SECAUCUS, N.J.--November 15, 1995--href="chap11.jamesway.html">The Jamesway
Corporation announced today that it has begun a program to
sell its
real estate interests as part of the liquidation of the company.
Jamesway has begun to seek buyers for its real estate assets and is
already receiving offers.
Michael J. Sherman, Executive Vice President-Special Projects,
said, "Now that the going-out-of-business sales have begun, we are
turning our attention to realizing the economic value of our real
estate for the benefit of our creditors and equity holders. We hope
to receive significant proceeds for our below-market leaseholds and
our three owned properties."
Jamesway's real estate assets include one 812,000 square foot
warehouse in Cranbury, NJ; its headquarters building in Secaucus,
NJ; and 90 store locations throughout New York, New Jersey,
Pennsylvania, Delaware, Maryland, Virginia, and West Virginia.
Jamesway stores range in size from 38,000 square feet to 100,000
square feet.
Anyone interested in more information about the available
properties can contact Ken Simon, Vice President-Real Estate, at
(201) 330-6209 [fax: (201) 330-3990] or Michael Sherman, Executive
Vice President- Special Projects, at (201) 330-6127.
Jamesway is operating under Chapter 11, and going-out-of-
business sales are in-progress at all 90 of its store locations.
CONTACT: Jason Lynch/Jim Fingeroth,
Kekst and Company
(212) 593-2655
DENVER, Nov. 15, 1995 -- Xplor Corporation (Nasdaq
SmallCap: XPLR) announced results for the third quarter and nine
months ended September 30, 1995. For the most recent quarter, the
Company reported a loss of $280,000 compared with a loss of $156,000
for the same quarter last year, due primarily to a $236,000
valuation allowance recognized in the third quarter of 1995. For
the nine months, the Company reported a loss of $551,000 compared
with a loss of $310,000 for the same period in 1994. This is
primarily the result of a $239,000 provision for asset impairment
and abandonment expense for two of the Company's wells, one operated
and one non-operated well, located in Colorado and Texas,
respectively. Additionally, natural gas prices remained soft during
the first part of 1995, and the Company recognized lower revenues
from non-operated wells, as well as the absence of revenue from
wells sold previously in 1995.
The Company also reported that it has agreed with href="chap11.columbia.html">Columbia Gas
Transmission Corporation to settle, for $2.1 million, one of
the two
principal claims Xplor has pending in the Columbia Chapter 11
bankruptcy proceeding. The agreement is subject to Bankruptcy Court
approval which is scheduled for a hearing on November 13, 1995. If
so approved, Xplor could receive these funds as early as December
29, 1995.
Xplor's remaining claim against Columbia relates to a class-
action settlement which Columbia had agreed to prior to the
bankruptcy filing with suppliers, including Xplor, under take-or-pay
contracts, upon which Columbia paid the first of two installments to
the plaintiff class in 1992. It is expected that this claim will be
resolved in the near future and result in an additional recovery by
Xplor from the Columbia bankruptcy which could be in excess of
$300,000.
As in all bankruptcy situations, the ultimate results and the
amounts and timing of any recoveries cannot be predicted with
assurance or accuracy.
Xplor currently has 2,037,171 shares of Common Stock
outstanding. The Company announced in July that it has agreed to
acquire certain oil interests in the Roland Consolidated Field in
White County, Illinois, currently owned or controlled by privately
owned Big E Oil Company. The properties to be acquired contain
proved developed (producing and non- producing) reserves in excess
of 488 Mbbls of oil and condensate and proved undeveloped reserves
in excess of 957 Mbbls of oil and condensate. The consideration to
be paid by the Company is $1 million cash and between approximately
1.2 to 1.5 million shares of the Company's common stock, with the
latter being fixed based on updated reserve evaluation and
verification. Consummation of the transaction is subject to
significant conditions, including, among other things, finalization
of definitive documentation, receipt of a satisfactory title
opinion, and the successful purchase by Big E of certain interests
being sold in a third party's bankruptcy proceeding. If these
conditions are satisfied on the timetable currently anticipated, it
is contemplated that the acquisition could be consummated in
calendar year 1995. To finance the $1 million cash portion of the
acquisition, the Company secured a loan commitment, in consideration
for which the Company issued warrants to purchase 500,000 shares of
the Company's Common Stock exercisable for a five-year period at
$2.00 per share.
