WAYNE, N.J.--June 20, 1995--The Grand Union Company,
   which emerged from bankruptcy yesterday, has announced exchange
   details for its various pre-reorganization securities and for certain
   securities of its parent.

   The face amount of Grand Union's 11 1/4% Senior Notes, due 2000, and
   its 11 3/8% Senior Notes, due 1999, plus accrued but unpaid interest
   and interest on overdue interest as of June 15, 1995, will be
   exchanged pursuant to its Plan of Reorganization for 12% Senior Notes,
   due Sept. 1, 2004, issued pursuant to an Indenture between Grand Union
   and IBJ Schroder Bank & Trust Company, as Trustee, in a principal
   amount equal to approximately 113.739618% of the face amount of the 11
   1/4% Senior Notes and approximately 112.792720% of the face amount of
   the 11 3/8% Senior Notes.

   Grand Union's 12 1/4% Senior Subordinated Notes, due 2002, 12 1/4%
   Senior Subordinated Notes, Series A, due 2002, and its 13% Senior
   Subordinated Notes, due 1998, will be exchanged for common stock of
   the company to be issued under the Plan of Reorganization. Based on
   the Plan, holders of 12 1/4% Senior Subordinated Notes and Senior
   Subordinated Series A Notes shall receive approximately 17.6742 shares
   of new common stock per $1,000 face amount, while holders of 13%
   Senior Subordinated Notes shall receive approximately 17.2873 shares
   of new common stock per $1,000 face amount.

   The company said 15% Senior Zero Coupon Notes of Grand Union Capital
   Corporation, due July 15, 2004, Series A and B, will be exchanged for
   Series 1 Warrants of the company and Series 2 Warrants of the company
   to be issued under the Plan. Based on the Plan, holders will receive
   approximately .6997 Series 1 Warrants and 1.3994 Series 2 Warrants per
   $1,000 face amount. Both series of warrants have a term of five years
   from June 15, 1995. Series 1 Warrants have a strike price of $30 per
   share of new common stock, while Series 2 Warrants have a strike price
   of $42 per share of new common stock.

   Holders of 16.5% Senior Subordinated Zero Coupon Notes of Grand Union
   Capital Corporation, due Jan. 15, 2007, Series A and B, may exchange
   the Notes for Series 1 Warrants and Series 2 Warrants of the company.
   Based on the Plan, holders will receive approximately .0805 Series 1
   Warrants and .1611 Series 2 warrants per $1,000 face amount.

   Grand Union said it expects that its securities will be listed for
   trading on a national exchange.

   CONTACT: Grand Union Corporation, Wayne | Donald C. Vaillancourt,

        Bay Apartment Communities sells Larkspur
        Woods Apartments; realizes $2.4 million gain


            SAN JOSE, Calif.--June 20, 1995--Bay
Apartment Communities (NYSE:BYA)
has sold Larkspur Woods, a 232 apartment
        community in Sacramento, Calif. for approximately $17,647,000 to an
        institutional buyer.


            As a result, Bay realized a gain of more than $2.4 million after
        consideration of Bay's acquisition, reconstruction and carrying
        costs expended over the past 15 months.


            Bay originally purchased the partially completed community in
        March 1994 by buying a defaulted mortgage loan on the property at a
        substantial discount from the Resolution Trust Corporation and
        simultaneously purchasing title to the community through a
        bankruptcy proceeding.  Bay's acquisition price totalled slightly
        more than $10 million.   


            The company then invested more than $5 million to complete
        construction on 115 uncompleted apartment homes, the leasing and
        physical fitness centers, pool, spa, landscaping and a gate system.
        Bay completed reconstruction in December 1994.  The community
        achieved stabilized occupancy in late February 1995.


            Bay intends to use the proceeds from the all cash transaction in
        the near term to reduce the company's short-term variable rate debt
        incurred in significant part with the recent purchase of the
        Kimberly Woods Apartments in Pacifica, less than 15 miles from
        downtown San Francisco.   


