TCR_Public/951208.MBX BANKRUPTCY CREDITORS' SERVICE, INC.



        BRADLEES REPORTS THIRD QUARTER RESULTS

        
            BRAINTREE, Mass., Dec. 8, 1995 -- href="chap11.bradlees.html">Bradlees Inc. (NYSE:
        BLE)today reported results for the third quarter of fiscal 1995 (the
        13 weeks ended October 28, 1995).  Total sales for the third quarter
        were $418.7 million compared with $465.7 million for the third
        quarter of fiscal 1994 (the 13 weeks ended October 29, 1994).  The
        loss before interest, reorganization items and income taxes for the
        quarter was $35.3 million compared with earnings before interest and
        income taxes of $4.5 million for the same period last year.  The net
        loss for the quarter was $38.6 million or $3.38 loss per share,
        compared with a net loss of $1.3 million or $.12 loss per share in
        1994.  Comparable stores sales declined 17.2%.  Effective October
        28, 1995, the Company completed the conversion of its financial
        systems and changed its quarterly financial reporting calendar to
        conform to the common retail presentation of 13 week (4-5-4)
        quarters.
        


            Sales for the three quarters (39 weeks) ended October 28, 1995
        were $1.249 billion compared with $1.286 billion for the same period
        in fiscal 1994, a decrease of 2.9%.  The year-to-date loss before
        interest, reorganization items and income taxes was $108.7 million
        versus earnings before interest and income taxes of $3.4 million for
        the same period in fiscal 1994.  The year-to-date net loss was $98.5
        million or $8.63 loss per share versus a net loss of $11.3 million
        or $.99 loss per share for last year.  Year-to-date comparable store
        sales declined 11.8%.  Reorganization items for this year's third
        quarter and year-to-date represent primarily professional fees and
        accrued retention bonuses directly related to Chapter 11, and a
        provision for rejected leases and related asset write offs.  The
        rejected leases represent two previously planned new stores
        (Cheltenham, PA and Staten Island, NY) and several smaller off-site
        storage facilities.  The Company will open three new stores,
        previously planned for 1995, (Danvers/Peabody, MA, Providence, RI
        and Worcester, MA) in March, 1996.
        


            The Company completed the third quarter of fiscal 1994 with $67
        million in cash and cash equivalents and no direct borrowings under
        its Debtor-In-Possession (DIP) financing facility.  The Company
        currently anticipates that it will also not have any direct
        borrowings under the DIP facility in the fourth quarter.

        
            The Company continues to take important steps to reorient its
        business away from low and no margin businesses and low margin
        promotional programs, to more trend driven, profitable business
        segments.
   

     
            Bradlees, Inc. operates 136 discount department stores in Maine,
        New Hampshire, Massachusetts, Connecticut, New York, New Jersey,
        Pennsylvania, Rhode Island and Virginia.  Bradlees' common stock is
        listed and traded on the New York Stock Exchange under the symbol
        "BLE".  For additional Bradlees press releases, please call 1-800-
        758-5804, extension 105750
      

  

                               BRADLEES, INC.
                              AND SUBSIDIARIES
                     (Operating as Debtor-in-Possession)
        
         CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
               (Dollars in thousands except per share amounts)
        
                                             13 Weeks Ended
                                     October 28, 1995   October 29, 1994
        
        Total sales                      $418,656        $465,657
        Leased department sales            14,529          17,596
        Net sales                         404,127         448,061
        Cost of goods sold                288,417         308,084
        Gross margin                      115,710         139,977
        Leased department and other
         operating income                   3,459           5,656
        Total                             119,169         145,633
        
        Selling, store operating and
         administrative expenses          141,694         128,910
        Depreciation and amortization      12,781          12,208
        
        Earnings (loss) before interest,
         reorganization items and inc.
         tax benefit                      (35,306)          4,515
        Interest and debt expense, net      2,655           6,819
        Reoranization items                13,066             ---
        
        Loss before income
         tax benefit                      (51,027)         (2,304)
        Income tax benefit                (12,435)           (991)
        
        Net loss                         $(38,592)        $(1,313)
        Net loss per share                 $(3.38)         $(0.12)
        
                               BRADLEES, INC.
                              AND SUBSIDIARIES
                     (Operating as Debtor-in-Possession)
        
         CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
               (Dollars in thousands except per share amounts)
        
                                        39 Weeks Ended
                                     October 28,  October 29,
                                       1995           1994
           Total sales                 $1,248,532    $1,285,804
           Leased department sales         43,367        44,479
           Net sales                    1,205,165     1,241,325
           Cost of goods sold             865,488       846,588
           Gross margin                   339,677       394,737
           Leased department and other
        operating income               10,529        13,433
           Total                              350,206       408,170
        
           Selling, store operating and
        administrative expenses       419,696       368,934
           Depreciation and amortization   39,212        35,841
        
