ONE WILLIAMS CENTER CO. FILES PETITION IN U.S. BANKRUPTCY COURT
DALLAS, Texas--June 5, 1995--One Williams
Center Co. has initiated reorganization proceedings in the United States
Court for the Northern District of Texas. One Williams Center Co.
is the owner of One Williams Center in Tulsa, Okla. The property,
which is Tulsa's premier class A downtown office building, serves as
headquarters of The Williams Companies.
One Williams Center was originally developed by The Williams
Companies in 1974. The Williams Companies sold its interest in One
Williams Center Co. in 1987. As a part of the sale, The Williams
Companies agreed to continue its obligations under a guarantee that
provided for cash flow to meet property level obligations. In
January 1995, The Williams Companies acquired the mortgage on the
property and informed One Williams Center Co. it would not make any
further payments under its 1987 guaranty continuation agreement.
One Williams Center Co. has initiated litigation against The
Williams Companies for damages in connection with the guaranty
continuation agreement. The Williams Companies has asserted
counterclaims in that litigation.
The Tulsa office market continues to exhibit signs of
improvement from the collapse of the 1980's, but market rental rates
have not yet fully recovered. The Williams Companies' refusal to
make payments under the guaranty continuation agreement means that,
absent the relief available in reorganization proceedings, One
Williams Center Co. will be faced with insufficient funds to meet
future debt service payments and operating requirements.
"One Williams Center is without question Tulsa's premier office
building," said Jeffrey C. Chavez, vice president of the general
partner of One Williams Center Co. "We believe that the
reorganization proceedings will allow us to continue to operate the
property in the ordinary course of business with minimal impact to
our tenants and vendors."
/CONTACT: Jeffrey C. Chavez of One Williams Center Co.,
(TRENTON-INDUSTRIES INC)(TII) TRENTON INDUSTRIES INC.--COMPANY
TRENTON, ONTARIO--JUNE 6, 1995--HREF="internat.canada.trenton.html">TRENTON INDUSTRIES
INC(TSE: TII) Trenton Industries Inc. (the "Company") announces the
following updates to its plan to file a proposal (the "Proposal")
under the Bankruptcy and Insolvency Act ("BIA"), which plan was the
subject matter of previous press releases dated March 2, 1995 and
April 4, 1995.
The Company and its subsidiaries, Trenton Machine Tool Inc. and
Sailrail Enterprises Limited (the "Subsidiaries") have now filed
Proposals under the BIA related to their unsecured debt and these
Proposals have been forwarded to unsecured creditors. A meeting of
those unsecured creditors has been scheduled for Wednesday, June 7,
1995 to approve or reject the Proposals. Management of the Company
believes there is a reasonable expectation that the Proposals will
be approved. It was determined that a viable proposal could not be
made on behalf of the Company's other subsidiary, Brawley Industries
Limited ("Brawley") and an assignment in bankruptcy was filed on May
The Company has made an agreement in principle with Penfund
Capital (No. 1) Limited ("Penfund"), one of the secured lenders for
the Company and its Subsidiaries, to settle liability under the
Company's $1.4 million guarantee of the obligations of Brawley to
Penfund for an amount of $600,000.00 and to convert this debt plus
the Company's $362,250.00 preferred share obligation to Penfund into
14,448,198 common shares in the capital stock of the Company. In
addition to certain other ancillary matters, the arrangement with
Penfund is subject to completion of the reorganization of the
Company and its Subsidiaries, acceptance of the Proposal, approval
by Penfund's loan committee, and satisfactory legal documentation.
The Bank of Montreal (the "Bank") provided secured operating
lines of credit to the Company and its Subsidiaries in the
approximate amount of $4.0 million (the "Bank Loans"), but had
ceased to advance additional credit to the Company. An investor
group, through the Toronto-Dominion Bank as agent, has purchased the
Bank Loans. The Company believes that the new arrangement will
result in some working capital availability for the Company. It has
also been agreed that these Bank Loans may be converted in part or
whole into units of securities of the Company at $0.07 per unit.
