BRENTWOOD, N.Y., Oct. 3, 1995 -- Allou Health &
Care, Inc. (AMEX: ALU) today announced the purchase of selected
assets of Russ Kalvin's, Inc., a
privately-owned manufacturer and
distributor of branded and generic professional hair care products
sold to mass merchandisers and independent retailers.
These assets include: accounts receivable, inventory, plant
equipment and intellectual property rights. The purchase price is
$2.2 million payable in cash.
Founded in 1974 and headquartered in Saugus, California, Russ
Kalvin's is currently subject to a proceeding under Chapter 11 of
the Bankruptcy Act.
David Shamilzadeh, senior vice president and chief financial
officer of Allou, stated, "Our Company's strong position in the
distribution of health and beauty care products will provide
excellent support for Russ Kalvin's products. This should enable a
more aggressive marketing of Kalvin's branded and generic line of
quality hair care products. Furthermore, Allou intends to
manufacture in California and distribute Russ Kalvin's brands
All administrative operations will be consolidated into Allou's
Brentwood, New York headquarters, thus eliminating any duplication
of functions, while reducing costs and maintaining strict controls.
Allou Health & Beauty Care, Inc. Is the premier distributor of
over 22,000 nationally advertised health and beauty aid products,
branded and generic prescription pharmaceuticals, prestige designer
fragrances, cosmetics and branded non-perishable foods. Allou's
account base consists of 4,200 independent drug and convenience
stores including the national chain stores.
/CONTACT: David Shamilzadeh, Senior Vice President-Chief Financial
Officer of Allou Health & Beauty Care, Inc., 516-273-4000/
WILMINGTON, Del., Oct. 3, 1995 -- href="chap11.columbia.html">The Columbia Gas System,
Inc. (NYSE: CG), and Columbia Gas Transmission Corp., its
pipeline subsidiary, have asked the U.S. Bankruptcy Court for the
District of Delaware to extend the exclusive periods for filing
and/or amending their Chapter 11 reorganization plans to January 2,
The Corporation said it is optimistic that both reorganization
plans will receive the favorable majorities necessary to permit
confirmation by the Bankruptcy Court, thereby enabling the companies
to meet their current timetable and emerge from Chapter 11 before
the end of the year.
The extension was requested only to be certain that ample time
would be available to obtain the many approvals required under the
Bankruptcy Code and, if necessary, to amend the plans in order that
they can be successfully confirmed at the hearings which are now
scheduled to commence November 13.
The current exclusivity periods for the two companies expire
October 16, 1995.
The two companies have been operating as debtors-in-possession
under Chapter 11 of the Bankruptcy Code since July 31, 1991.
/CONTACT: Media, H.W. Chaddock, 302-429-5261, or Analysts,
T.L. Hughes, 302-429-5363, or K.P. Murphy, 302-429-5471, all of
PHOENIX, Oct. 3, 1995 -- Employee Solutions,
(Nasdaq: ESOL) today announced that it has completed its acquisition
of the principal assets of Hazar,
Inc. and its subsidiaries. Hazar
is a staff leasing company that has been operating under the
protection of federal bankruptcy laws. The acquisition effectively
increases the number of ESI's leased employees from 6,000 to 11,000
and expands the Company's geographic reach to key markets in
California, New York, New Jersey, Massachusetts, New Hampshire,
Rhode Island and Illinois. Hazar estimates that the annualized
payroll attributable to the purchased assets is approximately $120
Marvin D. Brody, ESI's chairman and chief executive officer,
stated, "We are very pleased to announce the completion of the Hazar
acquisition, Hazar will provide the necessary platform from which we
can continue our penetration of key geographic markets and over time
will permit increasing economies of scale across our entire
The purchase price equals the lesser of $7.0 million or five
times adjusted earnings derived from the acquired assets for the 12-
month period following closing, payable in cash and by the
assumption of certain liabilities. The cash portion of the purchase
price is payable on an ongoing basis from the operating cash flow
derived from the acquired assets, with a final payment due 18 months
after closing if the purchase price exceeds the sum of the cash flow
payments and assumed liabilities.
