TCR_Public/950717.MBX


BANKRUPTCY CREDITORS' SERVICE, INC.





        Plaid Clothing Group files for Chapter 11
        protection from creditors; $75 million debtor-in-possession
        financing agreement in place; provides liquidity to continue
        production and meet customer obligation
   

      

            NEW YORK, NY--July 17, 1995--Plaid Clothing
Inc.
, the
        country's second largest manufacturer of men's and boy's tailored
        clothing, today filed in U.S. Bankruptcy Court, Southern District,
        New York, for Chapter 11 protection from creditors.  The privately
        held company has assets of approximately $195 million and
        liabilities of approximately $177 million.
   

      

            In conjunction with the filing, the company announced that it
        has reached an agreement with its existing lending group, led by
        Transamerica Business Credit Corp., to provide for both interim and
        permanent debtor-in-possession (DIP) financing totaling $75 million.
        The terms of the DIP facilities are substantially similar to the
        company's previously existing credit facility.  The company believes
        that the DIP facilities, together with existing cash balances, will
        be sufficient to provide for ongoing liquidity needs and enable it
        to continue production, processing and delivery of customer  orders.
        The DIP facilities are subject to bankruptcy court approval.
   

      

            "While we regret having to file Chapter 11, it is a necessary
        step to preserve the viability of this company and give it the
        opportunity to emerge leaner, stronger and more focused,"  said
        Richard C. Marcus who joined the company as chief executive officer
        in December 1994.  "This is a new beginning for Plaid.  We have a
        strong management team and we will move aggressively to turn around
        this franchise and become more responsive to our retail customers.
        We will do fewer things very, very well."
   

      

            William V. Roberti, Plaid's president and chief operating
        officer since May, 1995 said,  "Our initial plans are to better
        organize our brands and products to meet the specific needs of
        different customer segments, including specialty retailers,
        department stores and national chains, and the youthwear market."
   

      

            Roberti continued:  "We are working aggressively to get our
        expense structure in line with the size of this business and will
        seek reductions in manufacturing overhead, selling, distribution,
        and administrative expenses.  We will continue to implement
        enterprise-wide systems improvements that will improve our order
        fulfillment performance and help customers better manage inventory
        positions."
   

      

            Plaid has retained The Blackstone Group as its financial
        advisor.  Blackstone will assist the company in developing a
        reorganization plan and will represent Plaid in meetings with
        concerned parties.
   

      

            The company's legal advisors are Kaye, Scholer, Fierman, Hays &
        Handler, and Shearman & Sterling.
   

      
        CONTACT: Sard Verbinnen & Co., New York  
                 Paul Verbinnen/Jeanne Donovan  
                 212/687-8080  
         



        AILEEN, INC. ANNOUNCES AGREEMENT TO SELL RETAIL STORES; SEES NO
        VALUE FOR EQUITY
   

      

            NEW YORK, NY--July 17, 1995--Aileen, Inc.
(NYSE: AEE)
, a
        debtor-in-possession under chapter 11 of the United States
        Bankruptcy Code which currently operates 66 retail stores in
        manufacturers' outlet shopping centers in 29 states, announced today
        that it has entered into an agreement to sell the Aileen name and
        trademark and certain assets pertaining to 46 of its stores to Names
        for Dames, Inc.  The leases for the 46 stores, which are located in
        27 states, will be assigned by Aileen to Retail Spectrums, Inc., an
        affiliate of Names for Dames.  The purchase price for the leases,
        store assets and Aileen name and trademark is approximately
        $925,000, of which $215,000 has been allocated for the curing of
        certain pre-petition rent arrearages.
   

      

            The proposed transaction, which has been approved by Aileen's
        Official Committee of Unsecured Creditors and by the company's
        debtor-in-possession lender, The CIT Group/Business Credit, Inc., is
        subject to higher and/or better offers, which must be at least
        $275,000 higher than the purchase price payable by Names for Dames,
        and the approval of the Bankruptcy Court.  An initial hearing will
        be held before the Bankruptcy Court on July 20, 1995 to approve
        bidding procedures, with the final hearing to approve the proposed
        transaction scheduled for July 27, 1995.  Names for Dames has agreed
        to spend at least $2 million on the purchase of inventory for the
        stores prior to the final court hearing in order to be able to take
        over the 46 stores on August 1, 1995 following approval by the
        Bankruptcy Court.  The agreement with Names for Dames provides for
        it to receive a breakup fee (subject to court approval) under
        certain circumstances if a competing bidder prevents Names for Dames
        from acquiring the Aileen stores and name.
   

