TCR_Public/950615.MBX


BANKRUPTCY CREDITORS' SERVICE, INC.





        THE UNOFFICIAL COMMITTEE OF TRANS WORLD AIRLINES, INC. 8SENIOR
        SECURED NOTES, DUE 2000 REACHES AGREEMENT ON TERMS OF THE
        PREPACKAGED PLAN
   

      
       

     NEW YORK, New York--June 15, 1995--The Unofficial Committee of
        Trans World Airlines, Inc. ("TWA") 8% Senior
Secured Notes, Due 2000
        (the "8% Note Committee"), which represents a substantial portion of
        the outstanding notes, has reached agreement with TWA on the terms
        of TWA's restructuring proposal dated May 12, 1995 which was
        contained in TWA'S exchange offer and solicitation materials which
        holders have received in recent weeks.  After significant
        negotiation and analysis of the proposal options, the 8% Note
        Committee has determined that the prepackaged Chapter 11 plan of
        reorganization is the most efficient and effective method for
        accomplishing the restructuring.  The 8% Note Committee believes
        that the restructuring which is to be accomplished through the
        prepackaged Chapter 11 plan is fair and reasonable and is the best
        alternative available to the 8% noteholders.
        


            The 8% Note Committee urges all 8% noteholders to mark the boxes
        on the light green single page ballot as follows:
   

      

        "Accepts" the prepackaged plan for the reorganization of Trans World
        Air ...
   

      
       

and
        


        "Consents" to the amendment to the pledge and security agreement ...
   

      

        The light green single page ballot contains the following headings:
   

      

        "For use by beneficial owners of Class 3 claims (8% notes),"
        "United States Bankruptcy Court" and
        "Chapter 11 ballot for accepting or rejecting prepackaged plan
        of ..."
   

      

        and sign and return the ballot pursuant to the instructions enclosed
        with the solicitation materials that were circulated by TWA.
   

      

            The 8% Note Committee believes that it is in the best interests
        of the 8% noteholders to support the prepackaged plan option and
        recommends that 8% noteholders should not tender their 8% notes and
        should not sign or return the blue multi-page "consent and letter of
        transmittal ..." materials.
   

      

            The 8% Note Committee believes that the prepackaged plan
        proposal provides the best alternative available to 8% noteholders
        and if the proposal is not approved and confirmed then any recovery
        to 8% noteholders could be delayed significantly.  For further
        information or questions regarding missing solicitation materials or
        instructions on voting procedures, call TWA's information agent,
        D.F. King & Co. at 800-207-3156.
   


        /CONTACT:  Vincent Intrieri, Arthur Andersen, financial advisor to
        the 8% Note Committee, 312-507-8621/
   







        EAGLE-PICHER INDUSTRIES ANNOUNCES SECOND QUARTER RESULTS
   

      

            CINCINNATI, Oh--June 15--Eagle-Picher
Industries (OTC Bulletin Board: EPIH.U)
today announced that for the second quarter
        ended May 31, 1995, sales were $225.4 million compared with $197.0
        million for the second quarter of 1994.  Operating income increased
        to $19.1 million from $17.5 million and net income was $16.8 million
        or $1.52 per share compared with $14.7 million or $1.33 per share
        for the second quarter of 1994.
        


            Thomas E. Petry, Eagle-Picher Chairman, said that "although
        economic activity generally remained at a high level during the
        second quarter, there are indications that certain segments of the
        business may not be as strong during the second half of 1995 as they
        were in the first half. This is likely to be particularly true for
        some operations serving the automotive industry.  It is also
        anticipated that later in the year and entering fiscal 1996,
        operations which manufacture earth moving equipment for the
        worldwide construction market will see a decline.  In the Automotive
        Group, which represented 53% of the Company's sales for the first
        half of 1995, the Wolverine Gasket Division experienced an excellent
        quarter.  Wolverine is a leading supplier of gasket and brake
        materials to the worldwide automotive market; an expansion of the
        Division's Blacksburg, Virginia facility is underway because of the
        Division's continued market penetration.  Hillsdale Tool Division
        also enjoyed an excellent quarter.  This Division benefited from its
        strong position as a supplier of components to the light truck, van,
        and sport utility vehicle segment of the market.  The Plastics
        Division experienced improved results for the second quarter.  High
        inventory levels of the General Motors All-Purpose Van, however,
        will adversely affect the Division's operations during the second
        half of the year. European operations enjoyed healthy demand for
        their products and increased their market share during the second
        quarter of 1995.  Delayed start-ups of new programs and projected
        lower production levels for certain vehicle models will adversely
        affect some operations in the Automotive Group during the second
        half of 1995.  This, however, should be offset by broader market
        penetration.  The improved performance of the Construction Equipment
        Division accounted for much of the improvement in the Machinery
        Group.  Shipments of wheeled tractor scrapers and forklift trucks
        were at a high level and continued improvement in operating
        efficiencies accounted for the gains.  The results for the
        Electronics Division were similar to those for the second quarter of
        1994.  This Division has been able to develop products for the
        commercial aerospace market and also serves those segments of the
        defense market which have been less susceptible to funding cuts than
        others.  In the Industrial Group, the Minerals Division, which
        manufactures diatomaceous earth products primarily for the consumer,
        non- durable market, performed well during the quarter.  Results of
        the remaining operations in the Group were mixed.
   

