 in the comparable
        period.  As a percent of sales, general and administrative expenses
        declined by 48% from 34% to 18%. The above reductions reflect the
        cost control measures implemented in the fourth quarter of 1994.
        While operating loss increased to $870,000 from $838,000 in the
        comparable period, the loss per average store week declined 46% to
        $1,338 from $2,473 in the comparable period.  After accounting for
        interest income and expense, a $635,000 recapitalization charge in
        last year's first quarter and dividends on preferred stock, the net
        loss applicable to shareholders of common stock decreased from
        $1,546,000, or  $0.39 per share to $927,000, or $0.15 per share.
        The company was operating 50 stores at April 29, 1995 compared to 26
        at April 30, 1994.

         
    

        As announced earlier, the company filed for protection under
        Chapter 11 of the Bankruptcy Code on April 3, 1995.  As part of the
        options available to the company under the Code, it elected not to
        open seven (7) stores for which leases had been signed in 1994.
        Currently, the company does not anticipate opening any new stores
        during 1995.
       

  

        /CONTACT:  Rocky Smith, Senior Vice President-CFO of Nature's
        Elements, 201-945-2640/
   






        BANKRUPTCY COURT HEARING POSTPONED; EPE/PUCT ENTER INTO STIPULATED
        AGREEMENT
   

      

            EL PASO, Texas--June 2, 1995--The hearing before Federal
        Bankruptcy Judge Frank Monroe on El Paso
Electric's
preliminary
        injunction request against the Public Utility Commission of Texas
        (PUCT) scheduled for June 5, 1995, has been postponed by joint
        agreement between El Paso Electric (EPE) and the PUCT until a later
        date if necessary.

         

            EPE announced today it has filed a motion in U.S. Bankruptcy
        Court for the Western District of Texas in Austin to approve a
        stipulated agreement with the PUCT which will result in the
        Commission once again placing Docket 12700 on its final order
        meeting agenda, for June 21, 1995, to be continued, if necessary on
        July 19, 1995.  The stipulation was agreed to by EPE and the PUCT
        and filed with the Court on June 1, 1995.
   

      

            On June 5, 1995, the Court was to hold a hearing on a request
        made by El Paso Electric on May 11, 1995, which asked the Court to
        enter an injunction prohibiting the PUCT from entering an order
        inconsistent with the terms and provisions of the Court's
        Confirmation order and Confirmation Findings, including failing to
        provide EPE recovery of 100 percent of its Palo Verde Unit 3 cost in
        rates without further proof as to the prudent investment in or the
        used and useful character of that property pursuant to an annual
        inventory plan adopted in Docket 9945.
   

      

            The PUCT had postponed hearings on El Paso Electric and Central
        and South West's rate and merger case on may 16, after EPE had made
        its filing for the temporary restraining order in Bankruptcy Court.

         

            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:  National and regional media: Alan Lee Bunnell, corporate
        spokesperson, for El Paso Electric, 915-543-5823; or Local media:
        Henry
        Quintana Jr., supervisor of corporate communications, 915-543-5824;
        or
        Financial analysts: John Droubay, treasurer, 915-543-5710; or
        Stockbrokers and shareholders: Office of the Secretary, 800-592-1634
        or
        800-351-1621, all of El Paso Electric/