Xplor is an independent oil and gas exploration, development,
and production company with headquarters in Denver, Colorado, and
production facilities in eight states, including significant gas
production in West Virginia, and two intrastate gas gathering lines
in Texas. Xplor's stock is traded on the NASDAQ Smallcap Market
under the symbol XPLR.
XPLOR CORPORATION
(In thousands, except shares outstanding and per share
information.)
Three Months Nine Months
Ended Sept. 30 Ended Sept. 30
1995 1994 1995 1994
Oil and Gas Sales 102 151 296 444
Total Revenues 147 218 442 740
Net Income (Loss) (280) (156) (551) (310)
Shares outstanding2,037,171 2,037,171 2,037,171 2,037,171
Net Income (Loss)
Per Common Share $(.14) $(.08) $(.27) $(.15)
The rulings will permit the companies to implement the terms of
their reorganization plans and emerge from Chapter 11 protection
soon after a 10-day waiting period during which appeals may be filed
with the Federal District Court in Delaware, provided no stay is
issued.
Columbia System Chairman Oliver G. Richard III said he was
elated with the rulings. "We're anxious to get the bankruptcy
proceedings behind us and will make every effort to expedite the
implementation of the plans. We want to pay our creditors as soon
as possible so that we can begin to take advantage of the many
opportunities that are becoming available in today's energy
marketplace."
Richard said the continuing profitability of Columbia's business
units throughout the bankruptcy demonstrates the basic soundness of
their operations. He also pointed to the recent investment grade
ratings accorded Columbia's new debt to be issued upon emergence as
testimony to the financial strength of the Corporation. He added
that the average interest rate on Columbia's new debt is expected to
be among the lowest of any company in the gas industry.
As confirmed by the Court, the Corporation's reorganization plan
provides for a total distribution of approximately $3.6 billion to
its creditors, including approximately $2.3 billion in payment of
the debt the Corporation owed prior to filing for Chapter 11 and
approximately $1.1 billion of interest on that debt.
The Corporation's reorganization plan will pay its creditors the
principal balances of their pre-petition debt in full and accrued
pre- petition interest, post-petition interest and interest on
overdue interest. This distribution will include almost $1 billion
in cash to be funded in part by new bank debt; about $2 billion in
new debt securities with maturities that range from five to 30
years; and about $200 million in preferred stock and $200 million in
dividend enhanced convertible stock.
Columbia Transmission's confirmed reorganization plan provides
for a total distribution of approximately $3.9 billion to its
creditors. Of this, about $2.2 billion will be paid to the
Corporation to resolve its secured and unsecured debt claims. About
$1.2 billion will be paid to producers to resolve claims resulting
from gas purchase contracts that the company rejected during the
proceedings, and the remaining $500 million will pay other third-
party and administrative claims.
Columbia Transmission will pay 100 percent of all priority and
administrative claims, the Corporation's secured debt and all
unsecured claims of $25,000 or less. Other creditors, including the
producers whose contracts were rejected, will initially receive
68.875 percent and subsequently could receive up to 72.5 percent of
their allowed claims. Customer creditors' claims will be accorded
the treatment provided in a comprehensive settlement approved by the
Federal Energy Regulatory Commission and included in the confirmed
plan of reorganization.
The Columbia Gas System, Inc., is one of the nation's largest
natural gas systems. Its 17 operating subsidiaries are engaged in
the exploration, production, purchase, marketing, storage,
transmission and distribution of natural gas as well as electric
power generation and other energy operations. The Corporation and
Columbia Transmission have been operating as debtors-in-possession
since July 31, 1991, after a combination of events forced them to
file separate petitions for protection under Chapter 11.
