TCR_Public/951012.MBX BANKRUPTCY CREDITORS' SERVICE, INC.



I.C.H. Corporation makes announcement

        
            DALLAS, Texas--Oct. 12, 1995--I.C.H.
Corporation
(ICH
        or the Company) (f/k/a/ Southwestern Life Corporation) (ASE:SLC)
        today provided additional details regarding its filing of a
        voluntary petition for reorganization under Chapter 11 of the U.S.
        Bankruptcy Code in Dallas on Oct. 10, 1995.  
        


            The Company stated that the filing reflected parent company only
        scheduled assets and liabilities of $406.0 million and $510.0
        million, respectively, as of Aug. 31, 1995.  
        


            Included in scheduled assets were gross proceeds of $213.0
        million from the pending sale of ICH's principal subsidiaries, $45.1
        million of cash and short-term investments, $68.2 million
        representing the carrying value of its retained insurance and other
        subsidiaries, $18 million representing the estimated value of a
        profits interest in a Federal savings bank holding company, and
        receivables and other assets of $61.7 million.  Included in
        receivables is $24.6 million recorded to date for a tax
        indemnification claim against a third party and a note in the amount
        of $28.1 million that is pledged to secure a note payable in the
        amount of $31.3 million.  
        


            Scheduled liabilities included the Company's outstanding
        publicly-held notes payable due in 1996 and 2003 totaling $379.1
        million, including accrued interest; other notes payable totaling
        $56.8 million, including accrued interest; federal income taxes
        payable of $63.2 million, including accrued interest; and other
        liabilities of $10.9 million.  The outstanding publicly-held notes
        payable amount includes the $21.5 million of such notes held by the
        Company's subsidiary, Constitution Life Insurance Company, which
        notes will be distributed to ICH.  
        


            The Company's estimate of $202.0 million of net cash proceeds
        from the pending sale reported on Oct. 10, 1995 reflected
        anticipated purchase price adjustments to be made upon the final
        determination of the subsidiaries' statutory capital and surplus as
        of Sept. 30, 1995.  Additionally, the federal income tax payable
        noted above is the parent company's portion of the consolidated $67
        million tax settlement previously disclosed.  
        


            These amounts are unaudited, reflect various estimates made by
        management based on currently available information and are subject
        to revision for, among other things, the redetermination of income
        taxes for the years 1990-1995, the ultimate resolution of tax
        indemnification claim against a third party or any potential
        liabilities under the indemnification provisions of the purchase
        agreement related to the proposed sale of the Company's principal
        subsidiaries.  Additional information regarding ICH's assets and
        liabilities will be provided as of Sept. 30, 1995 in connection with
        the filing of its Report on Form 10-Q for the third quarter.  
        


        CONTACT:  I.C.H. Corporation, Dallas,
                  Gerald J. Kohout, 214/954-7414
        




Mirage Resorts reports strong third quarter
        earnings; breaks ground on new luxury resort -- Bellagio

        
            LAS VEGAS--Oct. 12, 1995--Mirage Resorts
        Thursday reported 1995 third quarter earnings of $0.47 per share,
        versus $0.39 for the prior-year quarter.
        


            Net income of $45.2 million was up 23% over the $36.7 million
        reported in last year's third quarter.
        


            For the nine months, Mirage Resorts achieved earnings before
        extraordinary items of $1.31 per share, nearly equaling the $1.32
        earned for the full year 1994.
        


        Results during the recent quarter were excellent at all four properties.
        


            The Mirage maintained its record of strong performance, despite
        a decline it its table games win percentage and the fact that there
        were 8% fewer available room-nights in the quarter due to its guest
        room enhancement program.  The enhancement program was completed on
        Aug. 18 and has been very well received.  
        


            For the month of September, the property's average room rate
        rose 13% over September 1994, despite prior bookings at the pre-
        enhanced rates.  Occupancy of available standard rooms in the
        quarter was 99.7%, versus 99.6%.  
        


