TCR_Public/951027.MBX BANKRUPTCY CREDITORS' SERVICE, INC.



        COBRA INDUSTRIES ANNOUNCES BANKRUPTCY FILING

        
            GOSHEN, Ind., Oct. 27, 1995 -- Cobra
Industries, Inc.

        (NYSE: COI) today announced that it has filed a voluntary petition
        under Chapter 11 of the United States Bankruptcy Code.
        


            The petition for reorganization came in the wake of unsuccessful
        efforts by the company to reduce reserve requirements and increase
        cash available from its financing agreement signed on September 22,
        1995.
        


            Thomas A. DeNova, chairman and chief executive officer of Cobra,
        stated that Cobra will continue to operate its business in the
        ordinary course under Court protection from creditors, while seeking
        to work out a plan to reorganize and fortify the company.  Mr.
        DeNova was named chairman and chief executive officer of Cobra on
        September 25, 1995 following the resignation of Dale R. Glon and the
        consummation of the financing agreement.
        


            Cobra Industries, Inc., headquartered in Goshen, Indiana, is one
        of North America's largest recreational vehicle manufacturers.
        Cobra manufactures conventional trailers, park trailers, folding
        camper trailers and van conversions.  The company has manufacturing
        and distribution facilities in Indiana, California, Texas and
        Georgia.
        


        /CONTACT:  James J. Roop or Robert G. Berick of Watt Roop & Co., 216-
        566-7019/




        PETRIE RETAIL INC. RECEIVES FINAL COURT APPROVAL FOR ITS $115
        MILLION DIP FINANCING

        
            SECAUCUS, N.J., Oct. 27, 1995 -- href="chap11.petrie.html">Petrie Retail Inc., a
        privately held company, said today that it has received final
        approval from the U.S. Bankruptcy Court for the Southern District of
        New York for its $115 million debtor-in-possession (DIP) financing
        commitment from Chemical Bank and Chase Manhattan Bank.  The court
        had previously approved interim availability of $45 million under
        the facility.  The company said that as of October 27, 1995, it has
        not borrowed under the facility.
        


            The company said, "With final approval of our financing now in
        place, we intend to promptly proceed with our reorganization and
        turnaround."
        


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


        /CONTACT:  Media:  Tom Daly, Dawn Dover or Adam Weiner of Kekst and
        Company, 212-593-2655/


        

Each of Legacy and the
        management of Rexon Inc. have committed to provide financing to
        Rexon

        
            TORONTO, Ontario--Oct. 27, 1995--href="chap11.rexon.html">Rexon Inc.
        and Legacy Storage Systems International Inc.  today announced that
        each of Legacy and the management of Rexon Inc.  have committed to
        provide financing of U.S.  $2,000,000 for an aggregate of
        U.S.$4,000,000 to Rexon, subject to approval by The United States
        Bankruptcy Court for the District of Colorado.  
        


            Financing is subject to a number of conditions, including a
        condition that Rexon Inc.  uses its best efforts to reach an
        agreement with Legacy to expedite a sale of all or substantially all
        of the assets of the assets of Rexon to Legacy.  There is no
        assurance that an agreement will be reached between Rexon and Legacy
        or that the Bankruptcy Court for the District of Colorado will
        approve any agreement that the parties may reach.  
        


            Rexon Inc.  manufactures and distributes 1/4"  cartridge (QIC)
        tape drives under the Wangtek brand name, digital audio tape (DAT)
        drives under the WangDat brand name and Tecmar tape back-up
        solutions.  Rexon Inc.  distributes its tape back-up products
        through a field sales force and international network of more than
        100 distributors.  Rexon Inc.  also has OEM and VAR relationships
        with a number of major U.S.  computer companies.  Rexon operates its
        own manufacturing facility out of Singapore.  
        


            Legacy Storage Systems International Inc.  is a personal
        computer peripheral systems corporation operating in the data
        storage subsystems sector of the computer systems industry.  Legacy
        manufactures, assembles and distributes data storage subsystems for
        the personal computer local area network environment, provides
        technical support services to any users of its products, conducts
        research and development to upgrade its existing products, develops
        new products and distributes computer products and components.
        Legacy manufactures products for all major operating systems.
        Legacy's products are marketed worldwide to Forturne 500 companies.
        