The units will consist of one issued common share plus half a
warrant. One full warrant will entitle the holder to purchase one
common share at $0.10 per share. The conversion of this secured
debt into equity is intended to permit the Company and its
Subsidiaries to obtain new secured operating lines of credit. If
the maximum conversion is effected, 62.0 million common shares would
be immediately issued. The warrants if fully exercised, would
result in an additional $3.1 million of equity capital for the
Company and an additional 31.0 million issued common shares. The
conversion transaction is subject to completion of the
reorganization including creditors' and court approval of the
Proposal, satisfactory arrangements with the other secured creditors
of the Company and its Subsidiaries, all necessary regulatory and
shareholder approval, and the completion of new operating lines of
credit being extended to the Company and its Subsidiaries.
The Company continues to pursue reorganization transactions with
its other secured creditors and those of its Subsidiaries and with
the minority shareholders of its Subsidiaries. The Proposals, if
accepted by the creditors on June 7, 1995, will require subsequent
court approval. The other reorganization transactions involving
shares of the Company may require approval of the shareholders of
the Company. In that respect, an annual and general meeting of
shareholders of the Company has been scheduled for Thursday, July
CONTACT: Mr. Brian D. Kinmond
President & Chief Operating Officer
Mr. R. Bryan McJannet
Chairman and Chief Executive Officer
MEDICAL DEVICE TECHNOLOGIES INC. ANNOUNCES DISMISSAL OF BAD FAITH
INVOLUNTARY BANKRUPTCY PETITION
SAN DIEGO, California--June 6, 1995--HREF="chap11.medical.html">Medical
Device Technologies Inc. (Nasdaq: MEDD) announced today that on June 2, 1995, the
United States Bankruptcy Court for the Southern District of California
dismissed, with Prejudice, an Involuntary Bankruptcy Petition which
the court ruled had been filed in "bad faith" against the company by
Chandler, Church and Co. and two other related parties.
In its dismissal order, the court also ruled:
- That the parties who filed the Petition must pay Medical
Device Technologies' (MDT) attorney fees of $16,360, incurred in
defending the bad faith conduct.
- That on Aug. 8, 1995, the court will hold a hearing solely for
the purpose of determining any compensatory and/or punitive damages
to be awarded MDT as sanctions against the filing parties and their
attorney Jeffrey Bradpiece resulting from the bad faith petition.
The conduct by Chandler, Church and Co., its attorney and the
other parties filing this bad faith petition against MDT has been
referred to the United States Department of Justice, Office of U.S.
Trustee for investigation of bankruptcy crimes.
Medical Device Technologies Inc.'s business is the development,
manufacture and marketing of specialty medical devices. The company
currently has three products under development: the Personal Alarm
System (PAS), a system for monitoring the breakdown of infection
barriers between patient and caregiver; the Intracranial Pressure
Measuring Unit (ICP), a non-invasive device for determining cranial
pressure using acoustic waves; and the Cell Recovery System (CRS), a
minimal invasive system for cell recovery and diagnosis.
/CONTACT: Jack Bothe of J.R. Bothe, 415-474-9884/
(ROCKEFELLER-CENTER-PROP)(RCP) Rockefeller Center Properties
NEW YORK, New York--June 6, 1995--The Board of Directors of
Rockefeller Center Properties Inc. (RCPI) met today and determined
that in view of the current uncertainties created by the Borrowers'
chapter 11 filing on May 11, 1995 it would not be appropriate to pay
a dividend for the quarter ended June 30, 1995. The Company further
stated that its current cash position of $52 million is sufficient
to enable the company to service its debts for the near term and
that the Company continues to expect to be able to arrange financing
within the near term to meet future cash needs. RCPI stated that
its cash position includes $50 million realized from draw downs
under its letters of credit following the Borrowers' failure to make
the interest payment due May 31, 1995.
RCPI is a mortgage real estate investment trust whose principal
asset is a $1.3 billion participating convertible mortgage loan to
the Borrower, comprised of two partnerships (HREF="chap11.rcp.html">Rockefeller Center
Properties and RCP Associates), which jointly own Rockefeller Center
and are 100% controlled by Rockefeller Group Inc. (RGI). Mitsubishi
Estate Company Ltd. controls an 80% equity interest in RGI and
Rockefeller Family Interests hold the remaining 20%. On May 11,
1995, the Borrower commenced cases under chapter 11 of the
bankruptcy law in the United States Bankruptcy Court for the
Southern District of New York.
RCPI is listed on the New York Stock Exchange as "RCP". As of
June 5, 1995 there are 38,260,704 shares of common stock
CONTACT: Gary Holmes, 212/484-7736
Tom Clohesy, 212/373-0231