TCR_Public/951221.MBX BANKRUPTCY CREDITORS' SERVICE, INC.



        EQUITABLE RESOURCES TO TAKE FOURTH QUARTER NON-CASH CHARGE MAINLY
        RELATED TO FAS STATEMENT 121

        
            PITTSBURGH, Dec. 21, 1995 -- Equitable Resources
(NYSE:
        EQT) announced today that it will take a non-cash, after-tax charge
        of approximately $71 million or $2.05 per share in the fourth
        quarter.  The charge, which is similar to asset write-downs
        announced by other integrated energy companies, is primarily the
        result of following the methodology of a new accounting standard for
        the impairment of long-lived assets.  As a result of the fourth
        quarter charge, Equitable expects to reduce 1996 non-cash operating
        expenses by at least $12 million based on expected production.
        President and CEO Fred Abrew called the one-time charge, "Another
        measured step that will give us greater flexibility to drive toward
        improved financial performance."
        


            In March 1995, the Financial Accounting Standards Board (FASB)
        issued Statement No. 121, "Accounting for the Impairment of Long-
        Lived Assets...".  The standard, which must be adopted by affected
        corporations in 1996, requires companies to adjust the value of
        assets on their balance sheets when that value exceeds the future
        expected cash flows to be generated by those assets.
        


            The impact of the charge on Equitable's fourth quarter 1995
        results will be partially offset by the earnings recognized from the
        receipt of the proceeds from the href="chap11.columbia.html">Columbia Gas Chapter 11
        reorganization.  Equitable received approximately $29 million after-
        tax, adding 83 cents per share to fourth quarter, 1995 earnings.
        


            Approximately 60 percent of Equitable's charge reflects the
        write-down of various producing properties and undeveloped oil and
        gas leases.  About 20 percent relates to certain parts of the
        Company's intrastate pipeline and the remainder is attributable to
        specific non-performing assets not related to the Company's core
        businesses.
        


            Equitable Resources is a full service energy marketing company.
        It offers energy solutions to the wholesale and retail markets with
        innovative products and services developed through its exploration,
        production, storage, transportation and distribution of natural gas
        and electricity operations.  Equitable Resources also produces
        natural gas liquids and crude oil.
        


        /CONTACT:  Robert C. Atkinson of Equitable Resources, 412-553-5768/




        EDISTO RESOURCES ANNOUNCES STOCK REPURCHASE
PROGRAM AND ENGAGEMENT
        OF INVESTMENT BANKING FIRM

        
            HOUSTON, Dec. 21, 1995 -- Edisto
Resources Corporation

        (AMEX: EDS) today announced that its Board of Directors has
        authorized the company to repurchase up to 1,000,000 shares of
        Edisto's common stock from time to time in the open market.  The
        timing and amounts of purchases will be governed by market
        conditions.  Edisto has 12,954,246 outstanding shares of common
        stock which trade on the American Stock Exchange.
        


            Edisto said it was initiating this stock repurchase because it
        believes that the recent market prices of Edisto's shares have been
        substantially less than their underlying value.
        


            Edisto also announced that it has engaged the investment banking
        firm of James D. Wolfensohn Incorporated to make recommendations to
        management and the board of directors for strategic alternatives to
        enhance shareholder value.  Wolfensohn's duties will include
        identifying and evaluating strategic partners and investment
        opportunities to enhance the continued growth of Edisto.
        


            Michael Y. McGovern, Edisto's chairman and chief executive
        officer, commented: "The Edisto post-bankruptcy turnaround has been
        substantially completed now that the NOARK litigation has been
        resolved, as announced yesterday.  Now, we want to aggressively look
        at opportunities to grow the company and maximize value for our
        shareholders.  As the gas marketing industry continues to
        consolidate and branch into electric power marketing, we believe
        there are a number of strategic opportunities that Wolfensohn can
        help the company pursue.  We also believe that another avenue to
        increase shareholder value is to use some of our excess cash to
        repurchase our shares."
        


            Edisto Resources Corporation's consolidated activities include
        (i) natural gas marketing and the trading of energy related
        financial instruments through four wholly owned subsidiaries, and
        (ii) oil and gas exploration and production, which is conducted
        through its 72 percent interest in Convest Energy Corporation, an
        independent company listed on the American Stock Exchange.
        


        /CONTACT: Jerry L. McNeill, vice president of Edisto Resources,
        713-782-0095/




        HARRAH'S ENTERTAINMENT REACTS TO RECENT NEW ORLEANS ACTIVITIES

        
            MEMPHIS, Tenn., Dec. 21, 1995 -- Harrah's
Entertainment,
        Inc.(NYSE: HET) today announced it is pleased that href="chap11.harrahs.html">Harrah's Jazz
        Company
has put forward to the state of Louisiana a structure for
        the reorganization of the Harrah's Jazz Company casino project in
        New Orleans.  Harrah's Entertainment agrees with Harrah's Jazz
        Company's position that for the permanent casino to be successful
        for the long term, and for the project to attract new debt and
        equity to finish the permanent casino, there need to be certain
        fundamental changes to the previous structure.  These changes are
        set forth in the Harrah's Jazz Company announcement.
        


