SIMI VALLEY, Calif.--Nov. 6, 1995--Tandberg
Data Inc. has announced the completion of a plan that has resulted
in the doubling of its manufacturing capacity at its Oslo, Norway
The announcement is intended to reassure high capacity tape
drive OEMs, VARs and resellers that Tandberg Data is capable of
supplying enough products to satisfy customers requirements that
previously were sourced from Rexon
and other manufacturers. Rexon
announced on Sept. 13 of this year that they were filing a voluntary
petition for relief under the provisions of Chapter 11 of the U.S.
Bankruptcy Code in the U.S. Bankruptcy Court for the District of
Colorado. Rexon has sold high capacity tape drives under the
Wangtek brand name.
"The situations with Rexon and other tape drive manufacturers
have only added to what was already a high growth year for our
company's product sales to new OEM and VAR/reseller accounts," said
David L. Griffith, president and CEO of Tandberg Data Inc. "We
already held more than 80 percent of the 1.3GB and higher tape drive
market before Rexon's bankruptcy filing and other manufacturer's end
of production announcements. These events have created apprehension
among some OEM and VARs that have high demand for the type of
products that we make. The increase in our Oslo factory's capacity
has been going on for several quarters, so we have been able to
respond with the necessary capacity to service virtually all of the
requirements from Rexon and other manufacturers."
Tandberg Data is presently shipping evaluation quantities to a
small numbers of OEMs of the new TDC 6100 -- a 13GB (26GB with
included hardware data compression) QIC tape drive. The company
expects to begin volume production of this new drive in Q1 1996.
"The increased factory output will allow us to absorb Rexon and
other companies' customer demands and still be able to meet the TDC
6100 roll out schedules," Griffith said.
Tandberg Data Inc.
Tandberg Data Inc. is a pioneer in streaming tape technology
and is the leading worldwide supplier of high-speed, high-capacity
QIC tape drives and related products for computer backup, archival
storage and software distribution. Tandberg Data's products are
also sold through distributors, including Tech Data, Merisel,
Western Microtechnology and Gates/Arrow. Major OEM customers
include IBM, Digital Equipment Corp, H.P.'s Colorado Memory Systems
Division, AT&T and Sun Microsystems. Tandberg Data is a subsidiary
of Tandberg Data A/S of Oslo, Norway.
CONTACT: Fisher Business Communications Inc.,
William L. Prichard or Robert J. Fisher, 714/556-1313
Tandberg Data Inc.,
Kathryn Lodato, 805/579-1000
PRINCETON, N.J., Nov. 6, 1995 -- href="dir.bankruptcy.html">Bankruptcy Creditors'
Service, Inc., today announced publication of href="chap11.edison.s001.html">EDISON BROTHERS
BANKRUPTCY NEWS. As widely reported, href="chap11.edison.html">Edison Brothers Stores, Inc.
(NYSE: EBS), based in St. Louis, filed for protection from its
creditors under chapter 11 of the United States Bankruptcy Code late
last week in Wilmington, Del.
"EDISON BROTHERS BANKRUPTCY NEWS - like our href="ftp://bankrupt.com/Bankruptcy_News/">other case-specific
bankruptcy newsletters - will provide on-going, in-depth news and
reporting about the chapter 11 reorganization undertaken by The
Edison Brothers," says Peter A. Chapman, President of Bankruptcy
Creditors' Service, Inc., and Editor of EDISON BROTHERS BANKRUPTCY
Chapman explains that attorneys, creditors, and investors
involved in bankruptcy cases the size of Edison Brothers' quickly
find BCSI's case-specific newsletters to be an invaluable resource
as they attempt to wade through the mountains of paper that are
filed with the Bankruptcy Court and long hours of court hearings.
The first issue of EDISON BROTHERS BANKRUPTCY NEWS includes:
Chapman stated that one copy of today's first
issue of EDISON
BROTHERS BANKRUPTCY NEWS is available at no charge upon request.
Chapman further advised that individuals with access to the
Internet may obtain copies of the first issue of EDISON BROTHERS
BANKRUPTCY NEWS at href="chap11.edison.html">http://bankrupt.com/chap11.edison.html
/CONTACT: Peter A. Chapman of href="dir.bankruptcy.html">Bankruptcy Creditors' Service, Inc.,
609-924-8949, or fax, 609-924-8963, or E-mail: href="mailto:email@example.com">firstname.lastname@example.org/
TROY, Mich., Nov. 6, 1995 -- Kmart Corporation
said today that certain of its existing real estate debt contains
provisions under which the debt can be "put back" to the company in
certain circumstances. The company noted that nothing has occurred
to trigger the "put" provisions and the company does not anticipate
a triggering event. In order to remove any uncertainty the "put"
provisions may create, however, Kmart has initiated discussions with
the holders of the debt.
