TCR_Public/951016.MBX BANKRUPTCY CREDITORS' SERVICE, INC.



Oakhurst makes announcement

        
            GRAND PRAIRIE, Texas--Oct. 16, 1995--Oakhurst
        Company Inc. ("Oakhurst") (Nasdaq:OAKC), (formerly Oakhurst Capital
        Inc.), a major distributor in the automotive aftermarket, today
        announced results of operations for its second quarter ended August
        31, 1995.
        


            The company had a net loss of $449,000 ($0.14 per share) for the
        quarter, bringing the first half net loss to $664,000 ($0.21 per
        share).
        


            Second quarter results were impacted by a provision for doubtful
        accounts of $150,000 following the announcement by href="chap11.jamesway.html">Jamesway Corp.
        that it may file for Chapter 11 bankruptcy protection.  Jamesway,
        which has been one of the largest customers of the Steel City
        Products business, accounted for sales of $4 million between March
        and September 1995.  Shipments have been suspended pending a further
        announcement by Jamesway.
        


            Maarten Hemsley, Oakhurst's CEO, said that Steel City's sales
        trend improved in the second quarter compared with the first,
        although gross margins were slightly lower.  Management is
        optimistic that its marketing efforts, which led to the addition of
        two new customers during the second quarter (Ames Department stores
        and NHD), will enable Steel City to replace the Jamesway business
        although this cannot be expected to occur immediately.
        


            During the second quarter the company's radiator distributor,
        Dowling's, succeeded in regaining market share following the first
        quarter attack on one of its principal markets by an aggressive
        competitor.  In August, sales exceeded prior year levels for the
        first time this year, and Dowling's posted a small operating profit
        in the second quarter compared with a loss in the first.  During the
        third quarter, the improved sales trend has continued, and gross
        margins have also increased.  Hemsley confirmed that Dowling's will
        open its seventh location, in Philadelphia, in the near future.
        


            During the quarter, Puma Products, Oakhurst's truck accessories
        distributor, opened a satellite facility in Elkhart, Indiana (center
        of the vehicle conversion industry), enlarged its product line and
        developed its first catalog.  Hemsley said that these changes
        positioned Puma well for the future, but the impact was not seen in
        second quarter results.


                    Oakhurst Company Inc. & Subsidiaries
                 Condensed Consolidated Results of Operations
            (dollar amounts in thousands, except per share data)
                              (Unaudited)
        
         
                     Three Months  Thirteen Weeks    Six Months   Twenty-six
        
                      Ended            Ended          Ended        weeks ended
        
                   Aug. 31, 1995  Aug. 27, 1994    Aug. 31, 1995  Aug. 27, 1994
        
        Revenues            $13,668     $10,108         $26,739         $19,988
        
        Net Income (loss) before income taxes           (479)        604
        (655)          1,094
        
        Income taxes (benefit)               (30)        201               9
        397
        
        Net income (loss) from continuing operations             (449)
        403            (664)            697
        
        Discontinued operations (net)         -           66
        -               66
        
        Net income (loss)                $(449)       $469           $(664)
        $763
        
        Per common share amounts:
         Income (loss) from
         continuing
         operations          $(0.14)     $ 0.13          $(0.21)
        $0.24
        
         Income from
         discontinued
         operations             -          0.02
        -               0.02
        
         Net income
         (loss)             $ (0.14)     $ 0.15          $(0.21)
        $0.26
        
        Weighted average number of shares outstanding used in computing per
        share amounts     3,195,235   2,866,277       3,192,832
        2,949,777

        
        CONTACT: Oakhurst Company Inc.,
                 Maarten D. Hemsley, 214/660-4484
                           or
                 Karen A. Stempinski, 214/660-4448
        


Subject: "WALTER INDUSTRIES REPORTS 20 P..." (fwd)
        WALTER INDUSTRIES REPORTS 20 PERCENT INCREASE IN EBITDA, 12 PERCENT
        HIGHER REVENUES FOR FISCAL 1996 FIRST QUARTER

        
            TAMPA, Fla., Oct. 16, 1995 -- href="chap11.walter.html">Walter Industries (Nasdaq:
        WLTR) today reported results for its fiscal first quarter ended
        August 31, 1995, its first full operating period since emerging from
        Chapter 11 reorganization as a newly public company in March.
        


