COPPERWELD STEEL CO. REVIVES AGREEMENT WITH HAMLIN HOLDINGS; SEEKS
COURT APPROVAL OF TERMINATION OF BIDDING
WARREN, Ohio,--July 13, 1995--
Copperweld Steel Company today announced that it has reached an agreement with
Hamlin Holdings, whereby Hamlin will withdraw its notice terminating its
agreement to purchase the assets of Copperweld Steel, and the
parties will resume their efforts to complete that transaction.
Copperweld Steel has filed a motion with the Bankruptcy Court in
Youngstown seeking the Court's approval of a "lock-up arrangement"
with Hamlin Holdings, Inc. which would terminate the bidding for
Copperweld's assets. A hearing is expected to be held early next
week on the motion.
As announced earlier, in early July, Hamlin had issued a notice
to Copperweld Steel terminating the purchase agreement that it had
entered into with Copperweld Steel in October 1994 for failure to
satisfy certain conditions to that purchase agreement. After Hamlin
had sent that notice, Hamlin, the United Steelworkers of America and
the Official Committee of Unsecured Creditors in Copperweld's
Chapter 11 case were able to resolve their differences and reach an
agreement on a consensual plan of reorganization. Accordingly,
Hamlin agreed to withdraw its termination notice and Copperweld
Steel agreed to reinstate the purchase agreement. In addition, at
Hamlin's request and in order to expedite Copperweld Steel's and
CSC's emergence from Chapter 11, Copperweld Steel determined to seek
approval of a court order terminating the bidding for Copperweld
Donald J. Caiazza, President and CEO of Copperweld Steel
Company, stated, "We are pleased that the creditors have resolved
their differences. It is now of utmost importance to both
Copperweld Steel and CSC to move as quickly as possible to file a
plan of reorganization and to complete the sale of our assets. We
are greatly appreciative of the ongoing support of our customers and
suppliers throughout these Chapter 11 cases and of the tremendous
effort put forth by our employees that has enabled the company to
continuously improve quality, customer service and operating results
during this lengthy process. We owe it to all of these people to
conclude these cases as rapidly as possible."
Caiazza also indicated that the creditors are fully aware of the
competing offer to purchase Copperweld Steel's assets made by
Chariot Investors, Inc. and its economics. He stated that
Copperweld had creditor support for the court order terminating the
bidding for Copperweld Steel's assets.
Copperweld Steel Company is an electric furnace manufacturer of
special quality alloy and carbon steel bars and a leader in SBQ
technology and value-added products. The Warren, Ohio, based
company, together with its non-operating parent, CSC Industries, has
been operating under the protection of Chapter 11 of the Bankruptcy
Code since November 1993.
/CONTACT: Donald J. Caiazza, President and C.E.O., of Copperweld
Steel Co., 216-841-6500/
All For A Dollar reports increase in comparative store sales
SPRINGFIELD, Mass.--July 13, 1995--All For A
Dollar Inc. today announced that sales in stores which were open
more than 24 months (comparative store sales) had increased 15.2
percent for the second quarter ended July 1, 1995, from the
corresponding period in 1994.
For the six months ended July 1, 1995 the comparative increase
was 5.1 percent.
Sales for the 1995 second quarter decreased 14.4 percent to
$10.3 million from $12.0 million, and sales for the six months
period decreased 23.8 percent to $19.7 million from $25.9 million,
compared to the corresponding 1994 periods. The reduction in sales
is solely the result of operating 54 fewer stores in 1995.
Roger Slate, president and chief executive officer of All For A
Dollar, stated that "we are very pleased that the significant
changes which have resulted from our reorganization, including the
reduction in the number of stores, the addition of senior store
operations management, and the introduction of new merchandising
approaches, have resulted in significantly improved comparative
store sales. We are confident that the company's recent successful
emergence from bankruptcy will be evidenced by continually improving
All For A Dollar presently operates 110 retail close-out variety
stores in nine northeastern states, offering high quality and brand
name merchandise, predominantly at the single price point of $1.
CONTACT: All For A Dollar, Springfield
Donald A. Molta, 413/733-1203
NEW ERA FOUNDATION CREDITORS MEETING POSTPONED TO JULY 24
PHILADELPHIA, Pa,--July 13, 1995--The Honorable Arlin M.
Adams, creditor-elected Trustee for the bankruptcy estate of the
Foundation for New Era Philanthropy, has
announced that the 341 meeting of creditors of the Foundation has been postponed for
one week and will be held on July 24, 1995. The meeting will take place
at 2 p.m. at the Doubletree Hotel at Broad and Locust streets in
Center City Philadelphia, in the Ormandy Ballroom on the first
floor. The meeting, to be the first time that Adams will speak in
his official capacity as trustee, originally was scheduled to be
held on July 17.
At the July 24 meeting, Adams will set forth his agenda for
administering the New Era estate. Adams will outline the
investigations that he and his professional advisors will perform
and establish a means of communication with hundreds of creditors
/CONTACT: Arlin M. Adams, Trustee of Foundation for
New Era Philanthropy, 215-751-2072/