        CONTACT: David Killins,
                 President & C.E.O.,
                 Legacy Storage Systems International Inc.
                 905/475-1077
                      or
                 Alain Lambert,
                 Director of Investor Relations,
                 Legacy Storage Systems International Inc.
                 514/844-7212
                      or
                 Bob Genesi,
                 Chief Executive Officer,
                 Rexon Inc.
                 303/682-3753




        HAYES MICROCOMPUTER PRODUCTS, INC. ANNOUNCES AGREEMENT TO EMERGE
        FROM CHAPTER 11

        
            ATLANTA, Oct. 27, 1995 -- Hayes
Microcomputer Products,
        Inc.
announced today during a hearing before the U.S. Bankruptcy
        Court of the Northern District of Georgia that it has reached an
        understanding, subject to execution of definitive agreements and
        certain other conditions, to recapitalize the company through a
        combination of equity investments and new debt facilities.  The
        Hayes Plan of Reorganization would be fully funded, allowing Hayes
        to emerge from Chapter 11 as an independent company.  Hayes also
        requested that the Court schedule a confirmation date for its Plan
        of Reorganization as soon as possible.
        


            Upon implementation of the proposed transaction, the equity
        participants, which together would acquire a 49% minority ownership
        position in Hayes, were identified as Northern Telecom Limited,
        through its subsidiary, Northern Telecom Inc., and ACMA Limited.
        Dennis C. Hayes, Chairman of Hayes, along with the Hayes Employee
        Stock Plan, will own 51% of the company.  Hayes would continue as
        Chairman and Chief Executive Officer of the company.
        


            Dennis Hayes said, "We are pleased to join with such global
        leaders as Northern Telecom and ACMA to take Hayes to the next level
        in leading the communications revolution."  Hayes continued,
        "Joining forces with Northern Telecom and ACMA makes for a strategic
        business combination that will allow Hayes to continue to provide
        superior products and services as an independent company."
        


            Hayes filed a petition for Chapter 11 protection on Nov. 15,
        1994. The company's turnaround efforts have resulted in positive
        operating profits since its filing.  Hayes' Plan of Reorganization
        calls for 100% repayment of all valid creditor claims, including
        interest.
        


            "I am pleased that we will be able to pay our creditors in full
        as we have always sought to do," said Dennis Hayes.  "The success of
        the company's turnaround is due to the hard work and dedication of
        Hayes employees.  Their success has made it possible for the company
        to remain in Atlanta.  I applaud their accomplishments and sincerely
        appreciate the support we have received from the Atlanta community
        and our customers, suppliers, and friends around the globe over the
        past year."
        


            Northern Telecom Limited is headquartered in Toronto.  ACMA
        Limited is headquartered in Singapore.
        


            Best known as the inventor of the PC modem industry, Hayes is
        recognized as a leader in technical innovation in computer
        communications.  Hayes develops, supplies and supports computer
        communications equipment and software for personal computers and
        computer communications networks.  The company distributes its
        products through a global network of authorized distributors,
        dealers, mass merchants, VARs, system integrators and original
        equipment manufacturers.

        
        /CONTACT:  Andrew W. Dod, Director of Corporate Communications,
        Hayes Microcomputer Products, 770-840-9200, ext. 6365;
        Fax: 770-441-1238, or e-mail: adodhayes.com/




        ZELL GROUP PROPOSES OFFER TO PURCHASE LOAN ON ROCKEFELLER CENTER

        
            CHICAGO, Oct. 27, 1995 -- Equity Office
Holdings, L.L.C.,
        ("EOH"), a national office building investment and management
        company led by Samuel Zell, in a letter to Rockefeller Center
        Properties, Inc. (NYSE: RCP) ("RCPI"), today proposed on behalf of
        its investor group an offer to purchase from RCPI the mortgage loan
        on Rockefeller Center, in a
transaction valued at $1.16 billion.
        