/CONTACT: media, H.W. Chaddock, 302-429-5261, or W.R. McLaughlin,
302-429-5443, or analysts, T.L. Hughes, 302-429-5363, or K.P.
Murphy,
302-429-5471, all of Columbia Gas/
BOSTON, Nov. 15, 1995 -- MGI Properties ("MGI")
(NYSE:
MGI) today reported that a lease between one of its subsidiaries and
Bradlees, Inc. (NYSE: BLE) has been affirmed by href="chap11.bradlees.html">Bradlees under the
Bankruptcy Code and has been approved by the bankruptcy court. The
property under lease to Bradlees is a newly-completed 105,000
square-foot retail building. Bradlees filed for bankruptcy in the
United States Bankruptcy Court, Southern District of New York on
June 23, 1995.
/CONTACT: Phillip C. Vitali, Executive Vice President and Treasurer
of MGI Properties, 617-330-5335/
DARTMOUTH, Nova Scotia--Nov. 15, 1995--NOVAGOLD
RESOURCES INC (TSE:NRI) NovaGold Resources Inc., announced today
that it has concluded an agreement with the National Bank of Canada
to restructure the outstanding loan of $1,901,000 owing to the
National Bank by NovaGold's wholly-owned subsidiary, Murray Brook
Resources Inc.
The loan was incurred by Murray Brook to finance the completion
of the Murray Brook gold and silver mine in New Brunswick. NovaGold
guaranteed the loan. The loan was also insured as to 85 percent by
the Atlantic Canada Opportunities Agency. Murray Brook repaid
$2,100,000 of the loan from the proceeds of production of gold and
silver from the Murray Brook mine. Operations at the Murray Brook
mine were discontinued in May of 1992 due to the depletion of ore
reserves. While interest on the loan is in good standing, the
principal amount of $1,901,000 is in arrears. Murray Brook has also
been in default on certain convenants to the Bank since March, 1992.
Under the terms of the restructuring, the National Bank has
postponed until May 31, 1996, payment of the outstanding principal
on the loan and NovaGold has issued 10,820,246 common shares of
NovaGold as substitute security for the Bank's existing security.
When permitted by securities law which is expected to be
approximately February 4, 1996, the NovaGold shares will be sold on
behalf of NovaGold and the Bank by a registered dealer and the
proceeds will be applied to reduce the outstanding principal on the
loan. If the loan is fully retired by May 31, 1996, all security
including any unsold shares will be returned by the Bank to
NovaGold. If any portion of the loan remains outstanding on May 31,
1996, the National Bank will make a claim under a loan insurance
agreement with the Atlantic Canada Opportunities Agency for 85
percent of the Bank's loss and upon payment of the claim by ACOA,
ACOA may, at its election, cause the Bank to assign to ACOA all or
any of the security then held by the Bank relating to the loan. The
terms of this restructuring were negotiated after the original
restructuring arrangement, agreed to by the parties in August 1994,
did not receive the necessary regulatory approval.
Gerald McConnell, President of NovaGold stated that the
completion of the restructuring to the loan with the National Bank
is an important step to clear the way for NovaGold to raise
additional financing for its projects, particularly its Pine Cove
Gold Project near Baie Verte, Newfoundland.
NovaGold is involved in the acquisition, exploration and
development of mineral properties in Canada and the United States.
NovaGold shares are traded on The Toronto Stock Exchange under the
symbol "NRI".
CONTACT: Gerald J. McConnell, President, 902/468-9270
Dartmouth, Nova Scotia;
William Young, Vice President, 416/867-1100
Toronto, Ontario
KENT, Ohio, Nov. 15, 1995--Kent Toy Inc. (OTC: KTOY),
traded OTC Bulletin Board, has cancelled a letter of intent to
acquire Everything Seen On TV
retail stores. The companies were
negotiating under a non-binding letter of intent. Everything Seen
On TV has filed a Chapter 7 liquidation proceeding in Rochester, New
York.