            In addition, Harrah's Entertainment today also announced that it
        is aware of five additional federal securities lawsuits that have
        been filed against it pertaining to the announcement that Harrah's
        Jazz Company had filed a bankruptcy petition under Chapter 11.  The
        lawsuits are substantially similar to the two federal securities
        lawsuits that had been previously announced.  In addition, Harrah's
        Entertainment is aware of a lawsuit filed against it alleging
        violations of the federal plant-closing law.  The complaint, which
        seeks certification as a class action and unspecified damages, was
        filed in U.S. District of Louisiana. Harrah's Entertainment is also
        aware of a lawsuit filed against it by Centex Landis Construction
        Co., related to the bankruptcy filing and suspended construction on
        the casino project, alleging among other things, breach of contract,
        fraud and fraudulent or negligent misrepresentation, and deceptive
        advertising.   The complaint was filed in Louisiana state court and
        seeks money damages in excess of $40 million, and completion of the
        permanent casino.  Harrah's Entertainment believes that the
        allegations in each of the foregoing lawsuits are without merit and
        intends to vigorously defend against such lawsuits.
        


        /CONTACT:  Ralph Berry, Harrah's Entertainment, Inc., 901-762-8629/




        HARRAH'S JAZZ COMPANY PROVIDES STATE
OFFICIALS A STRUCTURE FOR
        REORGANIZATION OF ITS NEW ORLEANS CASINO

        
            MEMPHIS, Tenn., Dec. 21, 1995 -- href="chap11.harrahs.html">Harrah's Jazz Company
        today announced, in response to the request of the state of
        Louisiana, that it has provided to representatives of the state
        government a structure for negotiating the reorganization of the
        Harrah's Jazz Company casino project in New Orleans.
        


            Reiterating its commitment to work diligently toward a plan for
        reorganization, Harrah's Jazz Company indicated that for the
        permanent casino to be successful for the long term, and for the
        project to attract new debt and equity to finish the permanent
        casino, there need to be three fundamental sets of changes to the
        previous structure. First, the capital costs need to be reduced by
        initially reducing the casino's size and scope to the level required
        to meet the apparent current market demand while at the same time
        delivering an excellent customer experience.  Additional capacity
        would be added if the market demand grows.
        


            Second, the previous fixed costs must be reduced and
        restructured to provide some flexibility for these costs to move
        with anticipated revenues, particularly in the early years while
        there is an attempt to position New Orleans as an attractive market
        for regional and national casino customers.  Restructuring of the
        payment terms for interest charges, debt service, rent and taxes
        will be required if new debt and equity financing is to be attracted
        to complete the casino.
        


            The third set of changes that Harrah's Jazz Company indicated
        are required deal primarily with the operations of the casino on a
        daily basis.  The operating contract with the state, the lease with
        the city and various city ordinances must permit for normal
        commercial operations of the business without undue regulatory
        costs, burdens and approvals. Furthermore, the operating standards
        set forth in the various documents need to be conformed so the
        requirements of both the state of Louisiana and the city of New
        Orleans are consistent and do not set different standards for the
        operation.
        


            Colin V. Reed, on behalf of Harrah's Jazz Company, said that
        none of the contemplated changes were intended to impact the
        regulatory structure dealing with the integrity of the games, the
        suitability of the investors, or the financial controls relative to
        the operating of the casino.  Mr. Reed stated, "For the casino to
        succeed and meet the targets contemplated in a restructured format,
        it must be allowed to compete on a daily basis in a manner
        consistent with other casinos in the state of Louisiana and
        neighboring jurisdictions.  It cannot successfully compete with
        limitations imposed by burdensome regulations or non-commercial
        restrictions.  We are asking that we be allowed the same latitude to
        compete as other commercial ventures in the city of New Orleans.
        The changes required will also be necessary to attract new financing
        to complete the permanent casino."
        


            Mr. Reed further stated that, "We have been prepared for
        sometime to negotiate with the State and City on the detailed issues
        that must be part of a full plan of reorganization to be submitted
        to the Bankruptcy Court for its approval.  For these negotiations to
        proceed in a business- like manner, with the large number of parties
        involved, the complexity of the issues and with the on-going threat
        of litigation from certain parties, it is very important that the
        negotiations proceed in a confidential manner.  We have submitted
        requests for confidentiality agreements to the City and State so
        that detailed negotiations may proceed."
        


            Harrah's Jazz Company also responded to statements by State and
        City officials that Harrah's Jazz Company has failed to meet
        deadlines imposed by the State and City to present a plan of
        reorganization. "Harrah's Jazz Company is operating under the
        protection and control of the federal bankruptcy court, which has
        control over the schedule for the reorganization.  When credit
        committees are formed in January and appropriate confidentiality
        agreements are executed, the parties will be able to move forward
        toward completion of a suitable plan of reorganization to submit to
        the court," said Mr. Reed.
        


        /CONTACT: Ralph Berry, Harrah's Entertainment, Inc., 901-762-8629/