            The loan would be purchased for $1,160,900,000, to be paid
        $1,025,900,000 in cash and a $135 million note secured by a second
        mortgage on Rockefeller Center and guaranteed as to principal by
        General Electric.  The GE guaranteed note would bear interest at 6-
        1/2% per annum, payable monthly, and mature in 12 years.  Upon the
        closing of the purchase, the EOH Investor Group would work with
        RGI/Mitsubishi to transition the property out of bankruptcy.
        


            Excluding the dilutive effect of the Goldman Sachs/Whitehall
        warrants and SARs issued in December, 1994, and without accounting
        for amounts owed by RCPI to the EOH Investor Group under existing
        agreements, this transaction would result in a value per share to
        RCPI of approximately $9.00.
        


            This bid meets the current objectives of the RCPI Board and is
        superior to the Board's other offers.  It presents the greatest
        value for the long-term interests of RCPI shareholders and
        Rockefeller Center tenants.
        


            EOH has worked with the Board in good faith to meet its stated
        objectives and looks forward to its response.
        


            A full copy of the letter sent to RCPI chairman, Peter Linneman,
        follows:
        


        October 27, 1995
        


        Dr. Peter Linneman

        Chairman

        Rockefeller Center Properties, Inc.

        1720 Avenue of the Americas

        New York, New York 10020
        


        Dear Peter:
        


            While we stand ready, willing and able to honor the existing
        definitive agreement, we have always been willing to explore
        alternatives.  We have previously suggested the possibility of an
        outright purchase of the $1.3 billion mortgage loan at a mutually
        agreeable price.  As an alternative that is clearly superior to your
        other offers as we understand them, and which the Board must thus
        consider as being in the best interests of its shareholders, we are
        prepared to offer the following:


            1.  The Zell Investor Group would purchase the existing mortgage
        loan for $1,160,900,000, to be paid $1,025,900,000 in cash and a
        $135 million note secured by a second mortgage on Rockefeller Center
        and guaranteed as to principal by General Electric.  The GE
        guaranteed note would bear interest at 6-1/2% per annum, payable
        monthly, and mature in 12 years, but would be prepayable at any time
        without premium.
        


            The $135 million note represents a face value to RCPI
        shareholders of $3.52 per share and, assuming not more than $815.5
        million of RCPI liabilities, the net cash component equals $5.50 per
        share, for a total value of approximately $9.00 per share without
        accounting for either the Goldman Sachs/Whitehall warrants and SARs,
        on the one hand, and amounts owed to the Zell investor Group under
        existing agreements with RCPI, on the other.

        
            2.  RCPI would be obligated to transfer the mortgage loan free
        and clear of any and all liens and encumbrances; the Zell Investor
        Group would not assume any RCPI liabilities.
   

     
            3.  In purchasing the loan, the Zell Investor Group would
        inherit the responsibility for working out a reorganization plan
        with RGI/Mitsubishi.
      

  
            4.  There is to be no "fiduciary out."  If this transaction were
        to fail to close for any reason other than a failure to obtain RCPI
        shareholder approval or a Zell Investor Group default, RCPI would be
        obligated to pay the Zell investor Group a break-up fee of $25
        million (which amount would include the $9,575,000 topping fee from
        the existing definitive agreement).
        


            5.  If there is no closing, other than due to a Zell Investor
        Group default (but whether or not RCPI shareholders approve the
        deal), breakage costs on any interest rate protection secured by the
        Zell Investor Group would have to be paid by RCPI.
        


            6.  If the sale of the loan closes in accordance with this
        proposal, the Zell Investor Group would waive its right to receive
        the topping fee end expense reimbursement provided for in the
        definitive agreement.
        


            If you advise us of your acceptance of this proposal not later
        than 5:00 p.m. (New York time) on Monday, October 30, 1995, we are
        prepared to pursue such a transaction subject to:  (a) RCPI honoring
        its obligations under the Investment Agreement by closing on the
        sale and purchase of the "Initial Shares" on November 2, 1995; (b)
        final GE approval; (c) the termination by RCPI of discussions with
        Goldman Sachs/Whitehall and Gotham; (d) RCPI terminating the
        definitive agreement pursuant to the "fiduciary out" and
        acknowledging that the topping fee and expense reimbursement
        requirements thereunder have vested; and (e) the execution and
        delivery of a new definitive agreement (which we believe must be
        very short and to the point) by November 10, 1995.
        