      

            The 46 store locations to be transferred to the purchaser will
        continue to be operated under the Aileen name.  Names for Dames
        currently operates 67 manufacturers' outlet retail stores under the
        "Adolfo II" name in 27 states; 28 of such stores are located in the
        same shopping centers as the stores being acquired from Aileen.
        Pursuant to its agreement with Aileen, the purchaser has committed
        to hiring all of the employees currently working at the 46 Aileen
        stores, as well as the regional and district managers supervising
        them.
   

      

            Aileen's 20 remaining retail store locations which are not part
        of the proposed transaction with Names for Dames are expected to
        close on or before July 31, 1995, resulting in the termination of
        approximately 115 employees and reflecting the determination of
        Aileen and its management consultant, Alco Management & Consulting
        Group, Inc., that the remaining retail business is no longer viable.
    

     

            Aileen management and Alco remain engaged in the liquidation of
        the assets of the company's terminated manufacturing operations,
        including its textile plant, warehouse and distribution center and
        three sewing plants, all of which are located in Virginia, and its
        two remaining sewing plants in the Dominican Republic.  The sale of
        textile equipment and a leased sewing plant in the Dominican
        Republic have already produced gross proceeds exceeding $3,200,000,
        with further equipment sales scheduled for court approval on July
        20, 1995 expected to bring in at least an additional $1,300,000.
        Sales proceeds from the disposition of the remaining plant
        properties and equipment cannot be predicted at this time.
   

      

            Despite the uncertainty of the proceeds from the sale of the
        company's remaining assets, Aileen and Alco do not believe that,
        based upon the proceeds already received from asset sales, the
        purchase price to be paid by Names for Dames and the ranges of value
        estimated to be realizable from the liquidation of the company's
        remaining assets, there will be any value remaining for the equity
        shareholders.
   

      

        /CONTACT:  Stephen B. Delman of Aileen, Inc., 212-398-9770/
   


      


         

        Bidermann seeks Chapter 11 protection;
        company to pursue financial restructuring to reduce debt burden and
        facilitate operating restructuring; company arranges for $75 million
        in DIP financing
   

      

            NEW YORK, NY--July 17, 1995--Bidermann
Industries U.S.A. Inc.
  announced today that it has filed a voluntary petition
        under Chapter 11 of the U.S. Bankruptcy Code with the U.S.
        Bankruptcy Court for the Southern District of New York.   
   

      

            The company said it elected to seek court protection in order to
        obtain additional financing and facilitate the implementation of its
        operational turnaround while it pursues a restructuring of its
        balance sheet.  Bidermann said that it would develop a plan of
        reorganization that includes a substantial deleveraging of the
        company.   
   

      

            The operating subsidiaries included in the filing are Ralph
        Lauren Womenswear, Cluett Peabody & Co. (U.S.), Great American
        Knitting Mills, Bidermann Tailored Clothing and Arrow Factory Stores
        Inc.   
   

      

            The company also announced that it has arranged for $75 million
        in debtor-in-possession ("DIP") financing from a lending group
        including Bank of America and Credit Lyonnais.  Bidermann said that,
        once approved by the court, the DIP financing would be sufficient to
        fund the company's operations on a normal basis during the
        reorganization proceeding-including payment to vendors in the
        ordinary course of business for goods and services delivered post-
        petition.   
   

      

            Bryan P. Marsal, chairman and CEO of Bidermann, said:"We believe
        the filing of the Chapter 11 petition is a prudent step in our
        restructuring and is in the best interests of the company and our
        customers.  The DIP financing that we have arranged as part of the
        filing will resolve our short-term liquidity concerns, ensure that
        we will continue to operate the business on a normal basis, and
        provide us with the financial flexibility necessary to implement our
        operational restructuring."   
   

      

            Marsal said that as part of its reorganization the company would
        move to decentralize management responsibility to increase
        productivity and reduce operating costs.  The decentralization will
        result in the phasing out of the company's corporate operations in
        Secaucus, N.J.  Employees in the Secaucus office will be offered
        positions elsewhere in the company or will receive separation
        packages in accordance with company policy.   
   

