TCR_Public/960226.MBX BANKRUPTCY CREDITORS' SERVICE, INC.


Bankruptcy News For - February 26, 1996



  1. HOLLY PRODUCTS ANNOUNCES COURT APPROVAL OF $5 MILLION FINANCING PACKAGE
  2. ZENITH ANNOUNCES FOURTH-QUARTER RESULTS; LOSS REFLECTS ONE-TIMCHARGES, LOWER SALES
  3. GOOD TIMES RESTAURANTS INC. REPORTS FIRST QUARTER RESULTS
  4. TRI-LITE FILES FOR CHAPTER 11, SAYS IT WILL EMERGE A `MUCH STRONGER COMPANY'



Holly Products announces court
approval of $5 million financing package
        


            BALA CYNWYD, Penn. -- Feb. 26, 1996 -- Holly
        Products Inc. (NASDAQ: HOPR, HOPRW, HOPRP; BSE: HOP, HOPP), today
        announced that the U.S. Bankruptcy Court, District of Colorado, the
        Court having jurisdiction over the company's href="chap11.country.html">Country World Casinos
        Inc.
Chapter 11 case, approved the previously announced $5
million
        loan.

        
            This loan, which is subject to a formal order by March 3, 1996
        and formal documentation, will permit Country World to complete the
        purchase of its site for a new casino in Blackhawk, Colorado and
        emerge from the Chapter 11 proceeding.  More details of the order
        will be disclosed when the formal order is signed by the bankruptcy
        judge.
   

     
            Holly Products Inc., headquartered in Bala Cynwyd, has a wholly
        owned subsidiary, Navtech Industries Inc. of Blanding, Utah and a
        majority owned subsidiary, Country World Casinos Inc. of Denver.
        Navtech is a manufacturer and tester of electronic components for
        casino equipment, hotel equipment and sinage.  Country World Casinos
        Inc. is a development corporation, whose plan is to construct a
        casino in Blackhawk, Colorado, as well as a hotel complex.
      

  
        CONTACT:  Holly Products Inc.
                  William Patrowicz, 610/617-0400



ZENITH ANNOUNCES FOURTH-QUARTER RESULTS; LOSS REFLECTS
ONE-TIMCHARGES, LOWER SALES
        


            GLENVIEW, Ill., Feb. 26, 1996 - Zenith Electronics
        Corporation (NYSE: ZE) today reported a net loss of $24.6 million,
        or 45 cents per share, for the fourth quarter of 1995, compared with
        a net loss of $3.3 million, or 7 cents per share, in the fourth
        quarter of 1994.
        


            Lower color television unit sales and selling prices, compared
        with the fourth quarter of 1994, contributed significantly to the
        1995 quarterly loss.

        
            Non-recurring and unusual items account for more than $14
        million of the difference between the 1995 and 1994 fourth quarters.
        The 1995 fourth-quarter results include almost $4 million of
        expenses as a result of the transaction completed in November with
        LG Electronics Inc. and a $4 million reserve for environmental and
        other liabilities.  Fourth- quarter results also included a $4
        million gain on asset sales in 1994 and a $3 million loss on asset
        sales in 1995.
   

     
            Total fourth-quarter sales were $395 million in 1995 and $454
        million in 1994.  Zenith's consumer electronics selling prices were
        $28 million lower in the fourth quarter of 1995 than in the same
        period a year earlier, although cost reductions in the 1995 quarter
        almost offset the effect of lower prices.

        
            In Consumer Electronics, the sales decline reflected a variety
        of factors including the very soft industry conditions, lower
        selling prices and significantly lower color TV unit sales in Mexico
        (primarily due to the peso devaluation in December 1994).  Industry
        direct-view color TV unit sales to dealers declined by about 5
        percent from the fourth quarter of 1994, but the Zenith brand
        maintained its domestic color television market share in the
        quarter.
   

     
            Sales of Network Systems products - set-top boxes and data
        modems sold primarily to the cable TV industry - increased
        significantly from the fourth quarter of 1994, primarily reflecting
        higher shipments to international markets.
      

  
            The fourth quarter was marked by major progress in high-
        definition television (HDTV) and related digital TV technologies
        developed by Zenith and other members of the "Digital HDTV Grand
        Alliance."  In November, the FCC Advisory Committee on Advanced
        Television Service recommended that the Federal Communications
        Commission adopt the Grand Alliance system (including Zenith-
        developed digital transmission technology) as the U.S. digital
        television broadcast standard.  The commission is expected to adopt
        the new standard in 1996.

        
            Also during the fourth quarter, LG Electronics Inc. (formerly
        Goldstar Co. Ltd.) increased its holdings to 57.7 percent of the
        outstanding shares of Zenith common stock through the combination of
        a tender offer and a direct $165 million investment in Zenith.  The
        $351 million transaction, announced in July 1995, was completed in
        November. Zenith and LGE are working together to identify synergies
        in purchasing, manufacturing, technology and global marketing to
        accelerate Zenith's profit-improvement programs.
   

