TCR_Public/951220.MBX BANKRUPTCY CREDITORS' SERVICE, INC.



        NOBLE AFFILIATES RECORDS NON-CASH, AFTER-TAX CHARGE OF $38.7 MILLION
        WITH THE ADOPTION OF SFAS No. 121

        
            ARDMORE, Okla., Dec. 20, 1995 -- Noble
Affiliates, Inc.
        (NYSE: NBL) today announced it will recognize a non-cash, pre-tax
        charge of $59.5 million, resulting in an after-tax charge of $38.7
        million, or 77 cents per share, in 1995 with the adoption of the
        Statement of Financial Accounting Standards No. 121, "Accounting for
        the Impairment of Long-Lived Assets and for Long-Lived Assets to Be
        Disposed Of."
        


            The company also announced that on November 29, 1995 its
        subsidiary Samedan Oil Corporation, received $48.9 million from the
        settlement of a bankruptcy claim against href="chap11.columbia.html">Columbia Gas Transmission
        Corporation
, a unit of Columbia Gas System Inc.  The company will
        record pre-tax income from the settlement of $39.1 million.  The
        after-tax income will be $25.4 million, or 51 cents per share.
        


            Robert Kelley, chairman, president and chief executive officer
        of Noble Affiliates, said, "All companies that report their
        financial results on the successful efforts method of accounting are
        required to adopt SFAS No. 121 no later than the first quarter of
        1996.  Adoption of the standard has no impact on our reserve base or
        cash flow.  Effective January 1, 1996, the company's depreciation,
        depletion, and amortization rate per unit of production will be
        reduced as a result of the writedown."
        


            Noble Affiliates, Inc. is an independent energy company with
        exploration and production operations throughout major basins in the
        United States, including the Gulf of Mexico, as well as
        international operations primarily in Canada, Tunisia and Equatorial
        Guinea.  Its common stock is listed on the NYSE under the symbol
        "NBL."
        


        /CONTACT:  Bill Dickson of Noble Affiliates, 405-223-4110/




Holly Products obtains
$27,350,000 standby
        loan commitment for Country World Casinos

        
            MOORESTOWN, N.J.--December 20, 1995--Holly
        Products, Inc. (NASDAQ:HOPR, HOPRW, HOPRP:BSE:HOP, HOPP) majority
        stockholder of Country World Casinos,
Inc.
, today announced that it
        has obtained, on behalf of Country World, a standby loan commitment
        for the permanent financing of $27.35 million, subject to certain
        terms and conditions, formal documentation and approval of the
        bankruptcy court having jurisdiction over Country World's Chapter 11
        case.      
        


            The court will hear the matter on Dec. 22 and render a decision
        shortly thereafter.  This financing will allow Country World to
        begin planning construction of the Casino in Black Hawk, Colorado
        shortly following the Bankruptcy Court's approval.
        


            William H. Patrowicz, president of Holly Products, Inc., stated
        "We are delighted to have obtained this commitment on behalf of
        Country World and believe that in short order we will put the
        bankruptcy issues behind us, get on with the business of building
        the casino and generate revenues from its operations by 1997.
        


            Holly Products, Inc. headquartered in Moorestown, N.J., has a
        wholly owned subsidiary, Navtech Industries, Inc. of Blanding, Utah
        and a majority owned subsidiary, Country World Casinos, Inc. of
        Denver, Colo.  Navtech is a manufacturer and tester of printed
        circuit boards and wire harnesses for slot machine tracking systems
        and signage.  Country World Casinos, Inc. is a development
        corporation, whose sole asset is two parcels of property located in
        Blackhawk, Colo.  Country World's plan is to construct the largest
        casino in the state of Colorado located in Black Hawk, Colo., as
        well as a hotel complex at a future date.
        


        CONTACT:  Holly Products, Inc.,
                  William H. Patrowicz
                  609/234-1450




KPMG Peat Marwick LLP
statement on Orange County
        litigation

        
            NEW YORK--Dec. 20, 1995--The following is a
        statement by KPMG Peat Marwick LLP on litigation involving the
        company in Orange County, Calif.:
        


            "We are not surprised, but we are disappointed by the lawsuit.
        It spotlights the county's pattern of trying to find others to blame
        and to pay for the outcome of its own investment decisions.
        