           Earnings (loss) before
        interest, reorganization
        items, income tax
        benefit and cumulative
        effect of accounting
        change                       (108,702)       3,395
           Interest and debt expense,
        net                            19,577       22,309
           Reorganization items            21,035          ---
        
           Loss before income
        tax benefit and
        cumulative effect
        of accounting change         (149,314)      (18,914)
           Income tax benefit             (50,767)       (8,133)
        
           Loss before cumulative
        effect of accounting
        change                       (98,547)      (10,781)
           Cumulative effect
        of accounting
        change, net of
        income tax benefit              ---           (485)
        
           Net loss                     $(98,547)     $(11,266)
        
           Net loss per share:
           Loss before cumulative
        effect of accounting
        change                        $(8.63)       $(0.95)
           Cumulative effect
        of accounting
        change, net of
        income tax benefit               ---         (0.04)
        
           Net loss per share             $(8.63)       $(0.99)
        
                               BRADLEES, INC.
                              AND SUBSIDIARIES
                     (Operating as Debtor-in-Possession)
        
              CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
                           (Dollars in thousands)
        
                                        October 28,    Jan. 28,  October 29,
                                           1995          1995        1994
           ASSETS
        
           Current assets:
           Restricted cash                     $1,083         $---
        $---
           Unrestricted cash and
        cash equivalents                   65,947       10,148       4,100
           Total cash and cash equivalents     67,030       10,148
        4,100
        
           Accounts receivable                16,296        17,537
        25,037
           Inventories                        413,236      306,218
        429,671
           Prepaid expenses                    10,915       10,605
        7,969
           Deferred income taxes               27,733        1,421
        14,191
           Total current assets               535,210      345,929
        480,968
        
           Property, plant and equipment, net:
           Property excluding capital
        leases, net                       210,859      223,333     210,742
           Property under capital leases, net  58,946       59,808
        63,920
           Total property, plant and
        equipment, net                    269,805      283,141     274,662
        
           Other assets:
           Lease interests at fair value and lease
        acquisition costs, net            240,187      247,485     249,547
           Other, net                           1,556        8,259
        9,061
        
           Total                              241,743 255,744     258,608
        Total assets                       $1,046,758     $884,814
        $1,014,238
        
                               BRADLEES, INC.
                              AND SUBSIDIARIES
                     (Operating as Debtor-in-Possession)
        
              CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
                           (Dollars in thousands)
        
                                        October 28,    Jan. 28,  October 29,
                                           1995          1995        1994
        
        LIABILITIES AND STOCKHOLDERS' EQUITY
        
           Current liabilities:
           Accounts payable                  $266,094     $219,639
        $325,502
           Accrued expenses                    55,303       64,520
        53,168
           Short-term debt                        ---       21,000
        72,000
           Current portion of capital
        lease obligations & other           5,019        7,896       7,103
           Total current liabilities          326,416      313,055
        457,773
        
           Long-term liabilities:
           Subordinated debt                      ---      225,000
        225,000
           Obligations under capital leases
        and other                          40,695       64,643      60,865
           Deferred income taxes               65,504       89,959
        92,912
           Other long-term liabilities         28,573       28,725
        29,559
           Total long-term liabilities        134,772      408,327
        408,336
        
           Liabilities subject to settlement
        under the reorganization case     521,845          ---         ---
        
           Stockholders' equity:
           Common stock - 11,417,958 shares
        outstanding (11,385,254 at 1/28/95,
        11,273,396 at 10/29/94)
           Par value                              115          113
        113
           Additional paid-in-capital         137,954      138,077
        137,020
           Unearned compensation                (945)      (1,697)
        (1,157)
           Retained earnings
        (accumulated deficit)            (72,899)       27,359      12,479
           Treasury stock, at cost              (500)        (420)
        (326)
           Total stockholders' equity          63,725      163,432
        148,129
           Total liabilities and
        stockholders' equity           $1,046,758     $884,814  $1,014,238
        

        /CONTACT: Coleman Nee of Bradless, 617-380-8354/



        COLUMBIA GAS $1 BIL SHELF FOR DEBS, PFD
'BBB/BBB-' BY FITCH

        
            NEW YORK, Dec. 8, 1995 -- href="chap11.columbia.html">Columbia Gas System's $1 billion
        shelf registration covering debentures, preferred stock, and common
        stock is rated as follows: debentures 'BBB' and preferred stock
        'BBB-'. The company's outstanding $2 billion 'BBB' debentures, $200
        million 'BBB-' preferred stock, and $200 million 'BBB-' dividend
        enhanced convertible preferred stock, were rated by Fitch upon
        issuance on Nov. 28, 1995 when Columbia emerged from bankruptcy. The
        credit trend is stable.
        


