HOUSTON--January 19, 1996--Drypers Corporation
(Nasdaq:DYPR) today reported that it has selected Congress Financial
Corporation to supply it with a new $21 million revolving credit
facility. The new facility is one of several developments in
Drypers' financial structure which are expected to be in place by
early next month.
The $21 million revolving credit facility from Congress
Financial Corporation will be used to replace a $15 million facility
from Drypers' current senior lender. The holders of the Company's
12+% Senior Notes will receive notes in lieu of the November 30
interest payment, along with warrants to purchase shares of Drypers'
The Company's current senior lender will reinstate its term loan
of $1.75 million. Additional capital will be invested by Drypers'
largest equity holders in an aggregate amount of at least $3.6
million in exchange for which they will receive convertible notes
and warrants. Several major suppliers have agreed to improve terms
to Drypers, including the conversion of current trade payables
totaling $4 million into one year notes.
Implementation of this new structure is contingent upon
negotiation of final documentation with each of these lenders and
investors and approval from holders of the Senior Notes.
If for any reason the Company is unable to consummate the final
documentation to implement this structure, then as previously stated
in a press release issued on August 4, 1995, it may be required to
seek protection under the federal bankruptcy laws. Walter V.
Klemp, Chairman and Co-Chief Executive Officer, noted, "This capital
refinancing structure provides the Company with improved working
capital and further liquidity protection. We believe that it
exemplifies the confidence that our major equity investors,
suppliers and lenders have in the Company's business potential."
Mr. Klemp added, "Our operating environment continues to
improve, evidenced by a nine month high grocery market share of
5.7%. We are experiencing further increases in quarter-to-quarter
revenues, raw material prices continue to decline and our market
share has improved over levels experienced this summer. Because of
this, we remain optimistic about our business prospects in the
Drypers Corporation manufactures and markets disposable baby
diapers and related products under the Drypers brand name. The
Company's products are sold through grocery stores and mass
merchants throughout the United States, Latin America and other
international markets. The Company also produces price value
branded and private label diapers and related products.
CONTACT: Drypers Corporation,
Walter V. Klemp, 713/682-6848
Lynn Morgen/Howard Zar/Melissa Garelick
Press: Stacy Berns, 212/850-5600
SALT LAKE CITY, Jan. 19, 1996 -- href="chap11.bonneville.html">Bonneville Pacific
Corporation, through its Chapter 11 Bankruptcy Trustee (Roger G.
Segal), announces today that a settlement has been reached with
another defendant of the numerous defendants in the civil action
entitled Roger G. Segal, Trustee v. Portland General, et al, now
pending in the United States District Court for the District of
Utah, Case No. 92-C-364J.
The settlement is with Carl T. Peterson and provides for a
payment by him to Bonneville Pacific Corporation of the total sum of
Three Million Five Hundred Thousand Dollars ($3,500,000.00) which is
in addition to the Five Hundred Thousand Dollars ($500,000.00) paid
by Carl T. Peterson and received by Bonneville Pacific Corporation
as restitution pursuant to the terms of a Plea and Cooperation
Agreement and Order In the Matter of The United States of America v.
Carl T. Peterson, in the United States District Court, Case No. 95-
CR-0145B (Honorable Dee V. Benson).
The settlement is conditioned upon approval of the written
Settlement Agreement by the United States Bankruptcy Court for the
District of Utah (the Honorable John H. Allen) and the entry of an
appropriate dismissal Order by the United States District Court (the
Honorable Bruce S. Jenkins).
/CONTACT: Roger G. Segal of Cohne, Rappaport & Segal, 801-532-2666/
DRUMMONDVILLE, QUEBEC--(BUSINESS WIRE)--Jan.Y 19, 1996--KIMPEX
INTERNATIONAL (ME,TSE: KPX)
Second Quarter Results ended November 30, 1995
000) 3 months 6 months
1995 1994 1995 1994
21.2 21.3 39.8 31.1
incomes (0.4) 0.5 (1.6) (0.2)
$(0.03) $0.05 $(0.15) $(0.02)
"Sales for the three months ended November 30, 1995 were $21.2
million compared to $21.3 million for the same period last year.
The same period resulted in a loss of $0.4 million or $0.03 per
share compared to a net income of $0.5 million or $0.05 per share
last year. For the six months ended November 30, 1995 revenues were
$39.8 million compared to $31.1 million for the same period last
year. The net loss for this period of $1.6 million or $0.15 per
share compares to a net loss of $0.2 million or $0.02 per share last
The final stage of the financial restructuring was completed in
December of 1995 and the second half of the year will reflect the
relative reduction in financing costs. The Company now looks
forward with tremendous enthusiasm to focusing its efforts on the
tasks at hand. The winter season to date is indicative of a strong
snowmobile season and the Company is well poised to capitalize on
this opportunity. Investments in our systems and distribution
networks are beginning to pay dividends by enabling us to meet the
ever increasing demands for quality service in the markets that we
We look forward to a strong third quarter and are
confident as to the future success of our Company."
CONTACT: Mr. Brett Gannon,
Chief Financial Officer
ST. LOUIS, Jan. 19, 1996 -- Edison
Brothers Stores, Inc.,
(NYSE: EBS) said today that it entered into a definitive purchase
agreement with Namco Cybertainment, Inc., a wholly owned subsidiary
of Namco Ltd. of Tokyo, Japan, to sell the assets and selected
stores of Edison Brothers Mall Entertainment and Horizon
Entertainment. Namco, which submitted the highest of two offers to
Edison Brothers, was identified as the buyer at an auction held
Thursday, January 18, 1996, in accordance with the company's
previously announced court-approved bidding procedures.
The sale of Edison's entertainment divisions, which operate
approximately 128 game rooms and larger entertainment centers, is
subject to approval by the U.S. Bankruptcy Court in Wilmington,
Delaware, at a hearing on January 30, 1996.
"We are pleased with the agreement we have reached with Namco,"
Senior Executive Vice President Peter Edison said. "The completion
of the sale will allow us to focus our attention on our core
footwear and apparel businesses and move forward with the company's
other restructuring initiatives."
Edison Brothers Stores, Inc., filed for voluntary reorganization
under Chapter 11 on November 3, 1995. The company operates
approximately 2,700 apparel, footwear and entertainment specialty
stores and is in the process of closing approximately 500 of its
apparel and footwear stores by January 31, 1996.
/CONTACT: David B. Cooper, Jr., CFO, 314-331-6531, or Amy Calvin,
Communications, 314-331-7996, both of Edison Brothers Stores, Inc./