            Treasure Island continued its strong financial performance of
        the past several quarters.  Its gross revenues rose 7% and operating
        cash flow increased 5% over the strong results of the prior-year
        quarter.  For the nine-month period, Treasure Island generated
        revenues of $295 million and operating cash flow (EBDIT) of $87
        million -- up 9% and 24%, respectively.
        


            As expected, the Golden Nugget's results were affected in the
        recent quarter by disruption caused by construction of the Fremont
        Street Experience.  
        


            This $70 million project is being built by the major downtown
        casino operators in partnership with the City of Las Vegas.  It
        converts Fremont Street (the principal street in front of the Golden
        Nugget and other casinos) into a pedestrian mall, topped with a 100'
        by 1,500' special effects canopy.  
        


            Within the canopy are 2.1 million computer-controlled, four-
        color lights and a 540,000-watt sound system.  The system was
        recently tested very successfully and is expected to be fully
        operational by December.  
        


            Operating results at the Golden Nugget - Laughlin were
        relatively flat, despite an increase in local competition that
        opened in December 1994.  
        


            The company-wide table games win percentage in the quarter was
        20.3%, versus the exceptionally high 22.1% of the prior-year's third
        quarter.  For the 1995 nine-month period, the company-wide table
        games win percentage was 20.2%, versus 19.2% for the 1994 period.
        


            Corporate expense declined 17% from the third quarter of 1994,
        as the company focused on design and construction of new projects
        rather than gaming legislation efforts.  The company's policy is to
        expense virtually all new jurisdiction costs as incurred, so a
        reduction in such activities resulted in a reduction in corporate
        expense.
        


            Interest cost declined 40% from the prior-year period.  The
        company's long-term debt as of Sept. 30, 1995, was $258 million -- a
        reduction of 41% from Sept. 30, 1994.
        


            In recognition of the company's steady cash flows and strong
        balance sheet, Moody's Investors Service recently upgraded its
        ratings on the company's two outstanding note issues and assigned a
        Baa3 rating to its bank credit facility and a P3 rating to its
        planned commercial paper program.  
        


            All three major securities rating agencies (Moody's, Standard &
        Poor's and Duff & Phelps) now regard the company as "investment
        grade" at the senior, unsecured debt level.  
        


        New Projects
        


            During the quarter, the company completed its design and
        development process and began construction on its most ambitious
        project yet -- Bellagio.  This exciting $1.1 billion, 3,000 guest-
        room luxury resort is scheduled to open on the Las Vegas Strip in
        late 1997 or early 1998.  
        


            During the design and development process, the company decided
        to reduce the height but increase the length of the Bellagio guest
        room tower (leaving the number of guest rooms unchanged) and to
        significantly increase the size of its casino, retail and convention
        facilities.
        


            Bellagio will be connected via a transportation system to Monte
        Carlo, a 3,000 guest-room hotel-casino currently being built at the
        south end of the Bellagio site.  This $344 million resort (including
        its land at estimated value) is a 50/50 joint venture between the
        company and Circus Circus Enterprises Inc. and is scheduled to open
        in early summer 1996.
        


            On Sept. 6, the company was selected by the City of Atlantic
        City, N.J., as the preferred developer of a 178-acre city-owned site
        in the Marina district, adjacent to the successful Harrah's
        facility. This is the largest single casino-zoned land parcel in
        Atlantic City.
        


            The company currently plans to reenter the Atlantic City market
        with a large, creative and exciting facility.  It is expected to
        cost between $500 million and $750 million.  
        


            The company previously developed, owned and operated the Golden
        Nugget-Atlantic City, which, from its opening in 1980 until it was
        sold for a large profit in 1987, led the Atlantic City market in
        revenues and operating income, despite being one of the smallest
        facilities.  
        


            The company is currently working with the city on a Memorandum
        of Understanding, which is expected to be followed within 12 months
        by a development agreement and commencement of construction.  Like
        most of its other large facilities, the company anticipates that
        this project will require 24 to 30 months for construction.  
        


            In Louisiana, the unofficial committee representing href="chap11.capital.html">Capital
        Gaming International
's bondholders recently informally indicated
        their approval of the Mirage's existing agreement to purchase the
        stock of Capital's New Orleans riverboat casino subsidiary for
        approximately $62 million.  
        


