TCR_Public/950814.MBX

BANKRUPTCY CREDITORS' SERVICE, INC.






        KLH completes financing

         

            ENGLEWOOD, Colo.--Aug. 14, 1995--KLH
        Engineering Group Inc.
announced that it finalized its financing
        package on Aug. 11, 1995.

         

            The terms of the agreement reached with Industrial State Bank
        and First State Bank of Kansas City include the extension of a $1.5
        million credit facility to KLH for a term of three years.  This
        facility will allow KLH to pay off First State Bank of Kansas City,
        and remove First State Bank's objection to emergence from bankruptcy
        of Tomahawk Construction Co., a wholly owned subsidiary of KLH.

         

            In addition, Delmar A. Janovec, president and chairman of the
        board of KLH, purchased Tomahawk's outstanding loan of approximately
        $3.2 million from Industrial State Bank.  Janovec will exchange the
        note for an additional equity position in KLH prior to the end of
        the 1995 fiscal year.  This will reduce the outstanding obligations
        of KLH and provide a substantial equity capital infusion to bring
        total stockholder equity in KLH to approximately $4 million, an
        increase of approximately 300%.

         

            The completion of this financing package will allow Tomahawk to
        emerge from bankruptcy on Aug. 28, 1995.  Janovec stated:  "We are
        excited to finally complete this restructuring.  We will now be able
        to devote our time to becoming more productive and improving our
        bottom line."

         

            KLH Engineering Group Inc. is a full-service consulting,
        engineering and construction firm based in Englewood, Colo.  The
        company's common stock trades on the NASD OTC Bulletin Board under
        the symbol "KLHE."

         

        CONTACT:  KLH Engineering Group Inc.
                  Michael Cederstrom, 913/621-4233






        Florida West Airlines makes announcement

         

            MIAMI, Fla.,--Aug. 14, 1995--Kenneth A. Welt, the
        Chapter 11 Trustee for Florida West Airlines
Inc.
("Florida West"),
        Monday announced that Florida West closed today the sale of
        substantially all of the assets of Florida West and its subsidiaries
        to Florida West International Airways Inc., a Delaware corporation
        and certain of its designees for an aggregate purchase price of
        approximately $3.5 million in cash.   

         

            The asset sale is in connection with the liquidation of Florida
        West's business pursuant to Chapter 11 bankruptcy proceedings.   

         

            Florida West and its subsidiaries were engaged in the operation
        of a cargo airline service.   

         

        CONTACT:  Florida West Airlines Inc., Miami
                  Richard L. Haberly, President and C.E.O.
                  305/599-2500





        Plaid obtains court approval for $75 million
        in permanent DIP financing; company sells excess inventory to
        Today's Man for more than $12 million

         

            NEW YORK, NY,--Aug. 14, 1995--Plaid Clothing
Group Inc.
, which filed Chapter 11 last month, today announced it has
        received U.S. Bankruptcy Court approval for $75 million in permanent
        debtor-in-possession (DIP) financing.

         

            The DIP facility was entered into with Plaid's existing lending
        group, led by Transamerica Business Credit Corp.  Court approval of
        the facility will enable Plaid to continue production, meet customer
        obligations and plan for future selling seasons.  Plaid has been
        operating under a $13 million interim financing package which was
        approved by the court on July 19.

         

            "We are pleased with the support that we have received from our
        lending group since the Chapter 11 filing and appreciate their hard
        work in putting together the permanent financing," said Richard C.
        Marcus, Plaid's chief executive officer.  "The approval of permanent
        financing is a key milestone in our efforts to get Plaid back on
        track and gives us the resources to meet our ongoing commitments to
        suppliers, licensors and customers."

         

            Plaid also announced that the court had approved the sale by
        Plaid to Today's Man of a substantial amount of excess inventory for
        a purchase price in excess of $12 million.  Included in the sale
        were approximately 136,000 units of excess hanging inventory and
        278,000 yards of piece goods.  In addition the purchase of
        approximately 32,000 units of existing fall orders are to be
        financially guaranteed.  As part of the sale agreement, on Friday
        Aug. 11, Today's Man paid Plaid approximately $3.5 million in
        satisfaction of its outstanding receivable to Plaid.

         

            William V. Roberti, president and chief operating officer of
        Plaid stated, "The sale of our excess inventory will provide the
        company with liquidity that, in conjunction with our permanent
        financing, will enable us to continue to meet our obligations.  In
        addition, the removal of the excess inventory will allow our
        management team to focus their efforts on successfully reorganizing
        the business."

         

            On the operating side, Roberti said that the company was
        continuing to identify cost reduction opportunities.  He added, "We
        are optimistic about the coming spring season and are determined to
        work to emerge from Chapter 11 as quickly as possible."

         

            Plaid, based in New York City, is the nation's second largest
        manufacturer of men's and boy's tailored clothing.  The company owns
        various trademarks such as Palm Beach, Haspel, and Gleneagles and
        holds licenses for the manufacture of a number of prestigious
        brands.