/CONTACT: Robert Petry, President of Kent Toy, 800-295-1107/
HOUSTON, Nov. 15, 1995 -- Bristol Oaks, L.P., a
Delaware
limited partnership (the "Partnership") and the issue of its
$384,000,000 Bonds Backed by Non-Performing Mortgage Loans, Sub-
Performing Mortgage Loans, Reinstated Mortgage Loans and Real Estate
Series 1994-1 (the "Bonds"), announced today the results of an
internal review of the performance through October 31, 1995 of the
portfolio of loans and real estate assets that constitute the Trust
Estate securing the Bonds. That review disclosed an increased
percentage of REO properties to total assets and delays in the
timing of asset liquidations, which are expected to result in
increased operating, disposition and servicing expenses, decreased
revenues from asset dispositions and a consequent delay in the
receipt of cash flow available to pay debt service on the Bonds.
Under the Indenture, a delay in the payment of interest on the Bonds
does not constitute an event of default. The review, a copy of
which has been delivered to the Indenture Trustee for distribution
to the holders of record of the Bonds, discloses the dollar amounts
of liquidations through October 31, 1995 and the dollar amount of
the Partnership's Liquidity Reserve Account.
Cathy Vann, the President of the Partnership's General Partner,
stated: "The Partnership is aggressively pursuing a variety of
strategies to facilitate and expedite its liquidation and
disposition of Trust Estate assets. Our report to the Indenture
Trustee details the steps that we are taking and is available upon
request." Requests for the performance review should be directed to
Mr. Les Carter (512-478-9455).
The Trust Estate assets were acquired by the Partnership from
Citibank, N.A. and Citicorp North American, Inc. shortly after the
formation of the Partnership in June 1994. On December 14, 1994,
the Partnership publicly issued and delivered its Bonds,
underwritten by Citicorp Securities, Inc. and Citibank International
plc. The Bonds are non-recourse obligations of the Partnership
secured by and payable only from the Trust Estate.
Citicorp Securities, Inc., and Citibank International plc, which
are non-resource obligations of the Partnership secured by and
payable from the Trust Estate.
/CONTACT: Les Carter for Bristol Oaks, L.P., 512-478-9455/
Revenues of $30.5 Million;
Reorganization Charges of $7.1 Million
DALLAS, Nov. 15, 1995--href="chap11.spectravision.html">SpectraVision, Inc. (AMEX: SVN)
today announced lower revenues for the third quarter ended September
30, 1995 compared to the third quarter a year ago. Third quarter
revenue was $30.6 million in 1995, down from $34.6 million in 1994.
Revenue for the nine months ended September 30, 1995 was $95.8
million compared to $108.2 million for the same nine-month period a
year ago.
SpectraVision(R) sought protection under Chapter 11 of the U.S.
Bankruptcy code on June 8, 1995 in order to complete its financial
restructuring. The Company obtained $40 million in debtor-in-
possession financing on June 9, 1995.
Loss before interest, taxes, depreciation, amortization and
other non-cash items, excluding non-recurring reorganization charges
of $7.1 million, was $5.9 million for the third quarter of 1995,
compared to EBITDA of $3.7 million in the third quarter of 1994.
EBITDA for the nine months ended September 30, 1995 was $1.2
million, compared to $20.8 million for the nine months ended
September 30, 1994.
EBITDA for the third quarter was $1.1 million before adjusting
for the impact of certain changes in estimates that are not related
to operations as well as changes in reserves for receivables.
EBITDA for the nine month period was $5.3 million before
adjustments. The Company recorded a net loss of $22.6 million for
the third quarter of 1995, comparable to the net loss for the year
ago period. The net loss for the nine months of 1995 was $62.1
million, compared to a net loss of $52.0 million for the same period
in the prior year.