            Net sales and revenues totaled $380.1 million, a 12 percent
        increase over revenues of $340.6 million a year earlier.
        


            Earnings before interest, taxes, depreciation, and amortization
        of goodwill (EBITDA) increased 20 percent to $89.6 million versus
        $74.8 million in the prior year period.
        


            EBITDA was higher in each of the company's four operating
        groups, and revenues were higher in all but Homebuilding and Related
        Financing.
        


            Commenting on the company's first quarter performance, Chairman
        and Chief Executive Officer G. Robert Durham said, "These results
        underscore our expectations that fiscal 1996 will produce very
        favorable year-to- year improvement across our major business
        lines."
        


            The company's Homebuilding and Related Financing Group generated
        five percent higher EBITDA despite a two percent decrease in
        revenues. The income improvement stemmed mainly from improved
        margins resulting from higher average home sales prices and lower
        lumber costs.  The revenue decline resulted from decreased unit
        sales during the quarter.
        


            A 13 percent increase in revenues and 11 percent higher EBITDA
        in the Water and Waste Water Transmission Products Group reflected
        gains in both volume and selling prices for the company's ductile
        iron pressure pipe, fittings, valves and hydrants, despite higher
        raw material costs.
        


            The Natural Resources Group posted 30 percent higher revenues,
        and EBITDA increased 157 percent to $17.2 million from $6.7 million
        in the prior year period.  During the current quarter, the Group
        benefited from higher coal and methane gas shipments, lower
        production costs, and greater outside coal, gas and timber royalty
        income.
        


            Results of the Industrial and Other Products Group, with
        increases of 12 percent in revenues and 10 percent in EBITDA,
        principally reflected improved performances from the company's
        aluminum and coke operations.
        


            Capital expenditures were $14.0 million in the current quarter
        compared with $14.7 million in the 1994 period.
        


            Net income for the quarter was $241,000, or less than one cent
        per share, versus $1.4 million in the prior year.  The $13.4 million
        increase in earnings before interest and taxes was more than offset
        by $18.1 million of additional interest expense in the current
        quarter resulting from the company's post-reorganization capital
        structure.  Net income was also after $10.2 million and $10.6
        million of goodwill amortization in the current and prior year
        quarters, respectively, relating to the company's 1987 leveraged
        buyout.

        
                     WALTER INDUSTRIES, INC. AND SUBSIDIARIES
                  CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
        
                                          Quarter Ended August 31,
        
        ($ in thousands, except
          per share amount)                    1995              1994
        Net sales and revenues (a)         $380,148          $339,222
        Cost of sales                       249,833           224,119
        Depreciation                         18,517            16,757
        Selling, general
         and administrative                  34,042            33,647
        Postretirement
         health benefits                      6,679             6,647
        Amortization of goodwill             10,225            10,568
        Earnings before
         interest and taxes                  60,852            47,484
        
        Chapter 11 costs, net (a)               ---             2,731
        Interest                             54,581            36,463
         Pretax income                        6,271             8,290
        Income tax expense                  (6,030)           (6,857)
         Net income                            $241            $1,433
        
        Net income per share                   $---             NM(b)
        
        Common shares outstanding        50,494,313             NM(b)
        
            (a) -- Interest income from Chapter 11 proceedings ($1,418 in
        1994) is excluded from sales and revenues and included in net
        Chapter 11 costs for purposes of determining earnings before
        interest and taxes.
        
            (b) - Not meaningful due to change in capital structure which
        occurred as a result of the company's reorganization.
        