            "The California State Senate, the State Auditor and the Orange
        County Grand Jury have all studied the events leading up to the
        bankruptcy of the county.  All have blamed the county and its
        officials, not KPMG, for the outcome.  The county's losses are the
        result of its investment decisions and KPMG did not serve as an
        investment advisor to the county.
        


        "KPMG will defend itself vigorously and we will prevail."
         


        CONTACT: KPMG Peat Marwick LLP, New York,
                 George Ledwith, 212/909-5310
        



        KMART REACHES AGREEMENTS TO REMOVE REAL ESTATE 'PUT' PROVISIONS AND
        EXTEND TERM OF CREDIT FACILITIES

        
                    Board of Directors Discontinues Dividend
   

     
            TROY, Mich., Dec. 20, 1995 -- Kmart Corporation
(NYSE: KM)
        announced today that it has reached agreements in principle which
        will eliminate the "put" provisions on $548 million of Kmart's real
        estate debt and will extend the term of certain of the company's
        revolving credit facilities.  Additionally, Kmart's Board of
        Directors acted to eliminate its Common Stock dividend.
        


            "These agreements will resolve the puttable debt issue and allow
        us to build a financial structure that will provide greater
        stability and financial flexibility to the benefit of our suppliers
        and other key stakeholders," said Marvin P. Rich, Executive Vice
        President, Strategic Planning, Finance and Administration.  "These
        agreements offer additional confidence to our vendors that we will
        continue to remain current and honor usual and customary trade terms
        with them."
        


            The agreement in principle has been approved by the lead banks
        in the Company's credit facilities and 20 of the 22 other
        institutions holding the debt in connection with mortgage or lease
        financing. Upon approval of certain additional banks, which is
        expected promptly, the downgrade-related early payment provisions
        would be substantially eliminated pending closing.  Upon closing the
        elimination would become permanent and the other modifications of
        the Company's borrowing arrangement would continue.  The agreements
        are expected to close, subject to certain conditions, before the end
        of February.
        


        Terms of these agreements related to the puttable debt include:
        


        Removal of the put features on $548 million principal amount of real
        estate debt in exchange for the repayment of these obligations,
        including a make-whole premium, in October 1997.
        


        Removal of the put features does not include $95 million principal
        amount of certain real estate debt of Kmart's former specialty
        subsidiaries, $69 million of which the former subsidiaries are
        primarily responsible in varying amounts, and $26 million of which
        those companies are secondarily responsible.
        


        Terms related to Kmart's lines of credit include:
        


        The term of the Company's $300 million seasonal bank credit facility
        and $199 million bank construction facilities which would have
        expired will be extended to February 1997, and the term of all other
        bank credit facilities ($2.7 billion) will remain in effect until
        October 1997.
        


        Borrowings under bank credit facilities may not exceed the amount
        outstanding on December 22, 1995 unless agreed to by the banks.  The
        Company estimates that amount will be approximately $2.7 billion.
        The Company will maintain $400 million in balances in its cash
        management system with its regular credit facility banks.  To the
        extent that the Company's cash at any point in time is less than
        that amount, the maintenance level will reduce accordingly.
        


            "When these agreements are completed, Kmart expects to explore
        the renegotiation of its bank credit facilities in the first quarter
        of 1996 to further enhance its liquidity and financial flexibility,"
        said Rich.  "Kmart will also explore other financial alternatives,
        including the sale of debt or equity securities through a $1.2
        billion shelf registration filed recently with the Securities and
        Exchange Commission, the possible divestiture of non-core assets and
        the sale-leaseback of certain real estate."
        


            The company expects to record a fourth quarter extraordinary
        charge before income taxes of approximately $70 to $100 million as a
        result of these agreements.  The Company expects to pay incremental
        one-time fees and financing costs of approximately $98 million
        related to these agreements in 1996.  Continuing incremental annual
        interest expense is expected to be approximately $60 million.
        