The non-recurring reorganization charges of $7.1 million in the
third quarter relate primarily to discontinuing services to a number
of unprofitable hotels and the elimination of certain positions
within the company. It is currently anticipated such actions will
be completed by Dec. 31, 1995. Of this total, $.9 million relates to
the cost of deinstalling certain hotels and $1.7 million was
recorded for estimated losses on the disposal of deinstalled
equipment. The company also recorded $.4 million in employee
severance costs which will be incurred in the reorganization
process. The company recorded an additional charge of $2.3 million
which represents the write-off or abandonment of other fixed assets
and $1.0 million for other costs associated with the restructure
process. Further, there were normal bankruptcy-related professional
and miscellaneous charges of $.8 million.
The Company also said that the Revenue per Equipped Room (RER)
was $0.49 for the third quarter of 1995, compared to $0.49 for the
same quarter of the previous year. RER for the nine month period
ended September 30, 1995 was $0.50, down from $0.51 in the same
period a year ago.
SpectraVision, Inc. is the leading supplier of in-room, pay-per-
view entertainment and information services to the worldwide lodging
industry. Through its STARPATH(TM) technology, it is the only
company in the lodging industry delivering compressed digital video
and digital video-on-demand to hotels in North America. Founded in
1971, the company markets its products and services in the U.S.,
Canada, Mexico, the Caribbean, Australia and the Pacific Rim.
SPECTRAVISION, INC.
CONDENSED STATEMENTS OF OPERATIONS
(in thousands, except share data)
(Unaudited)
Quarter Ended September 30,
1995 1994
Revenues $ 30,599 $ 34,602
Operating Loss (14,786) (7,873)
Net Loss (22,455) (22,631)
Loss Per Common Share $ (0.94) $ (0.95)
Average Common Shares Outstanding 23,983,905 23,983,905
Nine Months Ended September 30,
1995 1994
Revenues $ 95,807 $ 108,239
Operating Loss (27,022) (14,591)
Net Loss (62,099) (51,943)
Loss Per Common Share $ (2.59) $ (2.17)
Average Common Shares Outstanding 23,983,905 23,983,905
SPECTRAVISION, INC.
CONDENSED STATEMENTS OF FINANCIAL POSITION
(in thousands)
(Unaudited)
September 30, September 30,
1995 1994
Cash and Equivalents $ --- $ 1,317
Accounts Receivable 17,575 20,417
Debt Issuance Costs (Net) 5,893 6,797
Prepaids and Other Assets 8,346 8,933
Video Systems 125,005 146,583
Land, Building and Equipment 7,818 8,775
Unamortized Hotel Contracts 48,052 50,000
Total Assets $212,689 $242,822
Accounts Payable and Accrued Liabilities $ 22,355 $ 78,237
Current and Deferred Income Taxes 6,396 7,047
Bank Credit Facilities --- 19,850
Foothill Revolving Facility 14,259 ---
11.5% Senior Discount Notes --- 172,295
11.65% Reset Notes 1,293 294,768
Other Debt --- 23,650
Liabilities Subject to Settlement Under
Reorganization 583,178 ---
Contingent Value Rights Subject to
Settlement Under Reorganization 20,000 20,000
Stockholders' Deficit (434,792) (373,025)
Total Liabilities and Stockholders'
Deficit $212,689 $242,822
LAS VEGAS--Nov. 16, 1995--href="chap11.elsinore.html">Elsinore Corp.
(ASE/PSE:ELS) Thursday reported financial results for the third
quarter and nine months ended Sept. 30, 1995.
Revenues for the quarter were $13,756,000, compared with
$15,445,000 for the third quarter last year. The company reported a
third quarter net loss of $8,921,000, or 56 cents per share,
compared with a net loss of $2,926,000, or 24 cents per share, for
the same period last year.
Elsinore noted that the net loss for the third quarter was
increased by $5,307,000 as a result of reserves taken for possible
settlement of disputes with the Twenty-Nine Palms Band of Mission
Indians and the write-off of certain unamortized casino development
costs.
Elsinore reported that third quarter revenues from the company's
Four Queens Hotel and Casino in Las Vegas decreased 11.6% to
$13,444,000, primarily reflecting the disruption of traffic flow to
downtown Las Vegas caused by the construction of the Fremont Street
Experience and related infrastructure. Excluding the aforementioned
reserves, the reduced revenues at the Four Queens were partially
offset by expense reductions instituted throughout the company.
