TCR_Public/951103.MBX BANKRUPTCY CREDITORS' SERVICE, INC.



        EDISON BROTHERS TO COMPLETE RESTRUCTURING THROUGH CHAPTER 11;
        OBTAINS COMMITMENT FOR $200 MILLION IN POST-PETITION FINANCING


            ST. LOUIS, Missouri--Nov. 3, 1995--href="chap11.edison.html">Edison Brothers Stores, Inc.
        (NYSE: EBS) said today that it has filed to reorganize under Chapter
        11 of the Bankruptcy Code.  At the same time, the company said that
        it has arranged for $200 million of debtor-in-possession (DIP)
        financing from BankAmerica Business Credit, which the company
        believes will provide adequate funding for operations throughout the
        Chapter 11 period.
        


            Alan D. Miller, Edison's chairman, said, "We need to make
        dramatic changes to preserve our business.  The specialty retail
        environment remains very difficult, and the recovery we had hoped to
        see this fall has not materialized.  Moreover, we do not expect to
        see a quick fashion shift that will significantly increase regular-
        price sales, and the outlook for the holiday selling season is not
        good at this point. Additionally, it is essential that we be able to
        rely on a steady flow of merchandise going forward.
        


            "After intensive evaluation of our current circumstances, we are
        convinced that we must make use of Chapter 11 in order to accomplish
        our restructuring," Mr. Miller said.
        


            Mr. Miller announced a number of key elements of the company's
        restructuring:
        


            "We would have preferred to complete our restructuring out of
        court, but concluded that prompt and decisive action had to be taken
        so that we could achieve our restructuring objectives in an orderly,
        timely manner," Mr. Miller said.  "Chapter 11 allows us to
        accelerate our planned improvements to ensure a strong future for
        our company.  With the support of our vendors and the hard work of
        our employees, we will be able to earn the continued loyalty of our
        customers, and we will come through this process a stronger, more
        competitive company than ever before," Mr. Miller said.
        


            Mr. Miller said he believes the company will receive the support
        of its suppliers during the reorganization period, adding that,
        while federal law prohibits the company from paying for goods
        received before the filing, payment for goods and services received
        after the filing is given priority status by the court.
        


            The company's daily operations will continue as usual, and store
        hours will remain the same.  The company says that it expects
        policies regarding returns, exchanges, layaways, gift certificates
        and credit cards to remain unchanged.  Similarly, sales associates
        and other employees will continue to be paid as if no filing had
        been made.
        


            Edison Brothers Stores employs approximately 23,000 people in
        2,700 retail apparel and footwear stores and entertainment centers
        in 50 states, Puerto Rico, the U.S. Virgin Islands, Mexico and
        Canada.  An additional 1,750 are employed at the company's
        headquarters in St. Louis; distribution centers in California,
        Georgia, Indiana and Missouri; and international buying offices.
        


            The company filed its Chapter 11 petition in the U.S. Bankruptcy
        Court in Wilmington, Delaware.
        


        /CONTACT:  Sandra Sternberg, 314-331-6552,or Rivian Bell,
        310-788-2850, both of Sitrick and Company/




Modatech announces its Insolvency

        
         
            VANCOUVER, British Columbia--Nov. 3, 1995--href="internat.canada.modatech.html">Modatech [Systems, Inc.]
today announced its assignment pursuant to the Bankruptcy
        and Insolvency Act of Canada.  
        


            Due to financial difficulties, the Company is no longer able to
        meet its obligations generally as they become due.  The Company has
        made an assignment pursuant to the Bankruptcy and Insolvency Act of
        Canada, and has assigned Barnes & Kissack Inc. as trustee in
        bankruptcy.  
        


            Revenues for the third quarter ended August 31, 1995 were
        $1,384,037 compared to third quarter revenues in 1994 of $1,162,933,
        but are down from second quarter revenues ending May 31, 1995.  The
        Company recorded a net loss of $1,825,444, or $0.15 per share in the
        third quarter of fiscal 1995, compared with a net loss of
        $8,570,312, or $0.78 for the same period last year.  These losses
        continue to erode the Company's cash and liquidity position.  
        