      

            Marsal added that the company would also seek to streamline
        operations through select plant consolidations and other steps, but
        that large-scale layoffs at the operating level were not expected.   
   

      

            "Bidermann has some of the industry's best assets, including
        Gold Toe, Ralph Lauren Womenswear and Arrow Shirts,"  said Marsal.
        "Our primary objectives are to maximize operating performance across
        our organization and put in place a more appropriate capital
        structure at the corporate level-so that our strong brands can meet
        their full potential in the marketplace."   
   

      

            Bidermann Industries U.S.A. Inc. is a subsidiary of Bidermann
        International S.A., a French company.  Bidermann is a major producer
        and distributor of men's and women's designer and branded apparel in
        the United States, Canada, Mexico and Central America.  Bidermann's
        core operations are the Shirt Group, the Hosiery Group and Ralph
        Lauren Womenswear.   
   

      

        CONTACT: Robert Mead, 212/484-6701
   


      


         

        City of El Paso and EPE Announce Rate Settlement
   

      

            EL PASO, Texas--July 17, 1995--The City of El Paso
        and El Paso Electric Company (EPE) announced
today that they have
        reached an agreement in principle which freezes base rates at
        present levels for 10 years.  This rate settlement is conditioned
        upon approval of a plan of reorganization, which EPE anticipates
        filing in the United States Bankruptcy Court in Austin, Texas, some
        time later this year.   
   

      

            The rate settlement, which is subject to negotiation and
        execution of a definitive agreement and to final approvals of the El
        Paso City Council, EPE's Board of Directors, and the Public Utility
        Commission of Texas, resolves almost 20 years of disagreements
        between the company and the City over the level of the company's
        investment in the Palo Verde Nuclear Generating Station.   
   

      

            "This is a very positive step for the company and for the City,"
        emphasized El Paso Mayor Larry Francis.  "A 10-year rate freeze
        stabilizes electric rates and will be a boost for the local economy.
        At the same time, the company's unsecured creditors and shareholders
        are facing substantially lower recoveries than those proposed under
        the company's failed merger with Central and South West
        Corporation."
   

      

            "This settlement is good for the City, the company and its
        customers, and will allow the company to emerge from bankruptcy as a
        stand-alone company in early-1996,"  said David H. Wiggs Jr., EPE's
        chairman of the board and chief executive officer.  "This agreement
        is the product of a massive amount of work and compromise by
        everyone involved.  We are ushering in an era of cooperation with
        the City and putting behind us - once and for all - almost 20 years
        of disagreements.  We are very pleased."   
   

      

            The rate settlement contemplates a four-year extension of the
        company's franchise with the City of El Paso, and puts the
        investment and operating risk of Palo Verde entirely on the company.
        In addition, the settlement allows EPE to keep in place bonded rates
        implemented in July 1994; all litigation between the city and the
        company will be dismissed; the company will pay the city's legal
        expenses; and none of the company's bankruptcy costs will be borne
        by customers.   
   

      

            For the first five years of the rate freeze, the company will
        share with customers 25 percent of the margins earned from off-
        system sales.  Thereafter, margins will be shared equally (50/50)
        with customers.   
   

      

            The company will now work with its creditors and shareholders to
        develop a consensual plan of reorganization, which will be subject
        to bankruptcy court approval.   
   

      

            EPE filed a voluntary petition under Chapter 11 of the United
        States Bankruptcy Code on Jan.  8, 1992.  El Paso Electric is an
        electric utility serving approximately 270,000 customers in El Paso,
        Texas, and an area of the Rio Grande Valley in West Texas and
        Southern New Mexico, and to wholesale customers located in such
        diverse locations as Southern California and Mexico.   
   

      
        CONTACT:  El Paso Electric Company

                  National and regional media:  Alan Lee Bunnell,  
                  corporate spokesperson, 915/543-5823
                              or
                  local media:  Henry Quintana Jr.,  
                  supervisor of corporate communications, 915/543-5824
                              or
                  financial analysts:  John Droubay,  
                  treasurer, 915/543-5710
                              or
                   stockbrokers and shareholders:  Office of the Secretary,
                   800/592-1634 or 800/351-1621