The real-estate debt totals $681 million related to about 60
stores, and consists of $241 million in revolving bank facilities
supporting store construction and $440 million in permanent mortgage
or lease financing. The debt can be "put back" to Kmart if its
credit rating falls below investment grade. Kmart noted that it has
met recently with its debt rating agencies and will not speculate
about the outcome of those conversations. The company's long term
debt rating is under review at both Standard & Poor's and Moody's
and is currently two levels above non-investment grade at both
rating agencies. If more than $100 million of this real estate debt
were "put back" to the company and Kmart could not obtain a waiver
or otherwise resolve the matter, it could be subject to repayment of
outstanding borrowings under its lines of credit.
"Given the significant operational improvements made in 1995 and
the strength of the company's balance sheet, we do not anticipate
that Kmart will lose its investment grade rating," said Marvin P.
Rich, executive vice president, strategic planning, finance and
administration. "While we do not believe these puts will become an
issue, we have a game plan to address them and are moving
aggressively to remove any uncertainty. We are working with outside
advisors to resolve this issue."
Kmart also said that:
/CONTACT: Robert M. Burton, Director of Investor Relations,
810-643-1040, or Shawn M. Kahle, Vice President of Corporate
810-637-4201, both of Kmart/
NEW YORK, Nov. 6, 1995 -- Riddell Sports Inc.
RIDL) today noted that its footwear licensee, Pursuit Athletic
Footwear, Inc. and Pursuit's parent, href="chap11.riddell.html">Riddell Athletic Footwear,
Inc., had filed for bankruptcy court protection in Delaware.
Pursuit and Riddell Athletic Footwear are not affiliated with the
Company other than through its licensing arrangement. A Riddell
Sports representative stated that although it had been receiving
royalties from this licensee, the royalties were not significant to
the Company's results, and the bankruptcies would not materially
adversely affect the Riddell Sports' earnings.
Riddell Sports Inc. is the world's leading manufacturer and
reconditioner of football equipment. The Company sells football
helmets and shoulder pads and other sports protective equipment
under the Riddell brand, and provides reconditioning services under
the All American name. The Company also licenses the Riddell and
MacGregor trademarks for use on athletic footwear, leisure apparel
and sports equipment.
/CONTACT: Lisa Marroni of Riddell Sports Inc., 212-826-4300/
Security of Revenue Stream, Stability of Airport Enterprise and
Strong Credit Fundamentals Are Balanced Against Operating
Constraints, Airport's Position Within County Government, and
Possible Sale or Transfer of Airport
NEW YORK--Nov. 6, 1995--Effective today,
Moody's Investors Service reinstated at A the previously suspended
rating on the airport revenue bonds of href="chap11.orange.html">Orange County, California
-- John Wayne Airport. The new rating is a downgrade from the A1
that was maintained on the airport until the rating was suspended in
December 1994 in connection with the bankruptcy of Orange County.
Adam J. Whiteman, vice president in Moody's Revenue Specialties
Group and senior credit officer for airport ratings, noted the
apparent insulation of the airport's operating revenue stream from
Orange County's financial problems.
Whiteman said that "the airport is still in technical default,
reflecting the county's bankruptcy status and the lack of audited
financial statements," but he said that "debt service continues to
be paid and bondholder security is not compromised. The airport's
loss of roughly $14 million as part of the county's settlement is
not problematic given the limited scope of capital needs and the
remaining cash balances."
Whiteman warned, however, that the airport "is an operating unit
within a county that is in turmoil."
The credit outlook remains uncertain, said Whiteman, "given the
county's willingness to view sale or transferral of the airport as
an option or a potential solution to the county's financial
problems." Since December, Whiteman said, "the county has
considered a number of strategies to solve its financial problems,
many of which involve the airport. The county has entertained the
options of both transferring and selling the airport either with or
without future development of the El Toro military base. The
constraints placed on the credit given its status as an operating
department of the county have been taken into account in the
rating." Whiteman enumerated the following points in support of the