                    WALTER INDUSTRIES, INC. AND SUBSIDIARIES
                     CONDENSED CONSOLIDATED BALANCE SHEET
        
        ($ in thousands)                            August 31,
                                                 1995       1994
        Cash and short-
         term investments            $     83,048       $     209,557
        Short-term investments,
         restricted                       140,829              98,665
        Installment notes receivable    4,227,775           4,187,486
         Less - Provision for
                 possible losses         (26,389)            (26,316)
                Unearned time charges (2,851,641)         (2,804,523)
        Trade and other receivables       178,628             144,923
        Federal income tax receivable      99,875                 ---
        Inventories                       184,605             159,779
        Prepaid expenses                    9,641               9,109
        Property, plant and
         equipment, net                   656,850             652,386
        Excess of purchase price
         over net assets
         acquired (goodwill)              362,671             402,355
        Deferred income taxes              11,275                 ---
        Other assets                       82,185              74,238
        
                                       $3,159,352          $3,107,659
        
        Bank overdrafts,
         accounts payable
          and accrued expenses           $226,342            $188,571
        Income taxes payable               53,638              28,367
        Deferred income taxes                 ---              67,114
        Long-term senior debt           2,181,627             841,254
        Accrued interest                   51,446             270,657
        Accumulated postretirement
         health benefits obligation       233,679             216,161
        Other long-term liabilities        51,605              48,566
        Liabilities subject to
         Chapter 11 proceedings               ---           1,727,889
        Stockholders' equity (deficit)    361,015           (280,920)
        
                                       $3,159,352          $3,107,659
        
                      WALTER INDUSTRIES, INC. AND SUBSIDIARIES
                            RESULTS BY OPERATING GROUP
        
        ($ in thousands)
        SALES & REVENUES:                   Quarter Ended August 31,
                                          1995                  1994
        Homebuilding and
         Related Financing               $100,764            $103,082
        Water and Waste Water
         Transmission Products            119,448             105,334
        Natural Resources                  89,515              68,612
        Industrial and Other Products      69,559              61,951
        Corporate                             862               1,661
        
                                         $380,148            $340,640
        
        EBITDA: (a)
        Homebuilding and
         Related Financing (b)            $54,473             $51,845
        Water and Waste
         Water Transmission Products       15,764              14,163
        Natural Resources                  17,165               6,667
        Industrial and Other Products       5,497               4,996
        Corporate                         (3,305)             (2,862)
        
                                          $89,594             $74,809
        
            (a) -- Reflects addback of depreciation and amortization of
        goodwill, as follows:
        
                                            1995                1994
        Homebuilding and
         Related Financing                 $8,936              $9,306
        Water and Waste Water
         Transmission Products              6,947               6,802
        Natural Resources                  10,041               8,791
        Industrial and
         Other Products                     3,630               3,259
        Corporate                           (812)               (833)
        
        Total                             $28,742             $27,325
        
            (b) -- Before deducting interest expense of $31,653 in 1995 and
        $31,120 in 1994.
        

        /CONTACT:  David L. Townsend, Walter Industries, 813-871-4448/



        FEDERAL DISTRICT COURT APPROVES SETTLEMENT OF CLASS ACTION LAWSUITS
        FILED BY COLUMBIA GAS SECURITY HOLDERS

        
            WILMINGTON, Del., Oct. 16, 1995 -- href="chap11.columbia.html">The Columbia Gas
        System, Inc.
, (NYSE: CG) reported that U.S. District Court Judge
        Joseph Farnan Jr. today ruled that a $36.5 million settlement
        resolving class action lawsuits alleging securities laws violations
        is fair and reasonable.  He will issue an order dismissing the
        litigation.
        


            The lawsuits were filed against the Corporation, its independent
        public accountants, the underwriters for the Corporation's 1990
        common stock offering, and certain officers and directors of the
        Corporation and Columbia Gas Transmission Corporation by various
        security holders on behalf of a purported class of all such security
        holders.
        


            Judge Farnan also approved plaintiff counsel fees and expenses
        totaling $12.26 million, which will be deducted from the $36.5
        million settlement amount.
        


            Columbia's portion of the $36.5 million settlement is
        approximately $16.5 million with the remainder shared among the
        insurance carrier for the directors and officer defendants and the
        other defendants to the litigation.  The Corporation's contribution
        to the settlement fund is subject to the approval of U.S. Bankruptcy
        Court for the District of Delaware as part of the Corporation's
        reorganization plan.  Payments to security holders will be made
        after Columbia emerges from Chapter 11.
        