     
            For full-year 1995, Zenith reported a net loss of $92.4 million,
        or $1.88 per share, compared with a full-year 1994 net loss of $14.2
        million, or 34 cents per share.  Results for 1995 include an $8
        million tax refund, $18 million in special charges for severance and
        other non-recurring items, and the $8 million of special fourth-
        quarter charges.  Results for 1994 included an $11 million gain on
        asset sales. Total sales in 1995 were $1,274 million, compared with
        $1,469 million in 1994.

        
                        ZENITH ELECTRONICS CORPORATION
                     STATEMENT OF CONSOLIDATED OPERATIONS
                    (In millions, except per share amounts)
        
                                                            (Unaudited)
                                                        Three Months Ended
                                                        Dec. 31,    Dec. 31,
                                                         1995        1994
        
        Net sales                                   $   394.7   $   453.5
        Costs, expenses and other:
          Cost of products sold                         373.4       421.5
          Selling, general and administrative            37.3        38.7
          Engineering and research                        9.4        11.4
          Other operating expense (income), net         (10.5)      (14.7)
          Restructuring and other charges                 3.6          --
        Operating income (loss)                         (18.5)       (3.4)
        Gain on asset sales, net                         (2.5)        4.1
        Interest expense                                 (4.8)       (4.1)
        Interest income                                   1.2          .1
        Income (loss) before income taxes               (24.6)       (3.3)
        Income taxes (credit)                              --          --
        Net income (loss)                           $   (24.6)  $    (3.3)
        Net income (loss) per common share          $    (.45)  $     (.7)
        Weighted average shares outstanding              55.2        45.1
        
                                                     Twelve Months Ended
                                                     Dec. 31,    Dec. 31,
                                                       1995        1994
        
        Net sales                                   $ 1,273.9   $ 1,469.0
        Costs, expenses and other:
          Cost of products sold                       1,201.6     1,350.2
          Selling, general and administrative           117.5       117.1
          Engineering and research                       43.6        45.4
          Other operating expense (income), net         (30.1)      (33.6)
          Restructuring and other charges                21.6          --
        Operating income (loss)                         (80.3)      (10.1)
        Gain on asset sales, net                         (1.7)       11.0
        Interest expense                                (19.9)      (15.9)
        Interest income                                   1.8          .5
        Income (loss) before income taxes              (100.1)      (14.5)
        Income taxes (credit)                            (7.7)        (.3)
        Net income (loss)                           $   (92.4)  $   (14.2)
        Net income (loss) per common share          $   (1.88)  $    (.34)
        Weighted average shares outstanding              49.2        42.0

        CONTACT:  Bill McNitt, investors, 847-391-7713, or John Taylor,
        847-391-8181, both of Zenith


GOOD TIMES RESTAURANTS INC. REPORTS FIRST QUARTER RESULTS
        


            WESTMINSTER, Colo., Feb. 26, 1996 - Good Times
        Restaurants Inc. (Nasdaq: GTIM) today reported results for its first
        quarter ended December 31, 1995, and also announced a major
        restructuring that will eliminate up to five under-performing
        restaurants and reduce expenses by more than $500,000.
        


            Good Times' operations have been negatively impacted by intense
        competitive pressure from the major hamburger chains in the
        Company's Colorado market.  As a result, management has undertaken
        an aggressive restructuring program designed to position the Company
        for continued development in Colorado.
        


            For the first quarter, the Company's drive thru subsidiary, Good
        Times Drive Thru Inc., reported revenue of $3,332,000, up from
        $3,159,000 in the first quarter last year.  The increase was the
        result of new units opened subsequent to last year's first quarter.
        Net revenue for the Company declined to $3,332,000 versus $5,109,000
        in the first quarter last year.  The decline reflects the sale of
        the Company's former Round The Corner Restaurants, Inc. subsidiary.

        
            Good Times reported a consolidated net loss in the first quarter
        of $413,000, or 6 cents per share, versus consolidated net income of
        $45,000, or 1 cent per share, in the first quarter last year.  The
        loss was attributed to a 12% decline in same store sales and higher
        labor costs.
   

     
            "The aggressive price promotions in Denver's fast food hamburger
        market clearly have had a negative impact on our recent financial
        performance," said Boyd Hoback, president and CEO.  "However, we are
        taking aggressive steps to recapture our market share, streamline
        operations and move the Company closer to profitability."

        
            Hoback said that Good Times' new marketing campaign, which was
        introduced in January, has begun to reverse the decline in same
        store sales.  "With the introduction of our new marketing program
        and new products, and with the reduction in overhead and the
        disposition of a few under-performing stores, we believe same store
        sales will continue to recover and operating margins will grow,"
        Hoback said.  "Moving forward, our development plans will focus on
        prime, well-planned development locations along Colorado's front
        range, as well as on new franchise opportunities."
   

