TCR_Public/950614.MBX


BANKRUPTCY CREDITORS' SERVICE, INC.





        AMENDED REORGANIZATION PLANS FILED BY COLUMBIA GAS COMPANIES
   

      
       

     WILMINGTON, Del.--June 14, 1995--The
Columbia Gas System Inc. (NYSE: CG)
and its principal pipeline subsidiary, Columbia
Gas Transmission Corp., filed amended reorganization plans and
        disclosure statements with the U.S. Bankruptcy Court for the
        District of Delaware here today.
        


            The amendments incorporate the settlement reached earlier
        between Columbia Transmission and its producer creditors and spell
        out the terms of the new securities to be issued to Parent Company
        creditors and the methodology to be used in pricing these
        securities.
   

      
       

     The Parent Company plan is a full pay plan that provides for a
        total distribution of approximately $3.6 billion to its creditors.
        Columbia Transmission's plan will pay approximately $1.7 billion to
        outside creditors and $2.2 billion to the Parent Company to resolve
        its secured and unsecured debt claims.  Columbia Transmission's
        unsecured creditors will receive various percentages of their
        allowed claims depending upon their classification under its plan.
        


            The two companies are mailing notices to approximately 130,000
        shareholders, bondholders and other creditors announcing the
        Bankruptcy Court hearing on the adequacy of the disclosure documents
        filed today by the two companies, which has been scheduled for July
        18, 1995.
   

      
       

     Another Bankruptcy Court hearing is scheduled for Thursday, June
        15, on the motion filed by Columbia Transmission seeking approval of
        the settlement agreement it reached with major producer creditors.
        These producers represent more than 80 percent of the producer
        claims filed against Columbia Transmission.
        


            The Columbia Gas System, Inc., is one of the nation's largest
        natural gas holding companies.  Subsidiary companies are engaged in
        the exploration, production, purchase, storage, transmission and
        distribution of natural gas and other energy operations such as
        cogeneration.  The Parent Company and Columbia Transmission have
        been operating as debtors-in-possession under the Bankruptcy Code
        since July 31, 1991.
   


        /CONTACT:  Media, W.R. McLaughlin, 302-429-5443, or H.W. Chaddock,
        302-429-5261; or Analysts, T.L. Hughes, 302-429-5363, or K.P.
        Murphy, 302-429-5471, all of Columbia Gas/






        SLM International reaches Standstill Agreement with lenders; Retains Bear,
Stearns & Co. to seek capital; Announces agreement to sell Buddy L Fitness assets
   


            NEW YORK, N.Y.--June 14, 1995--SLM International Inc. (Electronic
Bulletin Board: "SLMI") announced today that it has
        reached a Standstill Agreement with the holders of $75 million of
        the Company's Senior Notes.   
        


            The Standstill Agreement permits SLM and its operating
        subsidiaries to continue to operate their business in accordance
        with their business plan which has been presented to the
        Noteholders.  The Standstill Agreement will remain in effect,
        subject to certain conditions, through December 31, 1995.  In
        connection with the Standstill Agreement, the Noteholders have
        received certain concessions from SLMI and have withdrawn
        involuntary bankruptcy filings pending against SLMI and its
        subsidiaries in Canada.
   

      
       

     SLM also announced that it had retained the investment banking
        firm of Bear, Stearns & Co. Inc. to assist the company in exploring
        a wide variety of possible financial transactions, including
        refinancing its existing indebtedness and obtaining additional
        equity capital.
        


            Finally, SLM announced that its subsidiary, HREF="chap11.buddy.html">Buddy L Inc., has
        reached an agreement in principle to sell certain assets comprising
        its fitness business to a group composed of members of its fitness
        division management with financing provided by Capstone Group Inc.
        The sale price of approximately $2.9 million will be paid in cash to
        Buddy L, which is operating under Chapter 11 of the U.S. Bankruptcy
        Code.
   

      
       

     "This series of positive developments represents further
        progress toward our goal of restructuring SLMI's operations to focus
        on our core sporting goods business.  We believe that the Standstill
        Agreement, in particular, demonstrates support for our business
        plan.  The agreement to sell Buddy L's fitness assets, coupled with
        our previously announced agreement to sell Buddy L's toy assets,
        means that we will exit these non-core businesses very shortly,"
        said Howard Zunenshine, chief executive officer of SLMI.
        


            SLM International Inc. designs, develops, manufactures and
        markets a broad range of sporting goods products on a worldwide
        basis.
   

         

        CONTACT:  SLM International Inc.
                  Howard Zunenshine, Chief Executive Officer
                  514/331-5150
                  or John A. Sarto, Chief Financial Officer
                  212/675-0070
                      or
                  IR Contact:
                  Morgen-Walke Associates
                  David Walke/Melissa Garelick  
                  Press:  Lisa Bradlow, 212/850-5600





        HALLWOOD GROUP REPORTS FISCAL 1995 THIRD QUARTER RESULTS
   

      
       

     DALLAS, Texas--June 14, 1995--The
Hallwood Group Inc. (NYSE:HWG)
today reported fiscal 1995 third quarter results.  
The
quarter ended April 30, 1995.
        


