TCR_Public/951013.MBX BANKRUPTCY CREDITORS' SERVICE, INC.



RATING NEWS: Battery Park City Authority and
        Housing New York Corporation Bonds placed under review; Olympia &
        York (USA) files for Chapter 11 protection for itself and a number
        of subsidiaries


            NEW YORK, New York--Oct. 13, 1995--Moody's
Investors
        Service announced today that "On October 11, 1995,
Olympia & York
        (USA) initiated of a series of filings for Chapter 11 protection in
        U.S. bankruptcy court for a number of its subsidiaries involved in
        the United States real estate market.  
        


            Included in these filings is Olympia & York Tower A Company, a
        lessee under a ground lease which is part of the security for
        certain bonds issued by Battery Park City Authority and Housing New
        York Corporation which are currently rated by Moody's.  Because of
        the uncertainty surrounding the details of the filings, Moody's has
        placed the following bond ratings under review:
        


             Battery Park City Authority, Senior Revenue Refunding Bonds,
        Series 1993A: A1 (under review)
        


             Housing New York Corporation, Senior Revenue Refunding Bonds,
        Series 1993: A1 (under review)
        


             Battery Park City Authority, Junior Revenue Refunding Bonds,
        Series 1993 A: A (under review)
        


         
        Approximately $860 million of debt is affected by this action.  
           

Moody's will continue to monitor the situation and will take
        rating action when additional information has been received and
        reviewed."  
        


        CONTACT:  Moody's Investors Service,
                  Lloyd C. Alcorn, 212/553-1042,
                  Bill deSante, 212/553-0353,
                  Gail Susman, 212/553-0819
        




Petrie Stores comments on bankruptcy filing by
        Petrie Retail

        
            NEW YORK, New York--Oct. 13, 1995--In response to
        questions, Petrie Stores Corporation (NYSE:PST) announced today that
        although it has not yet received a copy of yesterday's filing by
        Petrie Retail, Inc. seeking
protection under the federal bankruptcy
        laws, it had the following preliminary comments regarding the impact
        of Petrie Retail's bankruptcy on Petrie Stores' Plan of Liquidation
        and Dissolution.  
        


            As previously announced, on Dec. 9, 1994, Petrie Stores sold
        Petrie Retail, which holds all of the retail operations formerly
        conducted by Petrie Stores, to an investor group led by E.M.
        Warburg, Pincus & Co. and including Petrie Retail's management.  
        


            Petrie Stores is a guarantor of certain retail store leases,
        expiring at various times through 2005, to which Petrie Retail or
        other former Petrie Stores' subsidiaries are parties.  As of Oct. 1,
        1995, Petrie Stores believes that its aggregate contingent lease
        guarantee liability, should there be defaults with respect to all of
        the underlying leases, is approximately $77 million.  While Petrie
        Stores' actual liability as guarantor will be reduced, among other
        things, to the extent Petrie Retail affirms certain of these leases
        in bankruptcy or the landlords of leases rejected in bankruptcy find
        new tenants, Petrie Stores is not able at this time to estimate what
        its ultimate liability as guarantor will be.  
        


            Petrie Stores further stated that any amounts that it may be
        required to pay in respect of its other contingent liabilities
        (primarily related to a fiscal 1989 year tax audit and a
        multiemployer pension plan) will not be materially affected by
        Petrie Retail's bankruptcy filing.  
        


            During 1995 Petrie Stores has distributed to its shareholders a
        total of 31,409,587 shares of Toys "R" Us, Inc. pursuant to Petrie
        Stores Plan of Liquidation and Dissolution and continues to hold
        10,055,576 Toys "R" Us shares, which had a market value of
        approximately $274 million based on the Toys "R" Us closing price of
        $27.25 on Oct. 12, 1995, as well as about $20 million in cash.
        Additional distributions of Toys "R" Us shares will be made from
        time to time when Petrie Stores' board of directors feels it is
        appropriate, taking into account Petrie Stores' then remaining
        contingent liabilities.  The bankruptcy filing by Petrie Retail does
        not affect Petrie Stores' plans to place its remaining assets in a
        liquidating trust prior to Jan. 24, 1996.  At that time, Petrie
        Stores' shareholders will become holders of beneficial interest in
        the liquidating trust.  
        


            Petrie Stores may have additional comments after it has had a
        chance to fully review Petrie Retail's bankruptcy filling.  
        


        CONTACT: Robinson Lake Sawyer Miller,
                 Mary Ann Dunnell, 212/484-7797
                            or                                   
                Robert Mercorella, 212/484-7541
        




Country World Casinos files bankruptcy
        petition under Chapter 11 for the protection of its shareholders
        
            DENVER, Colorado--Oct. 13, 1995--href="chap11.country.html">Country World Casinos
        Inc.
(Bulletin Board:CWRC), announced today that on Oct. 12,
1995,
        it filed a bankruptcy petition under Chapter 11 of Title II of the
        United States Bankruptcy Code.  
        


            This action was taken to stay a foreclosure of Country World's
        property in Black Hawk, Colo., in an action commenced by
        Tommyknocker Casino Corp., the holder of a note and second deed of
        trust on the Country World property.  
        


           In May 1995, Country World filed a civil action against
        Tommyknocker Casino Corp. and its parent, New Allied Development
        Corp., for, among other things, failure to secure a release of a
        $475,000 first deed of trust on the 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's ability to obtain a gaming license.  
        


            Also, Country World ceased making payments to Tommyknockers, and
        Tommyknockers commenced the foreclosure action.
        


            The bankruptcy filed was necessitated by an order of the
        magistrate, delivered to Country World this week, that the
        foreclosure sale could be commenced.
        


           Roger Leclerc, president of Country World Casinos, said: "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 still seeks to
        construct the largest casino for limited stakes gambling in Black
        Hawk, Colo.  Country World continues to aggressively pursue the
        financing necessary to construct the casino.  
        


            "I recognize that there continues to be substantial obstacles to
        the development of this project, but I remain optimistic about the
        underlying attractiveness of the property and the theme of the
        casino."
        


        CONTACT:  Country World Casinos Inc., Denver,
                  Roger D. Leclerc, 303/777-6111