            Capital Gaming's subsidiary is operating under Chapter 11
        bankruptcy protection.  The subsidiary intends to file a plan of
        reorganization with the bankruptcy court providing for consummation
        of the Mirage Resorts acquisition.  

        
            Mirage Resorts has also filed an application with the State of
        Louisiana for the sole unassigned casino license.  The company is
        negotiating agreements for sites in Lake Charles and Bossier City,
        La., where it hopes to develop regional vacation destination resorts
        if it is successful in obtaining the necessary casino licenses and
        other required consents and approvals.


        
                               MIRAGE RESORTS INC.
        
                                  Three months         Nine Months
                                   For the periods ended Sept. 30,  
                                 1995       1994      1995      1994
        (In thousands, except
           per-share data)
        
        Gross revenues             $366,739   $365,769 $1,076,851 $1,030,802
        Less - promotional
          allowances                (31,586)   (29,424)  (89,630)  (87,590)
        
                                335,153    336,345   987,221   943,212
        
        Casino-hotel operating
          costs and expenses        252,750    250,250   751,029   735,569
        Operating income before
          corporate expense          82,403     86,095   236,192   207,643
        Corporate expense             9,278     11,166    27,193    27,574
        Operating income             73,125     74,929   208,999   180,069
        
        Other income and (expenses)
          Interest and other income   1,363      1,001     4,528     4,729
          Interest cost              (7,720)   (12,971)  (25,762)  (41,011)
          Interest capitalized        2,353      1,988     6,830     5,809
          Other, net                    965     (3,072)    1,205    (3,401)
        
                                 (3,039)   (13,054)  (13,199)  (33,874)
        
        Income before income taxes
          and extraordinary item     70,086     61,875   195,800   146,195
          Provision for income
        taxes                   (24,891)   (22,370)  (70,326)  (53,180)
        Income before
          extraordinary item         45,195     39,505   125,474    93,015
          Extraordinary item - loss
        on early retirements of
        debt, net of applicable
        income tax benefit          -       (2,773)   (6,785)   (7,337)
        Net income                  $45,195    $36,732  $118,689   $85,678
        
        Income per share of common stock
          Income before
         extraordinary item       $0.47      $0.42     $1.31     $0.98
          Extraordinary item - loss
         on early retirements of
         debt, net of applicable
         income tax benefit         -        (0.03)    (0.07)    (0.08)
        Net income per share
          of common stock             $0.47      $0.39     $1.24     $0.90
        
        Common and dilutive common
          equivalent shares          96,505     94,448    95,977    94,715
        
                              MIRAGE RESORTS INC.
                               INTERPRETIVE DATA
          
                                    Three Months         Nine Months
                                     For the periods ended Sept. 30,  
                                   1995       1994      1995      1994
        (Dollars in thousands)
        
        Gross revenues
          The Mirage               $200,630   $202,866  $582,735  $556,221
          Treasure Island           100,270     94,075   295,195   271,691
          Golden Nugget              50,584     53,275   150,697   152,937
          Golden Nugget - Laughlin   15,255     15,553    48,224    49,953
        
                                366,739    365,769 1,076,851 1,030,802
        Less - promotional
          allowances                (31,586)   (29,424)  (89,630)  (87,590)
        Net revenues               $335,153   $336,345  $987,221  $943,212
        
        Operating cash flow (EBDIT)(a)
          The Mirage               $ 63,112   $ 66,845  $169,858  $161,315
          Treasure Island            28,363     27,092    86,916    70,154
          Golden Nugget              10,333     12,798    32,690    35,143
          Golden Nugget - Laughlin    2,953      2,950    11,378    11,373
        
                               $104,761   $109,685  $300,842  $277,985
        
        Operating income
          The Mirage               $ 52,625   $ 55,016  $140,619 $125,276
          Treasure Island            21,051     19,863    65,021   49,210
          Golden Nugget               7,523     10,060    24,501   27,273
          Golden Nugget - Laughlin    1,204      1,156     6,051    5,884
        
                                 82,403     86,095   236,192  207,643
        
        Corporate expense            (9,278)   (11,166)  (27,193) (27,574)
        
                               $ 73,125   $ 74,929  $208,999 $180,069
        
        Company-wide table games
          win percentage              20.3%      22.1%     20.2%    19.2%
        
        Company-wide standard guest-
          room occupancy percentage   98.8%      98.9%     98.7%    98.7%
        
        (a) Earnings before depreciation, interest and taxes.
        