For the nine months ended Sept. 30, 1995, Elsinore reported
revenues of $43,049,000, compared with revenues of $46,624,000 for
the same period last year. The company had a net loss for the nine-
month period of $16,198,000, or $1.05 per share, compared with a net
loss of $7,079,000, or 59 cents per share, for the first nine months
of 1994.
"Despite the difficult conditions, we are maintaining the
vitality of the Four Queens Hotel and Casino and expect to benefit
from the long-awaited opening on Nov. 30 of the Fremont Street
Experience," stated Thomas E. Martin, Elsinore's president and chief
executive officer.
"We expect a major improvement in customer count at the Four
Queens, which should have a strong positive effect on our gaming as
well as hotel operations. This increase in traffic, combined with
our successful cost containment efforts at the Four Queens, should
result in increased cash flow as we continue through the company's
bankruptcy proceedings."
On Oct. 31, 1995, the company and certain subsidiaries reported
the filing of a voluntary petition for reorganization under Chapter
11 of the bankruptcy code with the United States Bankruptcy Court
for the District of Nevada.
The Fremont Street Experience, a major downtown redevelopment
project that features a 10-story "celestial vault" canopy with an
electronic light show choreographed to music, will connect the Four
Queens and nine other major entertainment venues in a downtown mall
that offers a total of 17,000 slot machines, 650 blackjack and other
table games, 41 restaurants and 8,000 hotel rooms.
The company noted that it is continuing to negotiate toward a
settlement of its dispute regarding Spotlight 29 Casino near Palm
Springs, Calif. As previously reported, the company has disengaged
from the Spotlight 29 management contract following a dispute
regarding, among other things, the terms of the management contract
under which the company had the exclusive right to manage the casino
owned by the 29 Palms Band of Mission Indians.
Elsinore believes that a resolution of the dispute is possible
that could recover a substantial portion of the company's investment
over time. There can be no assurance that a settlement agreement
can be reached with the tribe or that the bankruptcy court will
approve the final settlement. However, based upon the progress to
date of the aforementioned negotiations, in September 1995 the
company wrote down to $9 million the aggregate amount advanced to
the tribe and accrued interest thereon.
In connection with the filing of the bankruptcy petition, the
company has been informed by the American Stock Exchange that
trading has been halted indefinitely pending clarification of the
outcome of the bankruptcy proceedings.
Elsinore owns and operates the Four Queens, a downtown Las Vegas
Hotel and Casino offering 704 rooms, meeting facilities, four
restaurants, 1,050 slot machines and numerous blackjack, craps and
other table games.
Elsinore Corp.
Condensed Consolidated Statements of Operations
(Unaudited)
(Dollars in thousands, except per-share data)
Three Months Ended Nine Months Ended
Sept. 30, Sept. 30,
1995 1994 1995 1994
Revenues, net $ 13,756 $ 15,445 $ 43,049 $ 46,624
Net (loss) income/a $ (8,921) $ (2,926) $(16,198) $
(7,079)
Earnings (loss) per
common share and
common share equivalent ($0.56) ($0.24) ($1.05)
($0.59)
Weighted average number
of common shares
and common
share equivalents 15,877,849 12,079,164 15,383,988 12,069,387
Note a: Net income for the third quarter and nine months was
reduced by a write-down to $9 million the aggregate amount advanced
to the Twenty-Nine Palms Band and accrued interest thereon;
a $807,000 write-off of capitalized costs associated with the
Nashville Nevada Project; and a $242,000 write-off of casino
development costs related to the 7 Cedars Casino.
Balance Sheet Information
(Dollars in thousands)
Sept. 30, Dec. 31,
1995 1994
Current assets $ 4,786 $ 6,204
Total assets 60,210 67,315
Current liabilities 17,176 16,709
Long-term debt 56,741 52,081
Shareholders' (deficit) equity (13,896) (1,664)