            On October 6, 1995, the Company announced it had entered into a
        letter of intent to acquire TGI Technologies Ltd.  for the sum of $2
        million by issuing 5,000,000 shares at $0.40 per share.  The due
        diligence process has concluded, and the acquisition has been
        cancelled.  In conjunction with this cancellation, John McDemott has
        resigned as Chief Executive Officer of Modatech Systems.  
        


        CONTACT:  Barnes & Kissack Inc.,
                  Steve Barnes, 604/682-2774
        



        NORTH ATLANTIC TECHNOLOGIES, INC. THIRD QUARTER RESULTS

        
            MINNEAPOLIS, Nov. 3, 1995 -- North Atlantic
Technologies,
        Inc. today reported a loss for its third quarter ended September 30,
        1995 of $512,000 or $0.21 per share, compared with earnings of
        $31,000 or $0.01 per share for the same period last year.  Sales for
        the third quarter were $465,000, compared with $1,938,000 in the
        third quarter of 1994.
        


            For the nine months ended September 30, 1995, sales were
        $3,217,000 versus $5,875,000 for the first nine months of 1994.  A
        net loss of $1,413,000 or $0.59 per share was recorded compared to
        earnings of $273,000 or $0.11 per share for the same period in 1994.
        


            This Company continues to struggle in a very sluggish market for
        its products.  The domestic U.S. market remains stagnant and major
        international projects continue to experience delays.  These factors
        have resulted in significant reductions in the Company's
        manufacturing operations over the past six months.  The most
        significant factor in the Company's disappointing results has been
        the delay of four major projects originally committed to the Company
        with scheduled order placement dates between November of 1994, and
        February of 1995.  These projects have not yet materialized into
        firm orders.
        


            The Company's continuation as a going concern is in question and
        is dependent on raising additional cash, or entering into other
        arrangements, to meet significant obligations coming due on November
        15, 1995, and January 2, 1996.  Cash to meet those obligations
        appears unlikely to be available, and may force the Company to
        default on certain obligations and to seek protection from creditors
        under bankruptcy laws or liquidate.
        


            North Atlantic Technologies, Inc. manufactures heat recovery
        systems which it sells worldwide to industrial companies for energy
        recovery and environmental control applications.  Its headquarters
        are in Bloomington, Minn. and its manufacturing facilities are in
        St. Paul, Minn.  The common stock of North Atlantic Technologies,
        Inc. is traded in the local over-the-counter market.


                       NORTH ATLANTIC TECHNOLOGIES, INC.
        
                                     Condensed Statement of Operations:
                                      (000s except per share amounts)
        
                                   Three Months Ended    Nine Months Ended
                                       September 30        September 30
                                    1995       1994       1995       1994
        
        Sales                       $465     $1,938     $3,217     $5,875
        Cost of Sales                429      1,415      2,796      4,468
        Gross Profit                  36        523        421      1,407
        Operating Costs             (419)      (403)    (1,341)    (1,187)
        Other Income (Expense)      (129)       (88)      (493)        60
        Income (Loss) Before
         Provision
         for Income Taxes           (512)        32     (1,413)       280
        Provision for Income Taxes    --         (1)        --         (7)
        Net Income (Loss)          $(512)       $31    $(1,413)      $273
        Net Income (Loss) Per
         Common and Common
         Equivalent Share:         $(.21)      $.01      $(.59)      $.11
        Average Common and
         Common Equivalent
         Shares Outstanding    2,392,689  2,392,689  2,392,689  2,392,689


        /CONTACT:  Bruce Watson, President of North Atlantic Technologies,
        612-888-8553/


        ALLIS-CHALMERS CORPORATION REPORTS RESULTS

        
            MILWAUKEE, Nov. 3, 1995 -- Allis-Chalmers
Corporation
        today reported a net loss of $402,000, or $.40 per common share, in
        the third quarter of 1995 compared with a net loss of $3,260,000, or
        $3.22 per common share, in the same quarter of 1994.  The 1994 third
        quarter loss included a loss from discontinued operations of
        $137,000 or $.13 per common share and a loss of $2,808,000 or $2.78
        per common share on the sale of the Company's molded fabric products
        division.
        