            The summary of terms of the agreements in principle provided
        above is subject to the specific terms of the entire agreements,
        which the company is filing today with the Securities and Exchange
        Commission.
        


            Kmart Corporation serves America with more than 2,163 Kmart and
        171 Builders Square retail outlets in all 50 states, Puerto Rico,
        the U.S. Virgin Islands and Guam.  Kmart International operations
        extend to Canada, the Czech Republic, Slovakia, and through joint
        ventures, to Mexico and Singapore.
        


        /CONTACT:  Robert M. Burton, Director, Investor Relations,
        810-643-1040, or Shawn M. Kahle, Vice President, Corporate Affairs,
        or
        Mary L. Lorencz, Director, Media Relations, 810-643-1021, all of
        Kmart/




        FRETTER ANNOUNCES THIRD QUARTER SALES

        
            BRIGHTON, Mich., Dec. 20, 1995 -- Fretter, Inc.
(Nasdaq:
        FTTR) announces sales of $134,173,000 for its third quarter ended
        October 31, 1995.  This is a decrease in sales of 33.7% from the
        prior fiscal year.  The Company closed twelve stores and opened six
        new stores during the last fiscal year.  The Company instituted a
        program to close unprofitable stores in several geographic markets.
        As of October 31, 1995, the Company has closed 150 stores operated
        by its subsidiary Dixons U.S.
Holdings, Inc.
under the Silo name; 19
        stores operated by its subsidiary Fretter Auto Sound, Inc. under the
        name Dash Concepts and 23 Fretter stores; all of which, in part,
        contributed to the lower sales.
        


            Comparable store sales decreased 45.1% for the third quarter
        ended October 31, 1995.  The term "comparable store sales" relates
        each store's sales in a current fiscal period to the same store's
        sales in the same period in the prior fiscal year.
        


            For the third quarter ended October 31, 1995, the Company
        announced a net loss of $188,886,000 ($17.92 per share) compared to
        a net loss of $1,131,000 ($.16 per share) for the third quarter of
        the last year.  A charge of $55.1 million has been recorded to
        reflect lease disposition costs, estimated losses from the disposal
        of fixed assets and employee termination and other costs associated
        with the 192 store closings.  Of this amount, $48 million applied to
        Dixons U.S. Holdings, Inc.'s Silo stores.  In addition, the net loss
        of $188,886,000 includes, in addition to the $55.1 million charge, a
        write-off of goodwill attributable to Dixons U.S. Holdings, Inc.'s
        Silo stores of approximately $83 million and a loss of approximately
        $20 million associated with sales of the Company's inventory in
        closed stores to third party liquidators.
        


            As of October 31, 1995, the Company failed to meet two loan
        covenants in its indebtedness to its primary lender.  As of November
        1, 1995, such loan agreement was amended to waive such defaults and
        reduce the maximum available under such loan agreement from $140
        million to $50 million.  The Company is also in default of its
        inventory finance agreement and concurrent default in its bank
        facility for capital expenditures.
        


            Based on the foregoing, the Company has engaged financial and
        legal advisors to assist it in analyzing various alternative
        strategies, each of which would lead to a material adverse impact on
        the ability of the Company to continue its current operations in the
        current fashion.  On December 4, 1995, Dixons U.S. Holdings, Inc.
        and its Silo subsidiaries filed for protection under Chapter 11 of
        the United States Bankruptcy Code.  Fretter and its remaining
        subsidiaries including Fred Schmid Appliance & T.V. Co. have not
        filed for Chapter 11 protection.  However, the Company continues to
        actively consider all of its options, including seeking relief under
        the United States Bankruptcy Code for the Company and/or one or more
        of its remaining subsidiaries.
        


            Fretter, Inc. is a large volume specialty retailer of home
        entertainment products, consumer electronics and appliances.  Giving
        effect to the above closure of stores, Fretter now operates 50
        stores under the names Fretter and Fred Schmid Appliance & T.V. Co.
        in the states of Colorado, Indiana, Michigan, Montana, Ohio and
        Wyoming.
        


        /CONTACT:  Dale Campbell of Fretter, 810-220-5178/