      

            "On February 28, 1995, the Company filed a plan of
        reorganization (the Plan) with the U.S. Bankruptcy Court, Southern
        District of Ohio, in Cincinnati, Ohio.  The Plan was proposed
        jointly with the Injury Claimants' Committee (ICC) and the Legal
        Representative for Future Claimants (RFC).  The ICC represents,
        among others, approximately 150,000 persons alleging injury due to
        exposure to asbestos-containing products that Eagle-Picher
        manufactured from 1934 to 1971.  Future personal injury claimants
        are represented by the RFC.  Since the filing of the Plan, the
        Company has continued to pursue its goal of achieving a plan of
        reorganization which has the support of the Unsecured Creditors'
        Committee and the Equity Security Holders' Committee appointed in
        its chapter 11 case as well as the support of the ICC and RFC.  To
        date, however, little progress has been made toward achieving this
        goal and there is no assurance that it will ever be achieved.  As
        has been stated in past reports, under any plan of reorganization,
        pre-petition unsecured creditors will not receive satisfaction in
        full of their allowed claims.  Under the Bankruptcy Code,
        shareholders are not entitled to any distribution under a plan of
        reorganization unless all classes of pre-petition creditors receive
        satisfaction in full of their allowed claims or accept a plan which
        allows shareholders to participate in the reorganized company or
        receive a distribution.  At this time, it is not possible for the
        Company to estimate when a plan of reorganization will be confirmed
        and become effective."
   

      

        The figures follow:
         
        (Data in thousands except per share)
         
        Three Months Ended May 31               1995           1994
         
        Net sales                             $225,378       $196,994
        Operating income                        19,147         17,537
        Other non-operating items                 (479)          (383)
        Reorganization items                      (331)          (923)
        Income before taxes                     18,337         16,231
        Net income                              16,776         14,669
        Net income per share                      1.52           1.33
            Average shares                      11,041         11,041
         
        Six Months Ended May 31                 1995           1994
         
        Net sales                             $422,981       $374,748
        Operating income                        34,260         31,318
        Other non-operating items                 (581)          (671)
        Reorganization items                      (756)        (2,005)
        Income before taxes                     32,923         28,642
        Net income                              29,808         25,708
        Net income per share                      2.70           2.33
            Average shares                      11,041         11,041
     

        /CONTACT:  J. Rodman Nall of Eagle-Picher Industries, 513-721-7010/
   


         


         

        Grand Union reorganization plan is now effective
   

      
       

     WAYNE, N.J.--June 15, 1995--The Grand Union
Company
announced today that its Plan of Reorganization is now effective.
        


            Implementation of the Plan means that the company has now
        emerged from bankruptcy.
   

      
       

     Grand Union, which operates 231 retail food stores in six
        Northeastern states, filed for Chapter 11 protection on January 25,
        1995.  Joseph J. McCaig, president and chief executive officer, said
        "The conclusion of our bankruptcy proceedings and the implementation
        of our Plan of Reorganization now allows us to commence our growth
        once again as a highly-competitive and financially-sound company."
        


            "Our ability to emerge from bankruptcy so quickly is a tribute
        to all of our associates, customers and creditors who fully
        cooperated with us during this five-month period," McCaig said.

         

        CONTACT:  The Grand Union Company
                  Donald C. Vaillancourt, 201/890-6100
   






        NEW BREAST IMPLANT SETTLEMENT CLAIMS NUMBERS ANNOUNCED, A STATEMENT
        FROM CHARFOOS & CHRISTENSEN, P.C.
   

      

            DETROIT, Oh--June 15, 1995--The following is a statement by
        J. Douglas Peters of Charfoos & Christensen, P.C., of Detroit,
        member of the Plaintiffs' Steering Committee, P.S.C.:
        


            On June 15, 1995, Global Settlement Claims Administrator Ann
        Cochran announced registration and claims figures against the Global
        Settlement Fund that are guaranteed to shock breast implant victims,
        and frighten Shareholders of Baxter, 3M, and Bristol-Myers.
   