            The 1995 third quarter loss included a non-cash expense of
        $267,000 for pension expense on the unfunded liability of
        approximately $10.0 million associated with the Company's pension
        plan.  This expense was $160,000 in the third quarter of 1994.
        


            Sales in the third quarter of 1995 were $770,000 compared with
        $832,000 in the 1994 period.  The decrease in sales from the prior
        year is primarily the result of a weakened market for machinery
        repair and services.  Third quarter gross margin, as a percentage of
        sales, was 22.7% in 1995 and 29.7% in 1994.
        


            For the first nine months of 1995, Allis-Chalmers incurred a net
        loss of  $1,194,000, or $1.18 per common share, versus a net loss of
        $3,902,000, or $3.86 per common share, in the same period of 1994.
        The 1994 loss included a loss from discontinued operations of
        $344,000, or $.34 per common share and a loss on the sale of the
        molded fabric products division of $2,808,000 or $2.78 per common
        share.  Sales in the first nine months were $2,392,000 in 1995 and
        $2,655,000 in 1994.
        


            Regarding the previously reported underfunding of the Company's
        pension plan, the Company has recorded a liability of $10.0 million
        resulting in a deficit in shareholders' investment.  This
        underfunding requires the Company to make significant cash
        contributions to the pension plan pursuant to ERISA minimum funding
        requirements starting in 1996.  Minimum cash contributions are
        estimated to be $2.5 million in 1996, $3.1 million in 1997 and $8.1
        million in 1998.
        


            Based on the Company's limited financial resources, this
        requirement for contributions will have a material adverse effect on
        the Company and a termination of the pension plan will likely occur.
        If the Company is unable to reach an acceptable arrangement with the
        Pension Benefit Guaranty Corporation or to raise additional capital,
        it will have to evaluate its alternatives, which include, among
        others, another bankruptcy filing.
        


            Financial results for the three and nine month periods ended
        September 30, 1995 and 1994 follow:


        
                                       Three Months       Nine Months
                                       1995    1994       1995   1994
                                        (thousands, except per share)
         Sales                      $   770  $   882   $ 2,392  $ 2,655
         Loss from:
          Continuing Operations     $  (402) $  (315)  $(1,194) $  (750)
          Discontinued Operations       ---   (2,945)      ---   (3,152)
         Net loss                   $  (402) $(3,260)  $(1,194) $(3,902)
         Average common shares
          outstanding                 1,003    1,003     1,003    1,003
         Loss per common share:
          Continuing Operations     $  (.40) $  (.31)  $ (1.18) $  (.74)
          Discontinued Operations       ---    (2.91)      ---    (3.12)
         Net loss per common share  $  (.40) $ (3.22)  $ (1.18) $ (3.86)


        /CONTACT:  Robert M. Qualls of Allis-Chalmers, 414-475-3552/



Apria Healthcare Group added to the S&P
        MidCap 400 Index
        


            NEW YORK--Nov. 3, 1995--Standard & Poor's will
        replace Edison Brothers Stores,
Inc.
(EBS) in the S&P MidCap 400
        Index with Apria Healthcare Group (APRA) after the close of trading
        on Monday, November 6, 1995.  Edison Brothers Stores filed a
        voluntary Chapter 11 bankruptcy petition in federal court this
        morning.  
        


            Apria Healthcare Group, headquartered in Fountain Valley,
        California, is one of the nation's largest fully integrated
        providers of home health care services and products.  The company
        will be added to the S&P MidCap 400 Health Care Services industry
        group.
        


            The Equity Services Group of Standard & Poor's, a division of
        the Financial Information Services Group of The McGraw-Hill
        Companies, provides financial, economic, and investment information,
        as well as analytical services, to the global financial community
        and commodity trading markets.
        


            The S&P Equity Services Group calculates and maintains the S&P
        500, S&P MidCap 400, S&P SmallCap 600, and the S&P Super Composite
        1500 stock price indexes, which are widely considered key barometers
        of stock market activity and performance benchmarks for professional
        money managers.  More than $300 billion is currently indexed to the
        S&P 500.  Company additions and company deletions from the S&P
        equity indexes do not in any way reflect an opinion on the
        investment merits of the company.
        