            Kimberly Woods is a 220 unit community purchased by Bay for
        $10.25 million from foreclosure at a substantial discount to the
        defaulted note balance.  Bay has commenced a $5.7 million asset
        repositioning program for Kimberly Woods, including major exterior
        and interior reconstruction of the community.


            "Bay's strategy is to purchase distressed apartment communities
        at attractive prices and then add value by utilizing our strong in-
        house development, construction, financing and marketing skills,"
        said Gilbert M. Meyer, president and chief executive officer of Bay.
        "In the past year, we have completed three major repositioning
        projects, including that at Larkspur Woods, and plan to complete at
        least six more during the next year."


            "When appropriate," he continued, "we will take advantage of the
        value we create in assets, such as in Larkspur Woods, and redeploy
        capital into other high yielding, value added opportunities like
        Kimberly Woods.  In the near term, this transaction will slightly
        reduce our Funds from Operations per share since we are using
        proceeds to pay off relatively low-cost, variable rate debt.  We
        will not recognize this gain on our FFO/share calculation because
        the sale is considered a nonrecurring event."


            Bay does not anticipate any corporate level income tax and
        expects only a modest reduction in the return of capital as a
        percentage of the company's 1995 distribution as a result of the
        Larkspur Woods sale.


            Bay Apartment Communities is a fully integrated, multi-family
        real estate investment trust focused on the acquisition,
        construction and reconstruction and management of high-quality
        apartments in Northern California.  The company owns 22 apartment
        communities totalling approximately 5,500 apartment homes in the San
        Francisco Bay Area and Northern California.


        CONTACT:  Bay Apartment Communities, San Jose
                  Gilbert M. Meyer, 408/983-1500

        Americold Prepackaged Reorganization Plan Approved by Court


            PORTLAND, Ore.--June 20, 1995--Americold
announced today that its prepackaged reorganization plan
        was confirmed late yesterday by the U.S. Bankruptcy Court for the
        District of Oregon.


            The plan was filed under Chapter 11 of the U.S. Bankruptcy Code
        on May 9, 1995.


            The company said that, when implemented, the restructuring plan
        will revise the timing of debt service requirements related to $115
        million in principal payments due over the next two years on the
        company's 11% Senior Subordinated Debentures.  The company said the
        effective date of the plan will be June 30, 1995.


            "The confirmation of our plan clears the way for the
        implementation of our financial restructuring on June 30th," said
        Ron Dykehouse, Americold's Chairman and Chief Executive Officer.
        "As expected, we were able to complete the process quickly while
        continuing to run operations on a normal basis, including the
        ongoing construction of three new warehouse facilities.  In
        addition, we were able to post strong first quarter results which
        reflect our ability to continue to grow our business, particularly
        in the transportation management sector."


            The company said that holders of its 11% Senior Subordinated
        Debentures due 1997 would exchange their old bonds for new 15%
        Senior Subordinated Debentures due 2007, plus the interest due on
        the old bonds from the date of the last interest payment up to, but
        not including, the effective date of the plan of reorganization.
        The last interest payment was November 1, 1994.  The company said it
        will soon be mailing letters of transmittal to the 11% Senior
        Subordinated Debenture holders of record as of March 31, 1995,
        pursuant to which such bondholders may surrender their old


            Americold also announced preliminary sales results for the first
        quarter ended May 31, 1995.  Net sales for the quarter totaled
        approximately $53.2 million, which represents a 9.1% increase over
        last year's first quarter total of approximately $48.8 million.
        Contributing to the overall sales increase was a 63.5% increase in
        sales from the transportation management services segment.


            Americold is the nation's largest cold storage logistics company
        with 51 warehouses across the United States providing full service
        storage and distribution services.  Over 18 billion pounds of
        harvested, processed and prepared foods move through the Americold
        system every year.

        CONTACT: Robinson Lake Sawyer Miller, New York

                 Robert Mead, 212/484-6701
                 Krista Grossman, 212/484-7760