      
       

     The figures strongly demonstrate the extent of HREF="chap11.dow.html">Dow Corning's
        fraud on the scientific community.  For years, Dow Corning has
        publicly insisted that approximately two (2) million women have
        received implants, although Dow's internal confidential estimates
        suggested a figure of between 280,000 and 750,000 implant
        recipients.  The figures released by the Claims Administrator show
        that 440,000 women have registered as having implants.  This
        suggests that the lower internal Dow numbers are correct.  By using
        the large numbers it has been publicly touting, Dow Corning has
        successfully manipulated the prevalence of breast implants so as to
        produce epidemiologic studies which falsely show that only a few of
        the many women with breast implants are complaining of illness.  In
        stark reality, the figures released by the Claims Administrator
        demonstrate that there are 96,000 disease claims of the
        approximately 440,000 women registering as having silicone gel
        breast implants.  These startling figures show that approximately
        22% of women with silicone gel breast implants have suffered (one or
        more) serious disease(s) as a result of silicone implants.

         
    

        The figures released by the Claims Administrator show that
        440,000 women have been identified as having silicone gel breast
        implants.  Of that number, 96,000 have filed claims with supporting
        medical documentation.  Of the 96,000 claimants, 20,000 would likely
        be approved without further documentation.  Of the 96,000 claimants,
        approximately 50,000 had minor deficiencies in claims or supporting
        documents, and they would be given a period of time to make
        corrections. Of the 96,000 claims, the remaining 26,000 along with
        any of the 50,000 with minor deficiencies that are not corrected,
        would be carried forward for consideration in future years.
       

  

            At the current funding level of the Global Settlement for
        disease claimants ($1.2 billion) the Court estimates, based on a
        3,000 claims sample, that if only the 20,000 perfected claims were
        paid, each claimant would receive only 12-16% of the amounts shown
        on the grid. However, if the minor deficiencies were corrected in
        the 50,000 claimants and the 20,000 claims were also paid, the
        payment percentages would drop to less than 5% of the scheduled grid
        amount.  This would constitute a 95% ratchet down.  In other words,
        prospective claimants would be paid five cents on a dollar.
   

      
       

     It is now apparent that Dow Corning, with early insight into
        these figures, viewed Chapter 11 bankruptcy as a solution to its
        many problems.  As jury trials continued in the court system against
        Dow Corning and as juries continued to award substantial damages,
        including punitive damages because of Dow Corning's wrongdoing, Dow
        Corning realized that a "fair hearing" of the evidence by common
        American citizens (jurors) was fatal to Dow Corning's position.  By
        filing Chapter 11 bankruptcy, Dow Corning has removed the facts from
        unbiased jurors and now uses its substantial monies to effectuate a
        cover-up plan that involves full-page ads in newspapers across the
        United States, the control of publication and dissemination of
        scholarly medical articles, and legislative manipulations which will
        make it difficult for breast implant claimants and future product
        liability victims to make any meaningful recoveries for the injuries
        they have suffered.  Where the plaintiffs were allowed to present
        their side of the case before juries, they won.  Plaintiffs have
        neither the money nor expertise to rebut the massive public
        relations onslaught being waged by Dow Corning.  It is clear that
        Dow Corning is attempting to convince the average American citizen
        that breast implant victims are "neurotic women" who have been
        driven to hysteria by greedy plaintiff attorneys, all in the absence
        of any scientific evidence of implant dangers.  To the contrary, Dow
        Corning asserts that the (epidemiologic) studies have demonstrated
        that silicone gel implants are safe.  Dow Corning fails to mention
        in its full-page ads that these studies were purchased with Dow
        Corning money, and that all of these studies assumed that there were
        two million women with implants.  These studies also assumed a
        disease incidence rate of under 3%.  The figures above demonstrate
        an incidence rate of disease of approximately 22%.
        


            The silicone gel breast implant litigation may evolve into a
        public policy debate: with ramifications for the entire legal
        system; with ramifications for corporate America; with ramifications
        for private and public health insurance companies which will have to
        pay for the health care of these women; and, with ramifications for
        the women and their families as they are now being told by Dow
        Corning that they have no silicone-induced disease and will receive
        no meaningful compensation.
   

      

        /CONTACT:  J. Douglas Peters of Charfoos & Christensen,
        313-875-8080, or (in Michigan) 800-247-5974/
   






        FERC APPROVES COLUMBIA GAS TRANSMISSION CUSTOMER SETTLEMENT
   

      
       

     CHARLESTON, W.Va.--June 15, 1995--The Federal Energy
        Regulatory Commission (FERC) today approved a settlement among
        Columbia Gas Transmission Corp., the principal pipeline subsidiary
        of The Columbia Gas System, Inc., (NYSE: CG)
its firm service
        customers, various state regulatory agencies and consumer
        representatives that resolves numerous Order 636 transition costs,
        rate refund and bankruptcy-related matters.
        


