TCR_Public/951205.MBX BANKRUPTCY CREDITORS' SERVICE, INC.



        COBRA INDUSTRIES REPORTS THIRD QUARTER RESULTS

        
            GOSHEN, Ind., Dec. 5, 1995 -- Cobra
Industries
(NYSE: COI)
        (COIUQ) today reported a net loss for the third quarter ended
        September 30, 1995, of $4.7 million, or 87 cents a share, on
        revenues of $42.2 million, compared to net income from continuing
        operations of $354,000, or 7 cents a share, on revenue from
        continuing operations of $48.4 million in the 1994 third quarter.
        


            For the nine months, the recreational vehicle manufacturer
        reported a net loss of $10.6 million, or $1.96 per share, on revenue
        of $148.6 million, compared to net income of $1.4 million, or 26
        cents per share, on revenue of $152.3 million for its continuing
        operations in 1994.
        


            According to the company, the loss for the quarter and the nine
        month period was the result of higher-than-anticipated costs
        associated with Cobra's previously announced consolidation plan and
        an overall slowdown in the recreational vehicle industry.
        


            "In May 1995, Cobra's then-management approved a formal plan to
        discontinue the company's motor home business," said Thomas A.
        DeNova, chairman and chief executive officer.  "The costs associated
        with this plan, including the expense for warranties on units
        already sold, the reduced value of unused inventory and the
        consolidation from 18 manufacturing facilities to 9, were higher
        than originally expected. As a result, the company had to take an
        additional charge of $1.9 million during this year's third quarter."
        Cobra expects this plan to be substantially completed by the end of
        1995.
        


            Cobra expects this sales decline to continue into the fourth
        quarter of 1995.  As well, the company expects fourth quarter and
        year-end results to be negatively affected by the costs associated
        with its recent Chapter 11 filing, the cash collateral requirements
        of its current bank agreement and additional plant consolidations.
        


            As part of its plan to focus on its core strengths in towable
        trailers and tent campers, Cobra sold its profitable, but non-
        strategic, Tri-Star distribution business in November 1995 for $3.8
        million in cash.  The buyer also agreed to assume approximately $1.1
        million of Cobra's Tri-Star liabilities.  Proceeds from this sale
        were used to reduce Cobra's combined debt load of approximately $15
        million to $10.8 million.
        


            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.
        



                             Cobra Industries, Inc.
                             Condensed Balance Sheet
                             (Dollars in thousands)
        
                                   (Unaudited)
        
                                               September 30,  December 13,
                                                   1995         1994
         Assets
         Current Assets:
           Cash                                   $1,915       $1,255
           Accounts receivable, net               11,582       15,239
           Inventories                            16,409       35,167
           Prepaid expenses                          880        1,091
             Total current assets                $30,786      $52,752
        
         Net property and equipment                7,057        8,625
        Property, plant and equipment
          held for sale at  estimated
           disposal costs                            890           --
        
         Other Assets:
           Goodwill, net                          15,013       15,296
           Other intangible assets                   125          685
           Other assets                              837          204
        
             Total Assets                        $54,707      $77,562
        
         Liabilities and Stockholders' Equity
         Current liabilities:
           Current portion of long-term debt     $16,118       $4,410
           Accounts payable                       16,501       23,718
           Accrued warranty costs                  1,977        1,666
           Accrued payroll and related               982          741
           Other current liabilities                 473        3,099
             Total current liabilities            36,051       33,634
        
         Long-term debt, less current portion      4,750       19,191
         Deferred compensation                       170          350
           Total Liabilities                      40,971       53,175
        Stockholders' Equity:
          Common stock $0.01 par value,
            20,000,000 shares authorized,
           5,440,000 outstanding                      54           54
           Additional paid-in capital             33,619       33,619
           Accumulated deficit                   (19,937)      (9,286)
             Total stockholders' equity           13,736       24,387
        
             Total liabilities and
               stockholders' equity              $54,707      $77,562
        
                             Cobra Industries, Inc.
                        Condensed Statement of Operations
                (Dollars in thousands, except per share amounts)
        
                                   (Unaudited)
        
                                  Three Months Ended    Six Months Ended
                                  Sept. 30,  Sept. 30, Sept. 30,  Sept. 30,
                                    1995       1994       1995       1994
        Revenues:
          Net sales               $42,009    $48,128    $147,972   $151,941
          Fee income                  188        302         584        532
        
          Total revenues           42,197     48,430     148,556    152,473
        
        Cost of goods sold         39,106     41,282     133,858    132,887
        
          Gross profit              3,091      7,148      14,698     19,586
        
        Operating expenses:
          Selling and delivery      2,222      1,785       6,707      5,571
          General administrative    2,819      2,384       6,960      5,596
        
        Operating Income           (1,949)     2,979       1,031      8,419
        Interest expense, net         657        761       2,200      2,224
        
        Income before income taxes
          and discontinued
          operations               (2,607)     2,218      (1,169)     6,195
        Income taxes from
          continuing
          operations                   22         29         106        132
        