     
            Good Times currently owns and operates eight Good Times double-
        drive-thru-hamburger restaurants, nine joint venture Good Times
        units and has eight franchise Good Times units in the state of
        Colorado.  The Company also has a joint venture Good Times
        restaurant in Boise, Idaho.
      

  
                              FINANCIAL HIGHLIGHTS
                               Three Months Ended
                                  December 31,
                                                  1995                1994
        Net revenues
         Restaurant sales, net              $3,312,000          $5,053,000
         Franchise revenues, net                20,000              56,000
          Total revenues                     3,332,000           5,109,000
        Restaurant operating expenses        3,025,000           4,235,000
        Income from restaurant operations      307,000             874,000
        Selling, general and
         administrative expenses               718,000             756,000
        Income (loss) from operations        (411,000)              18,000
        Other income and (expenses)          $(52,000)           ($73,000)
        Net income (loss)                    $413,000)             $45,000
        Net income (loss) per share            $(0.06)               $0.01
        Weighted average shares
         outstanding                         6,940,000           6,767,376

        CONTACT:  Boyd E. Hoback, President and CEO, Good Times Restaurants
        Inc., 303-427-4221, ext. 111
        

TRI-LITE FILES FOR CHAPTER 11, SAYS IT WILL EMERGE A `MUCH STRONGER COMPANY'

        
            SANTA ANA, Calif., Feb. 26, 1996 - href="chap11.trilite.html">Tri-Lite Inc. (AMEX:
        NRG) today filed for protection under Chapter 11 of the Federal
        Bankruptcy Act.  Tri-Lite, based in Santa Ana, is a manufacturer and
        marketer of energy-saving lighting fixtures and is engaged in energy
        conservation through Prolite, a Philadelphia-based subsidiary.
        


            The company said the filing was in response to a Cincinnati,
        Ohio bank's commencement of foreclosure proceedings against Tri-Lite
        last Friday and its refusal to honor the company's payroll checks
        earlier in the week.  The payroll, consisting of electrical union
        workers, was paid on a personal basis by Bernard B. Katz, chairman
        of the board of Helionetics, Inc. (OTC BULLETIN BOARD: ZAPP), Tri-
        Lite's majority shareholder, and the bankruptcy petition was filed
        this morning in Federal Bankruptcy Court, Santa Ana, California.

        
            In December 1995, Helionetics, a guarantor of the loan, filed
        suit against the bank in Cleveland Federal District Court alleging
        "lender liability."
               The company noted in its bankruptcy petition this morning that
        as of Dec. 31, 1995, it had $14,278,500 in assets, $8,641,394 in
        liabilities and $3.1 million in disputed secured liabilities, since
        reduced to $2.1 million.  All of the disputed secured debt relates
        to Cincinnati's Star Bank credit facility.  The company said that
        between now and the resolution of the bankruptcy, company operations
        will be funded by Helionetics and other large Tri-Lite shareholders.
     

   
            Helionetics' Katz said Tri-Lite filed "in order to protect all
        of the shareholders, including itself.  If in connection with the
        foreclosure, we had permitted the court approved receiver to begin
        liquidation, it is more than likely that all of Tri-Lite's
        shareholders would have been wiped out."

        
            Katz said he now believes the problems with the bank can be
        resolved in the near future and for Tri-Lite to "emerge from the
        proceedings a financially viable company with strong earnings
        capability."
   

     
            A. Alvin Katz, brother of Helionetics' Bernard Katz and Tri-
        Lite's newly-appointed president, said he expects that as part of
        the reorganization Helionetics will fold in its AIM Energy
        subsidiary and for Tri-Lite to emerge from bankruptcy "a much
        stronger entity dedicated principally to energy conservation."  The
        AIM filter, developed and patented by Helionetics, mitigates the
        creation of harmonics, which in turn lead to the pollution and
        potential destruction of electrical systems.
      

  
            The new president said he has been assured of obtaining an
        offshore credit facility supported by inventory independent of the
        bank's collateral and of sufficient size to adequately fund the
        company as it emerges from bankruptcy.

        
            Alvin Katz, Tri-Lite founder who took the company public in 1993
        and served as its president since its beginning some 20 years ago,
        resigned in July 1995.  He resigned after Star Bank said it would
        extend the company credit only if Lawrence Terkel, president of NL
        Corp., a Tri- Lite subsidiary based in Cleveland, was named
        president and chief executive and Helionetics agreed to a stand-
        still or hands-off agreement.  Helionetics agreed to these
        conditions, Terkel replaced Katz and stand-still agreement was
        entered into between Tri-Lite and Helionetics.  Terkel resigned from
        the company Feb. 14, 1996 after learning the bank was contemplating
        foreclosure proceedings and would demand payment by noon, the
        following day, Feb. 15.  With Terkel's resignation, NL immediately
        ceased operations.

        
        CONTACT:  A. Alvin Katz, President of Tri-Lite, 714-754-1906; or
        Paul Keil of ACC Communications, 909-625-4707