In a related transaction, an ESI subsidiary has agreed to
provide management services to Employer Sources, Inc., a California-
based Hazar subsidiary with approximately 1,500 leased employees.
The management agreement, which is subject to approval by the
bankruptcy court, gives the ESI subsidiary an option to acquire the
assets of the managed subsidiary for $400,000 that expires in June
Employee Solutions, Inc. is a staff leasing company providing
solutions to small and mid-sized companies for lower cost and more
comprehensive benefit packages, payroll administration, workers'
compensation and flexible health insurance programs tailored to the
needs of the client.
/CONTACT: Todd P. Belfer, Vice President of Investor Relations of
Employee Solutions, 602-955-5556; or Eugene G. Heller of Silverman
Heller Associates, 310-208-2550/
ST. LOUIS, Missouri--Oct. 3, 1995--As
announced, the expiration date of the subscription period for href="chap11.twa.html">Trans
World Airlines, Inc. (AMEX:TWA) equity rights is Thursday,
The subscription order form and payment for purchase of newly
issued common shares through exercise of the equity rights must be
received on or before midnight of the expiration date. Also as
previously announced, the subscription price has been set at
TWA issued the approximately 13,150,000 equity rights--non-
transferable rights to purchase for cash from the company newly
issued common stock pursuant to a basic subscription privilege and
an oversubscription privilege--as part of the company's prepackaged
plan of reorganization under Chapter 11 of the U.S. Bankruptcy Code.
CONTACT: Trans World Airlines, Inc.,
Media -- John McDonald 314/589-3214;
Investors -- Krista Grossman, 800/811-0075
TEMPE, Ariz.--Oct. 3, 1995--UDC Homes,
(NYSE:UDC) (the "Company") announced that the United States
Bankruptcy Court for the District of Delaware (the "Bankruptcy
Court") entered a confirmation order (the "Confirmation Order")
today with respect to the Company's Second Amended Reorganization
Plan, as modified (the "Plan"). The Company commenced its
bankruptcy case under Chapter 11 of the Bankruptcy Code on May 17,
The Company originally filed the Plan on August 3, 1995, and
modified the Plan on August 31, 1995. The keystone of the Plan is a
previously announced stock purchase agreement (the "Stock Purchase
Agreement"), pursuant to which DMB Property Ventures Limited
Partnership, a Phoenix-based real estate investment and development
company or an affiliate of such company ("DMB"), will purchase from
the Company, for an aggregate purchase price of $108 million, 100%
of the new equity of the Company and $30 million in the Company's
new subordinated notes.
"The Confirmation Order completes another critical step in UDC's
reorganization process," said Richard C. Kraemer, president and
chief executive officer of UDC. "After the consummation of the
Plan, including the closing of the DMB transaction, the most
difficult stages of our turnaround will be completed."
Under the Plan, the holders of the Company's senior unsecured
notes will receive $83 million in cash and $64.1 million in new
senior unsecured notes; the holders of the Company's convertible
subordinated notes will receive $5.9 million in new senior unsecured
notes and $2 million in new subordinated notes; and the holders of
the Company's prime preferred exchangeable stock will receive trust
certificates representing a pro rata interest in $3 million in new
subordinated notes. The holders of all other claims and interests
relating to classes of the Company's outstanding preferred stock and
common stock will not receive any consideration under the Plan.
Pursuant to the Plan, all priority claims, general unsecured claims
and secured claims against the Company will be unimpaired.
As previously disclosed, the closing of the Stock Purchase
Agreement (and thus the consummation of the Plan) is subject to
certain conditions, including the Company's achievement of certain
financial conditions at the time of closing. At the present time
and subject to the terms of the Stock Purchase Agreement, the
Company anticipates that the closing will occur in the next few
UDC Homes, Inc., headquartered in Tempe, Arizona, is a home
builder, concentrating in move-up family and retirement housing with
continuing operations in Arizona and California.
CONTACT: Michael D. Singer,
Arthur Schmidt & Associates,