TCR_Public/950830.MBX BANKRUPTCY CREDITORS' SERVICE, INC.



EMERSON COMPLETES $80 MILLION REFINANCING PACKAGE
        CONSISTING OF RENEGOTIATION OF $60 MILLION CREDIT FACILITY AND $20
        MILLION WORKING CAPITAL ADDITION; Refinancing Includes Reduced
        Interest and Related Expenses and Extension of Existing Working
        Capital Facility, Together with Infusion of Approximately $20
        Million of New Working Capital From Placement of Convertible
        Debentures; New Proceeds to Fund Previously Announced Product Line
        Additions and Extensions
        

         
            PARSIPPANY, N.J. -- AUGUST 30, 1995 -- href="chap11.emerson.html">EMERSON
        RADIO CORP.
(AMEX Symbol: MSN) today announced that it has
        successfully completed an $80 million refinancing package consisting
        of renegotiation of its $60 million credit facility and $20 million
        enhancement of its capital structure.  The two part transaction
        included an extension and revision of the terms of its current asset-
        based working capital facility with Congress Financial, and the
        placement of a new senior subordinated convertible debenture with a
        group of institutional investors.  
        


            Under the revised terms of the asset based facility, Emerson
        will receive the benefit of reduced interest costs and other fees
        and expenses associated with the facility, and the term of the
        facility will be extended an additional year to March 1998.  In
        addition, the lender has agreed to release the lien it has held on
        the Company's trademarks since the Company's emergence from
        bankruptcy reorganization in March 1994.  

        
            The convertible debentures carry an interest rate of 8 1/2%,
        have a term of seven years, and are initially convertible into
        common stock at $3.9875 per share.  The debentures have been placed
        exclusively with institutional holders in an offering not registered
        under the Securities Act and may not be offered or resold in the
        United States without registration or an applicable exemption from
        registration requirements.  The Company has agreed to register the
        offering and resale of the debentures and underlying common shares
        by December 21, 1995.  
   

     
            Commenting on the announcement, Gene Davis, President, said, "We
        are extremely pleased with the enhanced opportunities represented by
        the successful completion of this refinancing.  The revisions to our
        asset-based lines will significantly reduce the costs of capital
        associated with our core business, while the new capital from the
        debenture offering will help us exploit the potential of our
        recently announced product line additions and extensions.  The new
        capital will also assist in our ongoing efforts to expand our
        distribution base and further extend our relationships with the new
        customers that we have developed this year."  
      

  
            Mr. Davis continued, "The refinancing releases the liens on our
        trademark, our most valuable asset, and the key to our corporate
        strategy of enhancing and exploiting our corporate franchise through
        new products, licensing, and joint ventures.  Also, we believe that
        the placement of the debentures with sophisticated institutional
        holders will further our goal of enhancing the Company's credibility
        in the financial markets, thereby creating additional value for the
        Company and its shareholders."  
        


            EMERSON RADIO CORP., founded in 1948, is headquartered in
        Parsippany, NJ.  The Company designs and markets, throughout the
        world, a full line of clocks and watches, televisions, ready-to-
        assemble furniture, home and personal security equipment, car audio,
        home theater, video, audio and microwave oven products.  
        


        CONTACT: Eugene I. Davis           Keith L. Lippert/Jeffrey Volk
                 President           or    Lippert/Heilshorn & Associates, Inc.
        
                 Emerson Radio Corp.       212/838-3777  
                 201/884-5800
        




        CITY OF PARMA AUDITOR MOTTL DEMANDS COLUMBIA GAS GUARANTEE SERVICE
        


            PARMA, Ohio, Aug. 30, 1995 -- City Auditor
Ronald M.
        Mottl, Jr. today called upon the href="chap11.columbia.html">Columbia Natural Gas Transmission
        Corp. to guarantee Parma residents that there will be no service
        interruptions in light of the Company's filing for bankruptcy
        protection in federal court in Delaware.
        


            In a letter to Columbia's local manager Donald Bedillion, Mottl
        stressed that Columbia ensure that all its customers are guaranteed
        that there will be no gaps in service.
        


            "With the cold winter months quickly approaching, it is
        incumbent upon Columbia Transmission to assure its customers that
        there will be no interruption of service," Mottl said.  "The people
        of Parma, and all of Columbia's service area, must be assured they
        will not wake up shivering in the middle of the night."
        


            News of Columbia's plight became public via a legal notice in
        this morning's Plain Dealer.  Columbia asked its creditors to agree
        to a number of collection procedures related to claims against the
        utility.
        


            "While I am concerned about Columbia's financial well-being, I
        am also concerned about customers, especially the elderly, who might
        be affected by this situation," Mottl stated.

        
            "Providing heat and fuel to families is not a luxury ... it is a
        necessity," Mottl said.  "At the very least Columbia Gas has to
        inform its consumers if, indeed, there are serious financial
        problems and how they will be solved.
   

     
            "While customers may not be actual shareholders in the Company,
        they do have a vested interest in the Company's financial management
        practices."
        /CONTACT:  Ronald M. Mottl, Jr. of the City of Parma, Auditor's
        Office, 216-885-8103/





        STATEMENT OF THE COLUMBIA GAS SYSTEM, INC.
        


            WILMINGTON, Del., Aug. 30, 1995 -- The following was
        issued by The Columbia Gas System
Inc.
(NYSE: CG):
        


            "If Parma City Auditor Ronald M. Mottl Jr. had waited for
        Columbia to respond to his letter before issuing a press release
        regarding his concern over gas service provided by Columbia Gas of
        Ohio, he would have learned the following:
        


        "Mr. Mottl has been advised of his misreading of the facts."
        


        /CONTACT:  H.W. Chaddock, 302-429-5261, or home, 610-338-1984/