            Revenue in the fiscal 1995 third quarter was $31.1 million,
        compared to $29.6 million in the prior-year quarter.  The net loss
        was $73,000, or $0.01 per share, compared to net income of $541,000,
        or $0.10 per share, a year ago.  The prior year quarter included a
        $1.5 million expense for litigation settlement and an extraordinary
        gain from extinguishment of debt in the amount of $648,000.
   

      
       

     Following is a divisional comparison of third quarter and nine-
        month results for fiscal 1995 and 1994:
        


            Asset Management, including real estate and energy segment,
        earned $507,000 on revenue of $2.7 million in the quarter, compared
        to a loss of $859,000 on revenue of $2.6 million in the year-ago
        quarter.  The real estate segment reported income of $649,000,
        compared to a loss of $1.2 million, in fiscal 1994, primarily due to
        the $1.5 million expense for litigation settlement in 1994.  The
        energy segment reported a loss of $142,000 for the fiscal 1995
        quarter, which includes a $464,000 impairment cost from the write-
        off of certain oil and gas assets, compared to a gain of $332,000
        for 1994.  For the nine months in 1995, the division earned $1.2
        million on revenue of $7.6 million, compared to earnings of $76,000
        on revenue of $7.8 million in 1994.
   

      
       

     Operating Subsidiaries, comprised of textile products and hotel
        operations, reported earnings of $560,000 in the fiscal 1995
        quarter, compared to $1.8 million in the corresponding fiscal 1994
        quarter. Third quarter 1995 revenue for the textile products segment
        increased to $22.0 million from $19.4 million in the quarter a year
        ago.  Fiscal 1995 third quarter earnings of $190,000 for the textile
        products segment declined from the prior-year quarter of $536,000.
        The hotel segment reported earnings of $370,000, down from $1.2
        million in the prior-year quarter, primarily due to the sale of the
        Lido Beach Holiday Inn hotel in January 1995, on revenues of $5.9
        million and $6.9 million, respectively.  Hotel results include the
        acquisition of its former affiliate, Integra - A Hotel and
        Restaurant Company, upon its emergence from bankruptcy in March
        1994.  For the nine months in 1995, the division reported earnings
        of $2.5 million on revenue of $76.4 million, including a gain of
        $2.2 million from the sale of the Lido Beach Holiday Inn Hotel,
        compared to 1994 earnings of $1.2 million on revenue of $67.1
        million.
        


            Associated Companies, consisting of the company's pro-rata
        results of the operations of ShowBiz Pizza Time Inc. reported
        earnings of $262,000 for the fiscal 1995 third quarter, compared to
        earnings of $434,000 in the quarter a year ago.  For the nine months
        in 1995, the division lost $557,000, as compared to income of
        $800,000 in 1994
   

      
       

     Other, consisting primarily of debenture interest and
        administrative expenses, reported quarterly losses of $1.3 million
        and $1.4 million and nine month losses of $6.0 million and $2.7
        million in fiscals 1995 and 1994, respectively.  Fiscal 1995 nine-
        month results include a $1.7 million charge for litigation matters
        and the fiscal 1994 results include a $1.7 million one-time recovery
        from an investment previously written of.
        



                            THE HALLWOOD GROUP INC.
                    (In thousands, except per share amounts)
         
                                   Three Months        Nine Months
                                  Ended April 30,    Ended April 30,
                                   1995      1994      1995      1994
         
        Revenue                 $31,117   $29,646   $84,520   $78,050
        Loss before income taxes
         and extraordinary gain     (17)      (73)   (2,914)     (671)
        Income taxes                (56)      (34)     (840)   (1,224)
        Loss before extraordinary
         gain                       (73)     (107)   (3,754)   (1,895)
        Extraordinary gain          ---       648       ---       648
        Net income (loss)           (73)      541    (3,754)   (1,247)
        Net income (loss)
         per share              ($0.01)   $0.10    ($0.68)   ($0.23)
        Average shares
         outstanding              5,487     5,487     5,487     5,487
     

        /CONTACT:  Mary Doyle, VP of Investor Relations of the Hallwood
        Group, 800-225-0135 or 214-528-5588/






        DeBARTOLO, INC. FINALIZES SALE OF RALPHS
   

      
       

     YOUNGSTOWN, Ohio--June 14 1995--DeBartolo, Inc. and its
        wholly owned subsidiary, The Edward J.
DeBartolo Corporation (EJDC)
,
        today announced the completion of the sale of its 60.34% interest in
        California-based Ralphs Grocery Company.  Proceeds from the sale
        have been applied against corporate debt.  According to Edward J.
        DeBartolo, Jr., president and chief executive officer of The Edward
        J. DeBartolo Corporation, this transaction strengthens the
        corporation's long-term financial position.
        