        Income from continuing
          operations               (2,629)     2,189      (1,275)     6,063
        
        Loss from discontinued operations:
          Loss on operations, net
            of tax expense ($60 for
            9 month period ended
            Sept. 30, 1994 and $23
            for 1995, $13 for
            3 month period ended
            June 30, 1994 and $15
            for 1995.              (1,902)    (1,835)     (4,277)    (4,667)
          Charge for discontinued
            operations                 --         --      (4,909)        --
        Extraordinary Item,
          net of tax ($2 for
          the 3 month period
          ended Sept. 30, 1995       (190)        --        (190)        --
        
        Net income (loss)         $(4,721)       $354   $(10,651)    $1,396
        
        Net income (loss) per common share:
          Continuing operations    $(0.49)      $0.41     $(0.24)     $1.12
          Discontinued operations   (0.35)      (0.34)     (1.69)     (0.86)
          Extraordinary Items       (0.03)         --      (0.03)        --
          Net income (loss)        $(0.87)      $0.07     $(1.96)     $0.26
        
        Weighted average shares
          outstanding           5,440,000   5,440,000  5,440,000  5,440,000


        /CONTACT:  James Roop or Robert Berick of Watt, Roop & Co.,
        216-566-7019, for Cobra Industries/



I.C.H. Corporation makes announcement


            DALLAS--Dec. 5, 1995--I.C.H.
Corporation

        (OTC:ICHD) announced today that U.S. Bankruptcy Court Judge Robert
        C. McGuire in the Company's Chapter 11 proceeding had signed and
        approved the order providing for the sale by the Company of its
        principal insurance subsidiaries -- Southwestern Life Insurance
        Company, Union Bankers Insurance Company and Constitution Life
        Insurance Company -- and substantially all of the assets of the
        Company's management subsidiary, Facilities Management Installation,
        Inc., to Southwestern Financial Corporation, a company organized by
        Knightsbridge Capital Fund I, L.P. and PennCorp Financial Group,
        Inc., for gross consideration of $260 million, consisting of $210
        million cash and $50 million of securities.  
        


        The Company expects to close the transaction before the end of the year.
        


        CONTACT:  I.C.H. Corporation, Dallas,
                  Gerald J. Kohout, 214/954-7414
        




        FRETTER ANNOUNCES BANKRUPTCY FILING BY DIXONS US HOLDINGS AND SILO,
        INC.
       


            BRIGHTON, Mich., Dec. 5, 1995 -- href="chap11.fretter.html">Fretter, Inc. (Nasdaq:
        FTTR) today announced that Dixons U.S. Holdings and the subsidiaries
        of Dixons US Holdings including Silo, Inc. filed for relief under
        Chapter 11 of the United States Bankruptcy Code.  Fretter, Inc., and
        its subsidiary Fred Schmid Appliance and T.V. Co. are not parties to
        the bankruptcy, and have not filed for bankruptcy protection.
        


            The bankruptcy filing follows the closing of substantially all
        of the Silo retail stores and cessation of the business of Silo.
        


            Fretter, Inc. and its subsidiary, Fred Schmid Appliance and T.V.
        Co. have not filed for bankruptcy protection.  However, given the
        Company's recent financial performance and the competitive
        environment in which it operates, the Company is continuing to
        explore various financial and other alternatives available to it.
        Fretter, Inc. is a specialty retailer of consumer electronics and
        home appliances, now operating 50 retail stores under the name
        Fretter and through its subsidiary Fred Schmid Appliance and T.V.
        Co.
        


        /CONTACT:  D. Campbell of Fretter, 810-220-5178/




Argyle Television Inc. completes
        acquisition of WGRZ-TV, Buffalo, N.Y.

        
            SAN ANTONIO--Dec. 5, 1995--Argyle Television
        Inc. (NASDAQ:ARGL) Tuesday announced that it completed the
        acquisition of WGRZ-TV, the NBC affiliate in Buffalo, N.Y., from
Tak
        Communications Inc.
, debtor in possession.
        


            Argyle had previously purchased KITV-TV, the ABC affiliate in
        Honolulu, from Tak in June 1995.  The closing of the WGRZ purchase
        was deferred until Tuesday at the request of Tak to enable it to
        complete its bankruptcy plan of reorganization.  Argyle paid Tak a
        total of $146 million in cash for WGRZ and KITV.  
        


            Today, Argyle Television owns and operates five network-
        affiliated stations:  WZZM-TV, the ABC affiliate in Grand Rapids,
        Mich.; WGRZ-TV, the NBC affiliate in Buffalo; KITV-TV, the ABC
        affiliate in Honolulu; WAPT-TV, the ABC affiliate in Jackson, Miss.;
        and WNAC-TV, the Fox affiliate in Providence, R.I.  Argyle's Series
        A common stock trades on the NASDAQ National Market System under the
        symbol ARGL.
        


        CONTACT:  Argyle Television Inc., San Antonio,
                  Bob Marbut, 210/828-1700