PHAR-MOR OBTAINS ACCEPTANCES TO APPROVE PLAN OF REORGANIZATION
YOUNGSTOWN, Ohio--Aug. 23, 1995--Phar-Mor,
announced today that several of its secured creditors have filed
motions to change their votes on the Company's plan of
reorganization, providing sufficient acceptance votes from the
secured creditors to confirm the reorganization plan. Phar-Mor said
these motions were filed after the Company made minor modifications
to its settlement agreement with Giant Eagle, one of the ancillary
agreements to the reorganization plan. In addition, the investor
group led by Robert Haft has advised the Company of its intention to
proceed with the purchase of shares in the reorganized Phar-Mor, as
contemplated under the plan of reorganization.
A hearing to confirm the plan has been scheduled for Monday,
August 28, 1995 in the U.S. Bankruptcy Court for the District of
Ohio in Youngstown.
Phar-Mor, headquartered in Youngstown, Ohio, is a deep-discount
retail chain. When its store consolidation is complete, it will
have 102 stores in 19 states. On August 17, 1992, Phar-Mor filed
for protection under Chapter 11 of the U.S. Bankruptcy Code.
/CONTACT: Gary Holmes, 212-484-7736, for Phar-Mor/
UDC ANNOUNCES WITHDRAWAL OF INTEREST BY PACIFIC GREYSTONE CORPORATION
TEMPE, AZ--Aug. 23, 1995--UDC Homes, Inc.
("UDC") announced today that it was notified by Pacific Greystone
Corporation ("PGC") that PGC has declined to present an alternative
proposal for a combination with, or acquisition of, reorganized UDC.
On August 9, 1995, UDC announced that PGC had delivered a letter to
UDC in which it indicated an interest in making such a proposal.
On May 16, 1995, UDC entered into a Stock Purchase Agreement
(the "DMB Stock Purchase Agreement") with DMB Property Ventures
Limited Partnership ("DMB"), a Phoenix based real estate investment
and development company, pursuant to which DMB would acquire all of
the equity of reorganized UDC, subject to certain terms and
conditions provided therein. On May 17, 1995, UDC filed a petition
for relief under Chapter 11 of the Bankruptcy Code with the United
States Bankruptcy Court for the District of Delaware. UDC's Second
Amended Disclosure Statement with respect to its Second Amended
Reorganization Plan has been approved by the Bankruptcy Court and
mailed to UDC's creditors and equity security holders. The
Bankruptcy Court has scheduled a confirmation hearing on the
Reorganization Plan for October 2, 1995.
CONTACT: Michael D. Singer
Arthur Schmidt & Associates
Bidermann to sell Ralph Lauren Womenswear business to Polo Ralph Lauren
NEW YORK, NY--Aug. 23, 1995--Bidermann
industries U.S.A., Inc. announced today that it will sell the
principal assets of its Ralph Lauren Womenswear (RLW) subsidiary to
Polo Ralph Lauren (Polo).
The company said the transaction, which is subject to approval
by the bankruptcy court administering Bidermann's Chapter 11
reorganization proceeding, is scheduled to close by the end of
"We believe this transaction will be beneficial to both
companies," said Bryan P. Marsal, CEO of Bidermann. "It will
provide Bidermann with additional capital while allowing us to
concentrate on running our core businesses, and it will add a strong
performer to the Polo Ralph Lauren group of companies, which is
seeking to expand its womenswear business."
Marsal said: "The sale of the Womenswear subsidiary is a key
step in Bidermann's effort to restructure its operations to increase
overall profitability and efficiency. While the Womenswear
operation has been profitable, its sale on terms that meet our
financial objectives was determined to be the best way to maximize
the value of this particular asset."
Marsal added: "Stuart Kreisler and his management team have
achieved the unit's highest level of operating profit in six years.
We are extremely pleased with their success in turning the business
around." The company said that Kreisler would work closely with
Polo Ralph Lauren to effect a smooth transition.
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
CONTACT: Bidermann Industries U.S.A., Inc., New York
Robert Mead, 212/484-6701