                               BELLAGIO RESORT
                            FACT SHEET COMPARISON
        
                                                             Treasure
                                   Bellagio      Mirage      Island
        
        TOTAL BUILDING SQUARE FOOTAGE
        LOWRISE                    1,458,000    1,100,000     635,527
        HIGHRISE                   2,650,000    1,972,000   1,738,365
           TOTAL                   4,108,000    3,072,000   2,373,892
        
        CASINO
        SQUARE FEET                  109,564       95,900      75,000
        TABLES                           140          119          79
        SLOTS                          2,550        2,253       2,251
        
        HOTEL
        STANDARD ROOMS                 2,643        2,765       2,688
        SUITES                           352          279         212
            TOTAL UNITS                2,995        3,044       2,900
        
        APPROX. NET SIZE OF
         STANDARD ROOMS (SQ. FT.)        470          385         380
        
        INTERIOR MEETING SPACE
        SQUARE FEET                   98,000       71,000      16,000
        
        FOOD
        OUTLETS                           12           11           9
        SEATS                          2,400        2,255       1,708
        
        RETAIL
        OUTLETS                           17           12          14
        SQUARE FEET                   55,711       24,815      11,929
        
        ENTERTAINMENT
        SEATS                          1,800        1,503       1,525
        
        SPA & SALON
        SQUARE FEET                   25,000       18,000      14,000
        
        WEDDING CHAPEL
        SQUARE FEET                    3,754           0        3,027
        

        CONTACT:  Mirage Resorts Inc., Las Vegas,
                  Alan Feldman, 702/791-7147
        


PETRIE RETAIL INC. FILES FOR VOLUNTARY CHAPTER 11;
        Company cites difficult industry conditions; will conduct business
        as usual; Arranges $115 million DIP facility from Chemical Bank

        
            SECAUCUS, N.J.--October 12, 1995--href="chap11.petrie.html">Petrie Retail
        Inc.
, a privately-held company, today announced that due to
        difficult retail industry conditions and resulting pressure from
        factors and trade creditors, it has filed a voluntary petition to
        seek protection under Chapter 11 of the Federal Bankruptcy Code.
        The filing, which was made in the United States Bankruptcy Court for
        the Southern District of New York, will enable the Company to
        conduct business as usual and recently- installed management to
        continue to implement its strategic plan to invigorate the business
        and retain the confidence of vendors and other creditors.  
        


            Petrie has obtained a two year, $115 million debtor-in-
        possession (DIP) financing facility from Chemical Bank.  Subject to
        court approval, these funds will enable the Company to meet future
        inventory needs and to fulfill obligations associated with operating
        its business, including the prompt payment of new vendor invoices.
        Employees will receive salaries in the normal manner and basic
        benefit programs will continue.  
        


            Verna Gibson, Petrie Retail Inc.'s Chairman, said, "Since our
        new management team and investor group came to the Company to effect
        a turnaround of Petrie Retail's operations in December 1994,
        business has begun to demonstrate improvements.  We have assembled
        one of the best management teams in the industry, rebuilt our
        merchandising and store organization, have more current inventory in
        place, and have introduced new products that emphasize fit and
        quality.  
        


            "Unfortunately, our efforts have coincided with the most
        difficult industry environment anyone has seen in the last thirty
        years.  While we are seeing progress and improvement in our
        business, factors and trade creditors have nonetheless increased
        their pressure to unprecedented levels.  As a result, we have been
        confronting the most stringent terms that we have historically
        experienced.  
        