            The Columbia Gas System, Inc., and Columbia Gas Transmission
        have been operating as debtors-in-possession under Chapter 11 of the
        Bankruptcy Code since July 31, 1991.   Confirmation hearings on
        filed plans of reorganization are scheduled for November, and the
        companies anticipate emergence from Chapter 11 protection prior to
        the end of this year.
        


        /CONTACT:  W.R. McLaughlin, 302-429-5443, or H.W. Chaddock,
        302-429-5261, or financial, K.P. Murphy, 302-429-5471, all of
        Columbia
        Gas/




TWA receives $55 million from equity
rights offering;
        Rights offering fully subscribed

        
            ST. LOUIS, Missouri--October 16, 1995--href="chap11.twa.html">Trans World
        Airlines, Inc.
(AMEX:TWA) announced today that it received
        approximately $55 million gross proceeds from a fully subscribed
        equity rights offering.
        


            TWA said the difference between the average of the closing
        prices of the common stock for the Subscription Period and the
        exercise price of the equity rights was greater than $2.  The
        company said it would therefore not issue Series A Warrants to
        holders of record of claims represented by TWA's old 8% Senior
        Secured Notes and old 10% Senior Secured Notes.  Series A Warrants
        were to be issued to such claimants if the value of the equity
        rights was less than $2.  The exercise price of the equity rights
        was $4.1875.
        


            TWA said the approximately 13,150,000 equity rights were issued
        as part of the company's prepackaged Plan of Reorganization under
        Chapter 11 of the U.S. Bankruptcy Code.  The Plan was confirmed on
        Aug. 4, 1995 by the U.S. Bankruptcy Court for the Eastern District
        of Missouri and became effective on Aug. 23, 1995.
        


        
        CONTACT:  Trans World Airlines, Inc.,
                  Media:  Robert Mead, 212/484-6701;
                  Investor:  Krista Grossman, 800/811-0075
        



        KMART CORPORATION OUTLINES FINANCIAL POSITION, PROGRESS

        
            TROY, Mich., Oct. 16, 1995 --  Kmart Corporation
(NYSE: KM)
        today called published speculation about a Chapter 11 filing
        inaccurate and misleading.  The company's Chairman, President and
        CEO, Floyd Hall, today affirmed that the retailer's financial
        position is solid and that plans to improve the company's core
        discount business are progressing. In respect to the company's
        financial position, Hall said that:

        



            The company continues to receive solid support from the factor
        community.  Merchandise shipments are being received on a normal
        basis and payments to vendors are being made on schedule.

        
            Substantial additional debt capacity is currently available
        under existing agreements.
   

     
            "As we move forward, we are focusing on improving sales
        productivity in our discount stores and further strengthening our
        financial position," said Hall.  "We are making progress on
        improving our core business, but much remains to be done.
      

  
            "In recent months, we have taken aggressive actions to clear out
        unproductive merchandise, increase our in-stock position, improve
        advertising productivity and instill stronger operational discipline
        in our 2,100 stores," Hall said.
        


            "We continue to be encouraged that our comparable store sales
        have increased to 6.5 percent year to date and that our sales per
        square foot ratios continue to improve," Hall said.
        


            "The priority for our stores is to fix and eliminate problems
        that concern our customers," Hall said.  "We are raising our
        standards to ensure our stores are well-kept, well-stocked and that
        all of our associates are squarely focused on serving the needs of
        the millions of customers who shop Kmart each day."
        


            Kmart will hold meetings with the investment community in late
        October and early November so that Hall and the company's management
        can further discuss the company's progress and plans.
        


            Kmart Corporation serves America with 2,163 Kmart and 171
        Builders Square retail outlets.  In addition to serving all 50
        states, Puerto Rico and U.S. Virgin Islands, Kmart operations extend
        to Canada, the Czech Republic and Slovakia, and through joint
        ventures, to Mexico and Singapore.
        


        /CONTACT:  Robert M. Burton, Director, Investor Relations, or Shawn
        M. Kahle, Vice President, Corporate Affairs, of Kmart, 810-637-4201/