            FERC approval of the settlement is a key component of Columbia
        Transmission's Chapter 11 reorganization plan.  Columbia
        Transmission filed the settlement with the FERC on April 17, 1995,
        and incorporated it into the amended plan of reorganization filed
        with the Bankruptcy Court in Delaware on the same day.
   

      

            Columbia Transmission Chairman James P. Holland said: "We are
        pleased with the FERC's action.  This settlement is a very important
        component of our reorganization plan.  This action by the FERC keeps
        us on track for emerging from Chapter 11 by the end of 1995."
   

      

            In discussing the customer settlement at today's commission
        meeting, Chair Elizabeth Moler said: "I want to highlight this order
        for the simple purpose of congratulating those involved on reaching
        this uncontested omnibus settlement.  It is an essential
        prerequisite to Columbia's being able to emerge from bankruptcy.  It
        has been a long and arduous and expensive ordeal.  The notion that
        they would be able to resolve over 100 commission proceedings and 40
        pending court cases is, as my son would say, awesome."
   

      

            Prior to the FERC decision, comments to the Commission were very
        favorable.  One set of comments, filed by a group of 57 local
        distribution companies, consumer advocates and state public service
        commissions urged the FERC to approve the plan without modification.
        "All parts of this stipulation are inextricably intertwined - it is
        an integrated whole," the group's filing stated.
   

      

            The settlement agreement provides for refunds to customers by
        Columbia Transmission of about $170 million.  In addition, an
        estimated $200 million in costs will be collected by Columbia
        Transmission from customers depending upon when the settlement is
        implemented.  This settlement remains subject to Bankruptcy Court
        approval in the context of Columbia Transmission's amended plan of
        reorganization.
   

      

            Columbia Gas Transmission Corp. and The Columbia Gas System,
        Inc., have been operating as debtors-in-possession under Chapter 11
        of the U.S. Bankruptcy Code since July 31, 1991.
   

      

        /CONTACT:  E. Kelly Merritt of Columbia Gas, 304-357-2283/
   






        Plan of Reorganization for Value Merchants Inc. is confirmed; expected
        effective date is June 27, 1995
   

      

            MILWAUKEE, Wi--June 15, 1995--The Plan of
        Reorganization for Value Merchants Inc.
(VUMIQ.BB)
and its wholly-owned subsidiary Everything's A Dollar Inc., was
confirmed today by The United States Bankruptcy Court in Milwaukee.
   

      

            The effective date for emerging from bankruptcy is expected to
        be June 27, 1995.
   

      

            During the confirmation hearing, the company reported that a $15
        million exit financing facility has been obtained to support the
        company's ongoing operations.  ``We have successfully negotiated a
        financing package that will result in an additional $7 million of
        working capital,'' Steven J. Appel, president and chief executive
        officer stated.  ``Additionally, we will have $4 million of
        availability beyond our planned needs as of June 27, 1995,'' he
        said. ``This provides substantial opportunity for purchasing
        additional merchandise and should be a source of confidence for our
        vendors regarding this company's creditworthiness.   
   

      
       

     ``Many businesses seek bankruptcy protection but cannot
        reorganize sufficiently to emerge from the process and, as a result,
        are liquidated,'' Appel stated.  ``This company's emergence from
        bankruptcy is a real tribute to all the parties in interest
        including secured creditors, unsecured creditors, vendors,
        shareholders, all the professionals and, most importantly, our
        employees.''  Appel added, ``This has been a difficult and arduous
        task with many competing interests, but from the beginning there has
        been one common goal - to reorganize as a going concern.  Although
        much work remains,'' he said, ``there should be great pride in
        achieving this significant milestone.''
        


            The Plan calls for the issuance of new common shares of stock to
        replace the company's current common shares outstanding.  Unsecured
        creditors will receive 85 percent of the new stock in payment of
        their claims and current shareholders will receive 5 percent of the
        new common shares.  Participants in the senior secured loan are
        converting a significant portion of their debt to subordinated
        secured debt, 10 percent of the company's common shares and
        subordinated unsecured long-term notes.
   

      

            Fixture lenders will receive notes for approximately $8 million
        payable over eight years secured by store fixtures and other
        equipment in satisfaction of their claim of $23 million against the
        company and unsecured bankruptcy claims of approximately $11
        million.
   

      
       

     Unsecured creditors will receive 3.6 million shares of the New
        Value Merchants Inc. common stock - representing 85 percent of the
        outstanding common stock.  Administrative claims and priority wage
        claims will be paid in full and sales tax claims amounting to
        approximately $4.1 million plus interest will be paid over a six-
        year period as allowed under the U.S. Bankruptcy Code.
        


            CONTACT:  Value Merchants Inc., Milwaukee
                  Gary I. Kastel, 414/274-2976