        CONTACT: Elliot Shurgin,
                 V.P., Index Products & Services,
                 212/208-8709
                   or
                 Albert Neubert,
                 Director, Index Products & Services,
                 212/208-8716




Court authorizes Jamesway to conduct
        "going-out-of-business" sales

        
            SECAUCUS, N.J.--Nov. 3, 1995--The U.S.
        Bankruptcy Court for the Southern District of New York today
        approved Gordon Brothers Partners, Inc. as href="chap11.jamesway.html">Jamesway Corporation's
        agent for conducting "going-out-of-business" sales.  In an auction
        held in court today, Gordon Brothers agreed to pay Jamesway 53% of
        the total retail value of Jamesway's inventory.  
        


            Beginning immediately, Jamesway stores will be marking down
        prices on all categories of merchandise, including apparel,
        appliances, sporting goods, toys, housewares, hardware, and health
        and beauty aids.  The company will be aggressively promoting the
        sales, which will last until all merchandise has been sold.  The
        company expects that it will have sold its entire inventory by
        Christmas.  
        


            On Monday, Jamesway and Gordon Brothers will begin an inventory
        of the company's merchandise to establish its total retail value.  
        


            Michael J.  Sherman, Executive Vice President-Special Projects,
        said "We are very pleased to have secured such a favorable return
        for Jamesway's creditors and equity holders.  Now, we plan to begin
        offering substantial discounts during going-out-of-business sales
        which will soon begin at all stores."  
        


        CONTACT: Jim Fingeroth/Jason Lynch,
                 Kekst and Company
                 (212) 593-2655




        GORDON BROTHERS APPOINTED AGENT IN JAMESWAY
STORE CLOSINGS
    

    
        Marks Firm's Third Significant Return to Creditors in Four Months
       


             BOSTON, Nov. 3, 1995 -- Gordon Brothers
Partners, Inc., a
        retail restructuring and finance company, announced today that it
        has been named agent by the United States Bankruptcy Court for the
        Southern District of New York for href="chap11.jamesway.html">Jamesway Corporation for the
        liquidation of its inventory.  In a hearing held earlier today,
        Gordon Brothers was awarded the contract in a competitive bidding
        process which resulted in the creditors receiving $4.5 million more
        than the amount of an earlier bid accepted by Jamesway.  Gordon
        Brothers will pay the Jamesway estate in excess of $100 million.
        Gordon Brothers intends to conduct closing sales for the discount
        retailer, headquartered in Secaucas, NJ, beginning immediately with
        staggered closing dates over the next several weeks.
        


             "This marks the third time in recent months that Gordon
        Brothers has brought substantial value to the creditors of major
        retail institutions," said Robert Sager, president of Gordon
        Brothers.  The company is currently liquidating the assets of
        Woodward & Lothrop and advanced more than $100 million for that
        inventory.  In addition, Gordon Brothers recently partnered with
        Oshman's Sporting Goods, Inc., in its acquisition of the SportsTown,
        Inc., stores in Texas.  "Because of our understanding of the retail
        value of inventory and merchandising, we can provide maximum value
        to the parties involved," said Sager.
        


             Jamesway operates 92 stores in New Jersey, New York,
        Pennsylvania, Delaware, Maryland, Virginia and West Virginia.  The
        expected retail value of the Jamesway inventory will be
        approximately $227 million.
        


             Since 1903, Boston-based Gordon Brothers has assisted retailers
        with mergers and acquisitions, strategic downsizings, and store
        relocation programs.  In addition, it is the only company in the
        country that provides working capital financing exclusively to
        retailers.  In the past two years, Gordon Brothers has managed over
        2,000 stores and converted several billion dollars worth of
        inventory into cash for companies across the U.S. and Canada,
        including five of the nation's top 10 non-food retailers.
        


         /CONTACT: Linn Parrish of Cone Communications, 617-227-2111, or
        Elizabeth Wicks of Gordon Brothers, 617-422-6299/