            Peter, the Board must act, as we have, consistent with its
        agreements.  We have worked with the Board in good faith to meet its
        stated objectives.  As the Board's objectives have changed, we have
        modified our proposals accordingly.  The Proposal outlined above
        clearly provides the best cash value to RCPI shareholders, while
        relieving the Company from any further liability or costs due to the
        RGI/Mitsubishi bankruptcy.  I look forward to your response.
        


        Very truly yours,
        


        Samuel Zell,

        Chairman


        /CONTACT:  Debra Jack of Edelman Financial, 212-704-8257/




        MORTGAGE AND REALTY TRUST ANNOUNCES NAME CHANGE TO VALUE PROPERTY
        TRUST

        
            ELKINS PARK, Pa., Oct. 27, 1995 -- href="chap11.mortgage.html">Mortgage and Realty
        Trust
(NYSE: VLP, formerly MRT) announced that today it is
changing
        its name to "Value Property Trust."  This new name is intended to
        reflect the Trust's fresh start as a company emerging from a
        proceeding under Chapter 11 of the Bankruptcy Code, the company
        said.  The Trust's shares will begin trading today on the New York
        Stock Exchange under the new name and under the new stock symbol
        "VLP."
        


            VLP is a self-administered real estate investment trust with a
        portfolio of over 72 commercial, industrial and other real estate
        assets.  VLP has offices in Elkins Park, Pennsylvania and Burbank,
        California.
        


        /CONTACT:  George R. Zoffinger, President of Value Property Trust,
        215-881-1525/




Hexcel Reports Third Quarter Results; Sales and
        Margins Continue to Improve

        
            PLEASANTON, Calif.--Oct. 27, 1995--href="chap11.hexcel.html">Hexcel
        Corporation
(NYSE/PSE: "HXL") today reported results for the
third
        quarter ended October 1, 1995.  Net sales were $81.4 million, a 9%
        increase over net sales of $74.4 million for the third quarter of
        1994.  Gross margin was $15.9 million for the third quarter of 1995,
        or 19.5% of sales, and net income was $1.4 million or $0.08 per
        share.  This compares with a 1994 third quarter gross margin of
        $11.6 million, or 15.6% of sales, and a net loss of $17.9 million or
        $2.45 per share.  The net loss for the third quarter of 1994
        includes other expenses of $8.0 million related to the Company's
        joint venture in Japan, bankruptcy reorganization expenses of $5.0
        million, and a loss from discontinued operations of $2.6 million.
        There were approximately 18.1 million shares outstanding during the
        third quarter of 1995, versus 7.3 million shares in the third
        quarter of 1994.
        


            The improvement in third quarter sales follows similar increases
        in the first and second quarters of the year.  Sales of advanced
        composites and reinforcement fabrics remained above 1994 levels,
        with much of the improvement coming from the recreation and general
        industrial markets in both the U.S. and Europe.  Honeycomb sales
        were down slightly, reflecting the sale of the Chandler, Arizona
        manufacturing facility in the fourth quarter of 1994.  Changes in
        currency exchange rates also contributed to higher sales, as over
        40% of the Company's sales are to international markets.
        


            The increase in gross margin is the result of both higher sales
        and reduced costs.  Operating results improved in each of the
        Company's businesses, although the operating results of the
        honeycomb business did not improve as much as anticipated.  On
        September 6, 1995, the company announced that it will phase down its
        Lancaster, Ohio composites manufacturing facility, transferring
        operations to the plant in Livermore, California.  Along with
        ongoing process improvements, the consolidation of these two
        facilities is designed to bring operating costs closer to targeted
        levels.
        