         

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

         



        SPECTRAVISION ANNOUNCES SECOND QUARTER RESULTS
        Revenues of $32.1 million; EBITDA of $3.3 million

        

            DALLAS, Texas--August 14, 1995--
SpectraVision, Inc. (AMEX:SVN)
today announced lower revenues for the second
quarter ended June 30, 1995 compared to the second quarter a year ago.

         

            Second quarter revenue was $32.1 million in fiscal year 1995,
        down from $36.5 million (adjusted) in 1994.  Revenue for the six
        months ended June 30, 1995 was $65.2 million, compared to $73.6
        million for the same six month period a year ago.

         

            SpectraVision sought protection under Chapter 11 of the U.S.
        Bankruptcy Code on June 8, 1995 in order to complete its financial
        restructuring.  The company obtained $40 million in debtor-in-
        possession financing on June 9, 1995.  After retiring the existing
        bank revolver, the company's available cash exceeds $25.0 million.

         

            Earnings before interest, taxes, depreciation, amortization and
        other non-cash items (EBITDA) was $3.3 million for the second
        quarter of 1995, compared to $9.0 million in the second quarter of
        1994.  EBITDA for the six months ended June 30, 1995 was $7.1
        million, down from $17.1 million for the six months ended June 30,
        1994.  The company recorded a net loss of $19.7 million for the
        second quarter of 1995, compared to a net loss of $14.1 million for
        the second quarter of 1994.  Net loss for the first six months of
        1995 was $39.6 million, compared to a net loss of $29.3 million for
        the same period in the prior year.

         

            The company also said that Revenue per Equipped Room (RER) was
        $.49 for the second quarter of 1995, compared to $.52 for the same
        quarter of the previous year.  RER for the six month period ended
        June 30, 1995 was $.50, down from $.51 in the same period a year
        ago.

         

            "In the second quarter, SpectraVision sought Chapter 11
        protection in order to recapitalize and address the problems with
        our capital structure that have prevented the company from meeting
        its full potential," said Gary Weik, chief executive officer of
        SpectraVision.  "The filing has also provided us with access to
        short-term financing, allowing us to fulfill commitments to existing
        customers and continue to make operational improvements that will
        yield long-term benefits -- such as the reorganization of our
        customer service function and the rollout of new technology."

         

            Weik added, "We have stabilized EBITDA over the last three
        quarters, and we are currently developing a plan of reorganization
        that will significantly reduce our debt burden.  Our restructuring
        is proceeding as planned and we look forward to restoring the
        company to financial strength."

         

            SpectraVision, Inc. is the leading supplier of in-room, pay-per-
        view entertainment and information services to the worldwide lodging
        industry.  Through its STARPATH(TM) technology, it is the only
        company in the lodging industry delivering compressed digital video
        and digital video-on-demand to hotels in North America.  Founded in
        1971, the company markets its products and services in the U.S.,
        Canada, Mexico, the Caribbean, Australia and the Pacific Rim. -0-  

         
         
                           SPECTRAVISION, INC.

                CONDENSED STATEMENTS OF FINANCIAL POSITION
                             (In thousands)
                               (Unaudited)
                                                    
  
                                         June 30,      June 30,

                                             1995          1994
         
        Cash and equivalents                  $  1,952      $  2,027
        Accounts receivable                     21,030        22,222
        Debt issuance costs (net)                6,022         7,415
        Prepaids and other assets                8,028        11,976
         
        Video systems                          131,129       125,154
        Land, building and equipment             8,094         7,084
         
        Unamortized hotel contracts             48,701       247,259
         
        Total assets                          $224,956      $423,137
         
        Accounts payable and accrued  
         liabilities                          $  3,636      $ 47,809
         
        Current and deferred income taxes        6,536        31,927
         
        Bank credit facilities                      --        10,350
        Foothill revolving facility             15,408            --
        11.5% senior discount notes                 --       162,923
        11.65% reset notes                          --       277,264
        Other debt                                 414        20,953
         
        Liabilities subject to settlement  
         under reorganization                  591,593            --
         
        Contingent value rights subject to  
         settlement under reorganization        20,000        20,000
         
        Stockholders' deficit                 (412,631)     (148,089)
         
        Total liabilities and stockholders'  
         deficit                             $ 224,956     $ 423,137
         
           
                             SPECTRAVISION, INC.
                      SUMMARY STATEMENT OF OPERATIONS
                      (In thousands, except share data)
                                (Unaudited)
         
                                           Quarter Ended June 30,
                                           1995             1994
         
        Revenues                             $  32,073      $  36,537
         
        Operating loss                          (6,871)        (3,326)
         
        Net loss                               (19,690)       (14,094)
         
        Loss per common share                $   (0.82)     $   (0.59)
         
        Average common shares outstanding   23,983,905      23,983,905
         
                                           Six Months Ended June 30,
                                            1995              1994
         
        Revenues                             $  65,208      $  73,637
         
        Operating loss                         (12,236)        (6,718)
         
        Net loss                               (39,644)       (29,312)
         
        Loss per common share                 $  (1.65)     $   (1.22)
         
        Average common shares outstanding   23,983,905     23,983,905
        
  

        CONTACT:  SpectraVision, Inc.
                  Media:  Robert Mead, 212/484-6701
                  Investor:  Janice Schroer, 214/301-9016