            "The protection of Chapter 11 will allow us to regain creditor
        support and continue to implement the business strategy we have been
        pursuing since our team joined Petrie Retail in December 1994.  Our
        new bank financing will enable us to continue to conduct business as
        usual with an uninterrupted flow of fresh product for our customers
        through the course of the Chapter 11 process.  We look forward to
        emerging from Chapter 11 as soon as practicable,"  she concluded.  
        


            Based in Secaucus, New Jersey, privately-held Petrie Retail Inc.
        was formed in 1994 from the retail operations of Petrie Stores
        Corporation.  
        


        CONTACT: (For media)                
                 Kekst and Company,           
                 Tom Daly/Dawn Dover/Adam Weiner     
                 (212) 593-2655                  
                   or
                 (For all other inquiries)
                 Petrie Retail,
                 Information Center
                 (201) 866-3600 ext. 7000
        




Country World Casinos files a
        bankruptcy petition under Chapter 11 for the protection of its
        shareholders

        
            MOORESTOWN, N.J.--Oct. 12, 1995--Holly
        Products, Inc. (NASDAQ: HOPR, HOPRW, HOPRP; BSE:HOP, HOPP) majority
        stockholder of Country World Casinos,
Inc.
(Bulletin Board CWRC)
        today announced that Country World Casinos, Inc. filed a bankruptcy
        petition under Chapter 11 of Title II of the United States Code.
        


            The Board of Directors voted unanimously to file this action in
        order to avoid the public sale of Country World's major assets and
        protect the interest of the shareholders.  Country World Casinos,
        Inc. still seeks to construct the largest casino for limited stakes
        gambling in Black Hawk, Colo. and Holly Products, Inc. continues to
        aggressively pursue the financing necessary on behalf of Country
        World.  
        


            This action is taken to protect the interest of the shareholders
        of both companies as a result of a Rule 120 Motion, finding of fact,
        conclusion of law and order authorizing sale of certain real
        property in Black Hawk, Colo., on behalf of New Allied Development
        Corp. and Tommy Knocker Casino Corp., the holder of a second deed of
        trust on behalf of the Country World property.
        


            In May 1995, Country World Casinos, Inc. filed a civil action
        against Tommy Knocker Casino and its parent New Allied Development
        Corp. for, amongst other things, failure to secure a $475,000 first
        deed of trust on the subject property in accordance with the terms
        of a warranty deed, an overcharge of approximately $300,000 with
        regard to an environmental remediation program and failure to
        disclose the gaming regulatory history of certain control
        individuals within New Allied Development Corp., which would hamper
        Country World Casinos ability to obtain a gaming license.  In
        accordance with the above, Country World ceased making payments to
        New Allied for subject property and sought relief through the
        courts.
        


            As a result of this action, Tommy Knocker filed a notice of
        election and demand of sale with the Gilpin County Public Trustee in
        June 1995 and there after a motion under Rule 120 in the city and
        county of Denver, Colo. seeking an order authorizing the sale of
        subject property. In Oct. 1995, Tommy Knocker and New Allied Corp.
        were granted the motion by a Denver County Magistrate without regard
        for the Civil Action filed by Country World Casinos, Inc. and
        subsequently planned to conduct a public sale at 10:00 A.M., Oct.
        12, 1995.
        


            William H. Patrowicz, president of Holly Products, Inc. stated
        "We are disappointed in the Magistrate's ruling which forces this
        bankruptcy filing.  However, we remain optimistic that we will be
        able to secure the necessary financing and provide greater earnings
        potential for shareholders."
        


        CONTACT: Holly Products , Inc.,
                 William Patrowicz, 609/234-1450




        AMERIWOOD INDUSTRIES EXPECTS TO REPORT THIRD QUARTER LOSS ON SALES
        DECLINE; CITES DIFFICULT RETAIL ENVIRONMENT

        
            GRAND RAPIDS, Mich., Oct. 12, 1995 -- Ameriwood
Industries
        International Corporation (Nasdaq-NNM: AWII) said today that a
        difficult environment for regional discount retailers, the company's
        largest unassembled furniture distribution channel, and consumer
        electronic retailers is likely to cause the company to report a
        decline in sales for the quarter ended September 30, 1995, of
        between 3.5 percent and 4.5 percent.  As a result, the company
        expects to post a loss of between $0.07 and $0.11 per share in the
        third quarter.
        


