PRINCETON, N.J., September 19, 1995 -- href="dir.bankruptcy.html">Bankruptcy Creditors'
Service, Inc. today announced publication of CALDOR BANKRUPTCY
As widely reported, The Caldor
Corporation (NYSE: CLD), based in
Norwalk, Connecticut, filed for protection from its creditors under
chapter 11 of the United States Bankruptcy Code yesterday morning.
"CALDOR BANKRUPTCY NEWS - like our other case-specific
bankruptcy newsletters - will provide on-going, in-depth news and
reporting about the chapter 11 reorganization undertaken by The
Caldor Corporation," says Peter A. Chapman, President of Bankruptcy
Creditors' Service, Inc., and Editor of CALDOR BANKRUPTCY NEWS.
Chapman explains that attorneys, creditors, and investors
involved in chapter 11 bankruptcy cases the size of Caldor's case
find BCSI's case-specific newsletters to be an invaluable resource
while attempting to wade through the mountains of paper that are
filed with the Bankruptcy Court and long hours of court hearings.
The first issue of CALDOR BANKRUPTCY NEWS includes:
Chapman stated that one copy of today's first issue of CALDOR
BANKRUPTCY NEWS is available at no charge upon request.
Chapman further advised that individuals with access to the
Internet may obtain copies of the first issue of CALDOR BANKRUPTCY
NEWS at href=chap11.caldor.html">http://bankrupt.com/chap11.caldor.html
/CONTACT: Peter A. Chapman of href="dir.bankruptcy.html">Bankruptcy Creditors' Service, Inc.
609-924-8949, or fax, 609-924-8963, or E-mail: href="mailto:firstname.lastname@example.org">email@example.com/
NEW YORK, Sept. 19, 1995 -- Al Gordon,
formerly a Managing
Director at JP Morgan, has joined href="dir.firm.jay.alix.html">Jay Alix & Associates (JA&A), a
nationally recognized turnaround and debt restructuring firm, as a
As the head of Morgan's Special Loan Department, Gordon had
responsibility for dealing with companies that were experiencing
Jay Alix & Associates is a
highly respected name among banks
and attorneys and its track record of helping corporate clients
achieve remarkable turnarounds is impressive," Gordon said. "It is
a firm where I will be able to put my restructuring experience to
With JP Morgan for more than 25 years, Gordon dealt with the
rise of loan defaults, Chapter 11 filings, and restructurings in
some of the country's largest corporations that occurred during the
1980s and the early 1990s.
"Al brings a wealth of experience to the table. He understands
both lenders and management, and he appreciates the value of
consensus as part of a corporate turnaround effort," Jay Alix,
founder of JA&A said. "He is a great addition to the firm."
Gordon lives in Greenwich, Connecticut, and will work in the
firm's mid-town Manhattan office.
/CONTACT: Debra E. Kuptz of Jay
Alix & Associates, 810-358-4420/
COLUMBUS, Ohio--Sept. 19, 1995--Clinton Gas
Systems Inc. (NASDAQ:CGAS)("CGAS"), a natural gas and oil producer
and marketer, announced today that it has sold its primary claim in
the Columbia Gas Transmission
Corp. Chapter 11 bankruptcy
That claim was settled with Columbia in June in the amount of
$8,400,369. It was later approved by the Bankruptcy Court to be
included in Columbia's Plan of Reorganization, which would result in
ultimate payment of a percentage of the allowed claim if the Plan is
Jerry D. Jordan, chairman of CGAS, stated that the claim was
sold to eliminate the uncertainty of the time of payment and
unforeseen procedural problems. Jordan added that late in 1995 or
early in 1996, the company should receive additional payments out of
the bankruptcy for other CGAS claims. He said that it is not yet
possible to determine the total proceeds which will be allocated to
CGAS from sale of the claim and the later Columbia payments, but
they should provide income to the company in the range of $4,000,000
Clinton Gas Systems Inc. is an Ohio corporation which, through
its subsidiaries, is engaged in the business of natural gas and oil
exploration, production and marketing and industrial energy
management. Its principal offices are located at 4770 Indianola
Ave., Columbus, OH 43214. Its shares are traded on The Nasdaq Stock
Market under the symbol "CGAS."
CONTACT: Clinton Gas Systems Inc., Columbus,
J.D. Jordan or Donald A. Nay, 614/888-9588
BRIGHTON, Mich., Sept. 19, 1995 -- href="chap11.fretter.html">Fretter, Inc. (Nasdaq:
FTTR) announces sales of $158,106,000 for its second quarter ended
July 31, 1995. This is a decrease in sales of 22.6% from the prior
fiscal year. The Company closed twelve stores and opened six new
stores during the last fiscal year and closed twelve stores during
the second quarter ended July 31, 1995 which in part, contributed to
the lower sales.
Comparable store sales decreased 28.5% for the second quarter
ended July 31, 1995. The term "comparable store sales" relates each
store's sales in a current fiscal period to the same store's sales
in the same period in the prior fiscal year.
For the second quarter ended July 31, 1995, the Company
announced a net loss of $10,997,000 ($1.04 per share) compared to a
net loss of $1,537,000 ($.15 per share) for the second quarter of
the last year.
Due to the Company's inability to profitably operate its retail
stores in the states of New York, California, Washington, Texas,
Oregon and New Mexico, the Company began closing its retail stores
in those states in late August, 1995. In addition, the Company has
closed several stores in the states of New Jersey, Illinois,
Pennsylvania and Massachusetts. The total stores closed and
currently scheduled to be closed equals 70, which will leave 159
operating stores. The Company estimates that a one-time
restructuring charge to be recorded in the third quarter for these
costs will range between $36 million and $48 million. The Company
continues to review the profitability of all markets and stores.
As of July 31, 1995, the Company failed to meet two loan
covenants in its indebtedness to its primary lender. The lender
previously granted a waiver of such requirements through July 31,
1995. Given the performance of the Company, a further waiver may
not be granted.
Based on the foregoing the Company has engaged financial and
legal advisers to assist it in analyzing various alternative
strategies, each of which would lead to a material adverse impact on
the ability of the Company to continue its current operations in the
current fashion. Accordingly, the Company is actively considering
all of its options, including seeking relief under the United States
Bankruptcy Code for the Company and/or one or more of its
Fretter, Inc. is a large volume specialty retailer of home
entertainment products, consumer electronics and appliances. Giving
effect to the closure of stores in the process of being closed,
Fretter operates 159 retail stores under the names Fretter, Fred
Schmid Appliance & TV Co., Dash Concepts, Silo and YES! in the
states of Arizona, Colorado, Delaware, Illinois, Indiana,
Massachusetts, Michigan, Montana, Nevada, New Hampshire, New Jersey,
Ohio, Pennsylvania and Wyoming.
/CONTACT: Dale Campbell of Fretter, 810-220-5178/
TORONTO, Ontario--Sept. 19, 1995--href="internat.canada.trenton.html">TRENTON
INDUSTRIES INC. (TSE:TII) -- The court has today adjourned the
motions for approval of the Proposals under the Bankruptcy and
Insolvency Act of Trenton Industries Inc. and its two subsidiaries,
Trenton Machine Tool Inc. and SailRail Enterprises Ltd.
The motions for court approval will now be heard on Oct. 19,
1995. The adjournment was sought by the Trenton Group in order to
provide it with an additional period of time in which to obtain
financing for its obligations under the Proposals and to support a
return to normal business conditions.
CONTACT: Trenton Industries Inc.,
Dean M. Antonakes, 613/394-4861