            Also benefiting from the transaction, indirectly, will be
        DeBartolo Realty Corporation (NYSE: EJD), a real estate investment
        trust in which the DeBartolo family holds a 39.3% interest.  As part
        of the REIT's formation and initial public offering in April 1994,
        EJDC pledged its interest in the operating partnership as security
        for its corporate debt.  Amortization payments of that debt are
        scheduled to begin in November 1995 and extend through June 1998.
        Proceeds from the sale of Ralphs will substantially satisfy these
        payments to June 1997.
   

      
       

     DeBartolo originally acquired its 60.34% interest in Ralphs
        Grocery Company during 1992 as part of the reorganization plans of
        Federated Stores, Inc., Allied Department Stores and Federated
        Department Stores, Inc. by U.S. Bankruptcy Court.  The 174-store
        chain operates primarily in Southern California.
        


        /CONTACT:  Marie Izzo Cartwright of DeBartolo, 216-758-7292,
        ext. 2872, or fax, 216-726-2539/





         

        Dickstein Partners places equity for Hills Stores offer.
   


          NEW YORK, New York--June 14, 1995--Dickstein Partners Inc.
        today announced that it has entered into agreements with Indosuez
        Capital, Canyon Partners and Golub Associates regarding the
        investment of $20 million of equity capital in its proposed
        acquisition of Hills Stores Co. (NYSE:HDS).
        


            Dickstein Partners also announced that it is now willing to
        provide the balance of the $75 million of equity capital required to
        finance the proposed acquisition under the terms of the "highly
        confident" letters which have been provided to Dickstein Partners
        Inc. from NatWest Markets and NatWest Bank N.A.
   

      
       

     Mark Dickstein, president of Dickstein Partners Inc., commented,
        "At this time we have decided to accept only $20 million from
        outside investors.  This will provide us with maximum financial
        flexibility for what we hope will be the auction of Hills Stores, at
        which point Hills will presumably allow us to negotiate with other
        Hills shareholders regarding their investment of equity capital.  In
        this auction, if we can obtain a merger agreement in which the
        existing board approves of the prospective change in control,
        obviating the need for more than $20 million of golden parachute
        payments, then we believe it probable that we can raise our offer.   
        


            Among the reasons that we are now willing to commit more equity
        capital to this transaction is the level of interest that has been
        expressed to us from both financial and strategic buyers in
        acquiring Hills."
   

      
       

     Dickstein Partners also responded to the questions posed by
        Hills management in a letter sent to all shareholders dated June 12:
        


         

            In sharp contrast, Mark Dickstein, who is chairman of the board
        of Carson Pirie Scott & Co., and who led Carson's out of bankruptcy,
        received $38,000 in director fees last year from Carson's
        - approximately the same compensation as all other Carson's
        directors.
   

    
       

     Dickstein further commented, "Now that all our financing is
        arranged, we believe the choice for Hills' shareholders is clear
        - to vote for directors committed to a sale of Hills to the highest
        bidder, with our acquisition proposal serving as a floor."
        


        CONTACT: Mackenzie Partners Inc., New York
                 Stan Kay, 212/929-5940
   







        Statement re opposition by official investment pool committee
   


            FOUNTAIN VALLEY, Calif.--June 13, 1995--The committee representing more
than 240 cities, schools and special districts in the HREF="chap11.orange.html">Orange County bankruptcy case has objected to the motions
by the Orange County Committee to validate and roll over certain debt of the county.   


    

        This action was taken after a review of the pleadings and
        documents that had a variety of adverse consequences to pool
        participants, and had numerous provisions which may affect pool
        participants adversely during a subsequent plan of adjustment by the
        County of Orange.
       

  

            The pleading filed by the pool committee acknowledges that it
        still awaits conclusive word from the county of its obligation and
        intent to pay all county debt in full, rather than trying to avoid
        the payment of obligations thorough a "cram down" plan of
        adjustment.
   

      
       

     The pool committee attempted to have the pending motion
        withdrawn or continued, in order to avoid conflict with the county
        and county committee regarding the issues in the pending motion.
        But the county committee was unwilling to continue or withdraw its
        motion.   
        


            The pool committee has suggested that the county and the county
        committee address the issues raised in the pending motions in a plan
        of adjustment that would also provide clear direction on the
        treatment of pool participants, but that proposal was also rejected.
   

      
       

     The pool committee also recommended an option of immediately
        disbursing to the holders of the county's short-term debt, over $500
        million in reserves held by the county in return for an agreement to
        resolve remaining obligations of the county to all creditors on the
        same basis and at the same time.  This proposal was also rejected.
        


            The pool committee is hopeful that it will be able to reach an
        accommodation with the county and the county committee before the
        hearing on the motions on June 23.