            For the year-to-date ended October 1, 1995, net sales were
        $257.5 million, compared with $237.1 million for the comparable
        period of 1994.  The 1995 year-to-date gross margin was $48.7
        million, or 18.9% of sales, and net income was $0.7 million or $0.05
        per share.  Gross margin for the same period of 1994 was $37.4
        million, or 15.8% of sales, and the net loss was $27.4 million or
        $3.75 per share.  Year-to-date results for 1995 include bankruptcy
        reorganization expenses of $3.4 million and a loss from discontinued
        operations of $0.5 million; the comparable figures for the 1994
        period were $11.9 million and $1.8 million, respectively.  The 1994
        results also include the $8.0 million joint venture provision noted
        above.
        


            Mr. John J. Lee, Chief Executive Officer of the Company, said,
        "I am encouraged by the Company's third quarter results, even though
        Hexcel has not yet returned to an acceptable level of profitability.
        The improvement in gross margin on moderate sales growth
        demonstrates that we are continuing to make progress in reducing our
        operating costs.  Furthermore, the final resolution of bankruptcy-
        related professional fees has brought an end to the residual costs
        of the Company's bankruptcy reorganization, albeit at greater
        expense than we had expected.  The receipt of $0.6 million during
        the quarter in connection with last year's sale of the Chandler,
        Arizona manufacturing facility was also positive.  We had expected
        to receive $2.3 million during 1995, but it now appears that the
        receipt of any additional funds from the Chandler transaction will
        be delayed until 1996."  
        


            Mr. Lee continued, "As a result of bankruptcy reorganization
        costs, the shortfall in Chandler-related income, and slower than
        anticipated improvement in honeycomb operating results, we do not
        expect to earn the $4.6 million in net income for 1995 that we had
        projected back in February in connection with Hexcel's emergence
        from bankruptcy proceedings.  We currently anticipate 1995 net
        income to be approximately $2.5 million, excluding any impact of the
        Company's proposed combination with the Composites Division of Ciba-
        Geigy Limited."
        


            As previously reported, Hexcel and Ciba-Geigy Limited have
        entered into a definitive agreement to combine Ciba-Geigy's
        worldwide Composites Division with Hexcel's business, the
        consummation of which is subject to various conditions including the
        approval of Hexcel's stockholders.  The combined company would
        specialize in lightweight, high-strength structural materials for
        the aerospace and other industries.
        


            Hexcel has fixed November 27, 1995 as the record date for
        determining stockholders entitled to notice of and to vote at an
        annual meeting of stockholders for purposes of electing directors
        and approving, among other things, certain matters relating to
        Hexcel's proposed combination with Ciba-Geigy's worldwide Composites
        Division.  While a meeting date has not yet been set, Hexcel intends
        to hold the meeting during the last week of December 1995, subject
        to the completion by the Securities and Exchange Commission of its
        review of the proxy materials to be used by Hexcel in connection
        with the meeting.
        


            Hexcel Corporation is an international developer and
        manufacturer of honeycomb, advanced composites, and reinforcement
        fabrics used in the commercial aerospace, space and defense,
        recreation, and general industrial markets.  
        


        Hexcel Corporation and Subsidiaries
        Condensed Consolidated Statements of Operations
        
                                              Unaudited
        
                             The Quarter Ended      The Year-to-Date Ended
                         October 1,   October 2,    October 1,   October 2,
                            1995         1994          1995         1994
        (In thousands except
         per share data)
        
        Net sales            $81,366      $74,434       $257,544    $237,080
        Cost of sales        (65,478)     (62,833)      (208,806)
        (199,631)
        Gross margin          15,888       11,601         48,738      37,449
        Marketing, general
        and administrative
         expenses            (11,358)     (10,850)       (35,630)
        (34,441)
        Other income (expenses)  600       (8,033)           600
        (8,146)
        
        Operating income
           (loss)              5,130       (7,282)        13,708
        (5,138)
        Interest Expenses     (2,260)      (2,336)        (6,702)
        (7,086)
        Bankruptcy reorganization
         expenses           (410)      (5,036)        (3,361)    (11,945)
        
        Income (loss) from
        continuing operations
          before income taxes  2,460      (14,654)         3,645
        (24,169)
        Provision for
          income taxes          (899)        (665)        (2,503)
        (1,369)
        