            The company indicated that discount retailers are suffering from
        a combination of softer-than-expected consumer spending levels and
        competitive pressures from the dominant players in the discount
        category.  Regional discount retailers, specifically in the
        Northeast section of the nation, have been hit particularly hard.
        The impact of these reduced sales levels is further compounded by
        retailers reducing apparent over-inventory positions beyond
        adjusting for the current sales volume.  Additionally, Ameriwood's
        original equipment manufacturer (OEM) revenues were unfavorably
        impacted by softness in consumer electronic sales.
        


            Ameriwood expects that it will report a loss for the third
        quarter when it reports its results later this month.  Several
        factors are contributing to this situation.  The decline in sales,
        resulting in lower production levels, makes it relatively more
        difficult to absorb the company's fixed costs.  Additionally, the
        overall retail environment and the declaration of Chapter 11
        bankruptcy by a significant customer, href="chap11.caldor.html">Caldor Corp., during the
        quarter will likely necessitate an increase in Ameriwood's bad debt
        reserve to reflect the weak retail environment.
        

            "We are operating in a very difficult environment," said
        Ameriwood President and Chief Executive Officer Jay Miglore.  "The
        weak environment in the regional discount retailer segment and the
        reactions of our customers in that segment of the market are having
        effects on every aspect of our business.  The decline in sales and
        its implications for overhead absorption and the need to increase
        our bad debt reserves are just the most obvious.  Additionally, as
        our customers struggle to manage their own inventories, the number
        of last minute changes to orders and deliveries increases.  That, in
        turn, makes it more difficult for us to operate efficiently and puts
        additional pressure on our operating margins.
   

     
            "The competitive pressures stemming from excess capacity in the
        unassembled furniture industry remain intense," said Miglore.  "All
        industry participants are continuing to be aggressive in their
        pricing to maintain market share and cover fixed costs.  Ameriwood
        continues to emphasize new product development and a focus on
        growing channels such as office superstores, as well as further
        penetration of other channels."
        

            Miglore said that the quarter did have a number of bright
spots
        that will help Ameriwood deal with the current environment and allow
        it to prosper over the longer term.  To counter the weakness in the
        discount channel, Ameriwood will continue to emphasize the office
        superstore channel which Ameriwood believes is the most rapidly
        growing unassembled furniture channel.  "We are increasing our
        penetration of the office superstore market, which has become our
        second largest channel in less than two years, with products
        designed for the home office and small business.  These products and
        other products targeted for channels other than discount are part of
        our strategy to broaden our product line to include products for
        additional channels of distribution and to reduce our relative
        exposure in the discount retail segment of the market.  We are
        looking forward to the upcoming High Point, North Carolina,
        furniture show with new products that will further that strategy."

        
            Ameriwood Chairman Neil L. Diver noted that Ameriwood continues
        to closely control costs to help mitigate the current environment.
        "We are fortunate that we instituted cost controls last year in
        anticipation of a difficult environment.  Therefore, we are as lean
        as we can be without degrading our ability to operate effectively.
        Clearly, we have to continue to be aggressive in controlling our
        costs, and I am confident we are doing so."
   

     
            Separately, Diver indicated that Ameriwood is making progress
        toward resolving the environmental issue at its Dowagiac, Michigan,
        manufacturing facility.  "Recent changes in Michigan environmental
        law have caused us to escalate the planning and implementation of
        remediation of the facility and the determination of costs of
        remediation.  However, we will also continue our efforts through
        litigation to recover past and future costs from the other
        responsible parties," said Diver.

        
            Ameriwood Industries is one of the nation's leading
        manufacturers of quality unassembled furniture for home and offices
        and is also a major original equipment manufacturer of stereo
        speaker cabinets.
   

     
        /CONTACT:  Dave Kraker, Treasurer, of Ameriwood Industries,
        616-336-9400; or Mike Arneth (general), Amy LaBan (analysts), or
        Laura
        Kuhlmann-Doerer (media), all of The Financial Relations Board,
        312-266-7800/