        /CONTACT:  Ralph Pellecchia, 212-908-0586, or Bill Stellenwerf,
        212-908-0558/


        

Trans-Dominion - Update On Pakistan,
        Senegal & Bulgaria acquisition
        


            CALGARY, ALBERTA--DECEMBER 8, 1995--TRANS-DOMINION
ENERGY(TSE: TDE) BANKRUPTCY COURT IN HOUSTON APPROVES THE
        TRANSFER OF ASSETS (EXCLUDING PERU) TO CLAIMANTS ALLOWING CLOSURE OF
        ACQUISITION OF PROPERTIES IN PAKISTAN, SENEGAL AND BULGARIA; SHELL
        TO DRILL IN SENEGAL IN DECEMBER; MR. CHARLES WHEELER TO BECOME
        CHAIRMAN
        


            The Bankruptcy Court in Houston has agreed to the settlement
        with the Claimants of the Guyana
Development Corporation

        facilitating the closing of the agreements previously made between
        Trans-Dominion ("TDE") and the Claimants.  Within the next month,
        TDE now anticipates that it will complete the acquisition of:
        


            The consideration being paid by TDE for these assets is
        7,000,000 Treasury shares and 3,500,000 warrants which can be
        exercised at a price of $0.18 each within three years and a cash sum
        of US$150,000. The consideration will be reduced if the royalty in
        Senegal is less than 4.0 percent.  
        


            A further 1,900,000 shares and 5,400,000 warrants will be issued
        in escrow pending the acquisition of a 6 percent carried working
        interest in Block 50, Peru.  Part of the consideration in escrow
        could be released if certain discovery conditions are met in Senegal
        or Pakistan.  
        


            The acquisition of the Peruvian property is subject to a further
        court hearing and if the 6 percent carried working interest is
        acquired, then all the shares and warrants in escrow would be
        released together with US$100,000.  
        


            Shareholder and TSE approval has been given for this
        acquisition. In June of this year, Tullow Oil, the operator of the
        Pakistan License, announced a discovery well which flowed at the
        rate of 9.5 million cubic feet per day.  Subsequent review of the
        technical data from this well indicates a small reserve of gas at
        this location.  
        


            Further seismic work, planned for 1996, is required to delineate
        the reservoir and to identify further drilling targets in the area.
        


            Pecten (Shell), the operator of the Senegal offshore License, is
        currently mobilizing a rig to drill the first of a probable two-well
        program (second well optional).  The well is expected to commence
        drilling later this month.  
        


            At the closing, Mr. Charles Wheeler, a geologist with 34 years
        of international experience at Exxon, reaching the level of vice-
        president in charge of worldwide exploration and production, will be
        appointed Chairman of TDE.  
        


        CONTACT:  Michael J. Doherty,
                  President
                  011-44-1483-303776 or
                  011-44-1483-306179 (FAX)
                       or
                  W.J. (Jim) Cooke,
                  Operations Vice President
                  403/232-1166 or
                  403/232-6299 (FAX)




        ENVIRODYNE INDUSTRIES, INC. ANNOUNCES SETTLEMENT OF LUMPKIN
        LITIGATION

        
            OAK BROOK, Ill., Dec. 8, 1995 -- href="chap11.envirodyne.html">Envirodyne Industries,
        Inc.
(Nasdaq SmallCap: EDYN) has entered into a settlement
agreement
        resolving all claims of the former union employees of Wisconsin
        Steel Company which shut down in March 1980.  Under the terms of
        settlement of Frank Lumpkin, et al. v. Envirodyne Industries, Inc.
        and without any admission or finding of liability or wrongdoing,
        Envirodyne will be released and discharged from all claims in
        exchange for 900,000 shares of Envirodyne common stock.  The United
        States Bankruptcy Court for the Northern District of Illinois,
        Eastern Division.  Details of the notice to claim holders, timing of
        the hearing to approve the settlement and plan of distribution are
        pending.  The company expects settlement to become effective in the
        first quarter of 1996 when the shares of common stock, or the
        proceeds from the sale thereof, will be distributed to the former
        Wisconsin Steel union employees.
        


            This settlement concludes nearly 16 years of litigation. The
        plaintiff class, consisting of former employees of WSC Corp., had
        sought to hold Envirodyne liable for certain pension and other
        benefits arising out of their employment with WSC.  WSC Corp., an
        indirect wholly owned subsidiary of Envirodyne, acquired the assets
        of Wisconsin Steel from Navistar International Corp. in 1977.  The
        former WSC Corp. employees had sought over $100 million in
        compensatory, punitive and other damages under a collective
        bargaining agreement.
        


            Because the Lumpkin litigation arose before Envirodyne's
        bankruptcy in 1993, plaintiffs' recovery is subject to Envirodyne's
        Plan of Reorganization under which common stock was distributed to
        Envirodyne's unsecured creditors in satisfaction of their allowed
        claims.  The company anticipates that upon completion of the Lumpkin
        settlement and certain other claims to be satisfied through the
        issuance of common stock, Envirodyne will have 14,479,721 shares of
        common stock outstanding.
        


        /CONTACT:  J.S. Corcoran, S.M. Schuster or G.S. Donovan, all of
        Envirodyne Industries, Inc., 708-575-2400./