        Income (loss) from
         continuing operations 1,561      (15,319)         1,142
        (25,538)
        
        Discontinued operations:
         Income from operations,
         net of provision for
         income taxes of $126 and
         $441 for the quarter and
         year-to-date ended October
         2, 1994, respectively    --          216              --        989
        Losses during phase
         out period             (171)      (2,836)          (468)
        (2,836)
        
         Net income (loss)   $ 1,390     $(17,939)       $   674
        $(27,385)
        
        Net income (loss) per
         share and equivalent
         share:
        Primary and fully
         diluted:
        Continuing operations $ 0.09      $ (2.09)        $ 0.08     $
        (3.50)
        Discontinued
         operations            (0.01)       (0.36)         (0.03)
        (0.25)
        
         Net income (loss)    $ 0.08      $ (2.45)       $  0.05     $
        (3.75)
        Weighted average
         shares and equivalent
           shares             18,094        7,310         14,958       7,310
        

        CONTACT: Hexcel Corporation,
                 William P. Meehan, 510/847-9500
        


        AMTRAK HONORS MARKAIR TICKETS

        
            CHICAGO, Oct. 27, 1995 -- With the declaration on
Tuesday,
        Oct. 24, 1995, of the bankruptcy of href="chap11.markair.html">MARKAIR Airlines, Amtrak has
        announced it will offer discounted rail fares to travelers holding
        MARKAIR tickets in the following markets: Chicago; Denver; Kansas
        City, Mo.; Las Vegas; Los Angeles; Minneapolis; New York; Seattle
        and San Diego.
        


            Amtrak will offer a $75 one-way fare or the lowest possible
        excursion fare, on round-trip direct travel in these markets.
        


            Customers may make travel arrangements through any travel agent
        or by calling Amtrak at 1-800-USA-RAIL.  The MARKAIR ticket must be
        surrendered to the ticket agent at the time of ticket purchase.
        Ticketing must take place within 24 hours of making reservations and
        tickets are non-refundable once issued.  Travel must be completed by
        Nov. 9, 1995.
        


            Travelers may upgrade to Amtrak sleeping car accommodations with
        the payment of the additional accommodation charge.
        


        /CONTACT:  Deborah M. Hare, 312-655-2390, or Rob Borella,
        202-906-3857, both of Amtrak/




        NVF COMPANY RELEASES STATEMENT

        
            YORKLYN, Del., Oct. 27, 1995 -- NVF
Company
("NVF")
        announced today that it has filed a motion with the Bankruptcy Court
        for the District of Delaware (Bankruptcy Court) seeking approval of
        the terms of a Stock Purchase Agreement executed by NVF, the
        Official Committee of Unsecured Creditors of NVF Company
        ("Committee") and First Security and Investment Corp. ("First
        Security").  Under the terms of the Stock Purchase Agreement, among
        other things, First Security has agreed to purchase all of the
        Preferred Stock of the Reorganized NVF in exchange for $24.5 million
        in cash and the assumption of certain liabilities of NVF.  First
        Security's purchase of the Preferred Stock is subject to higher bids
        which may be submitted in an overbid sale to be conducted by Alex.
        Brown & Sons Incorporated ("Alex. Brown"), the sales agent jointly
        retained by NVF and the Committee.  The sale to First Security is
        supported by Alex. Brown, NVF and the Committee.
        


            Following the overbid sale, a plan of reorganization will be
        jointly filed by NVF and the Committee and the parties expect to
        seek confirmation promptly.  The purchase price derived from the
        sale of NVF along with the proceeds (approximately $20,750,000) from
        the settlement of certain litigation initiated by the Committee less
        allowed administrative expenses associated with the bankruptcy case,
        are expected to be distributed exclusively to creditors pursuant to
        a reorganization plan in accordance with the priorities of the
        Bankruptcy Code.  Common stockholders of NVF are not expected to
        receive any distributions.
        


        /CONTACT:  David B. Hartzell, vice-president, Alex. Brown & Sons,
        Incorporated, 212-237-2496/