TCR_Public/960404.MBX BANKRUPTCY CREDITORS' SERVICE, INC.


Bankruptcy News For - April 4, 1996



  1. PRINS RECYCLING CORP. ANNOUNCES RESULTS FOR 1995
  2. MODEL IMPERIAL REPORTS ANTICIPATED FORBEARANCE AGREEMENT
  3. HEMMETER ENTERPRISES, INC. REORGANIZATION PLAN CONFIRMED



PRINS RECYCLING CORP. ANNOUNCES RESULTS FOR 1995

        
            FORT LEE, N.J., April 4, 1996 - Prins Recycling Corp.
        (Nasdaq: PRNS) announced today a net loss of $3.2 million, or $0.32
        per share, for the year ended December 31, 1995.  This compares with
        a net loss of $4.6 million, or $0.84 per share, recorded for the
        year ended December 31, 1994.  Net sales for 1995 totaled a record
        $76.7 million, a 145% increase over last year sales of $31.3
        million.
        


            End-market prices for the recyclable commodities that the
        Company processes and markets declined materially during the third
        and fourth quarters of 1995 from record levels in the first half of
        1995. Primarily as a result of this decline, the Company recorded a
        $8.0 million net loss in the fourth quarter of 1995, which includes
        expenses relating to the start-up of the Company's new facilities in
        Newark and Boston, the settlement of a contract dispute with
        Baltimore County and the impact of two partially uncollectible
        accounts.  This compared to a $6.1 million net loss in the fourth
        quarter of 1994, which included a one-time, non- cash charge of $6.7
        million.

        
            Commenting on the results, Fred L. Prins, Chairman and Chief
        Executive Officer, said, "The steep decline in prices for the
        commodities we process and market clearly had a negative effect on
        our fourth quarter performance which adversely impacted our 1995
        results. However, we believe we would be well positioned to take
        advantage of a recovery in the markets for these commodities.  We
        have been successful in restructuring some major contracts with
        vendors and are pursuing restructuring other contracts with vendors
        and we have settled our contract dispute with Baltimore County.  Our
        new state-of-the-art facilities in Newark and Boston have come on-
        line, and we continue to streamline and improve our operations."

        
            Per share results for 1995 are based on 9,949,876 weighted
        average shares outstanding compared to 5,426,974 shares outstanding
        in 1994. The increase in shares outstanding was attributable to the
        Company's use of stock as total or partial consideration in the
        acquisitions of Paper Chase Exchange, Inc., Basic Waste Systems,
        Inc., Vic Barick Paper Co., Inc. and P. Pepe & Sons, Inc.
   

     
            Prins Recycling Corp. is a recycling firm with processing
        facilities located in Illinois, Maryland, Massachusetts,
        Pennsylvania and New Jersey.
      


        CONTACT: Lee Feldman, V.P.-General Counsel of Prins Recycling
        Corp., 201-886-1600; or Hal Levine of The Levine Group, 212-682-
        8875



MODEL IMPERIAL REPORTS ANTICIPATED FORBEARANCE AGREEMENT

        
            BOCA RATON, Fla., April 4, 1996 - Model Imperial, Inc.
        (Nasdaq: MODL) today announced that its bank lenders, to which it
        presently owes approximately $45 million, have reached agreement in
        principle with the Company on a forbearance agreement, subject to
        final documentation and execution.  The Company is acknowledging
        that it is in default under its loans and the bank lenders would
        agree to forbear from exercising their default rights until August
        31, 1996 to allow the Company to attempt to (i) restructure its
        business outside of Chapter 11, (ii) reduce operating costs and
        expenses, (iii) improve operations and administration through
        downsizing and (iv) negotiate a composition agreement with trade
        creditors.  The Company will be required to comply with an operating
        budget approved by the bank lenders pursuant to which a small
        percentage of the debt to the bank lenders would be repaid during
        the forbearance period.  The continuation of the forbearance
        agreement through August 31, 1996, will be subject to various
        conditions, including compliance with the operating budget.  As pan
        of the agreement, the Company's Chief Executive Officer and majority
        shareholder, Harold M. Ickovics, is to make an unsecured loan for $1
        million to Model Imperial Fine Fragrances, Inc., the Company's
        primary operating subsidiary, and the Company will be allowed to
        liquidate certain excess inventory.

        
            Model Imperial, Inc. is one of the largest wholesale
        distributors of brand-name fragrances in the United States.  The
        Company primarily distributes prestige fragrances, but also offers
        mass market fragrances and certain cosmetic and beauty care
        products, for men and women.  The Company is also one of the largest
        operators of licensed retail departments in the country with over
        650 retail locations throughout the United States.  The Company's
        principal customers include many of the nation's leading mass
        merchants, discount retailers and drug store and supermarket chains,
        as well as numerous independent pharmacies and other specialty
        retailers.  Model Imperial's fragrance and cosmetic distribution
        product line comprises approximately 4,000 individual brand-name
        items.


        CONTACT:  Len Silverstein, Model Imperial, Inc., 407-241-8244




HEMMETER ENTERPRISES, INC. REORGANIZATION PLAN CONFIRMED

        
            DENVER, April 4, 1996 - Hemmeter
Enterprises, Inc.
, (HEI)
        announced today that the U.S. Bankruptcy Court for the Eastern
        District of Louisiana has confirmed the plans for reorganization for
        the company and its Bullwhackers casino subsidiaries.  The
        reorganization plan for the company's subsidiary, href="chap11.gpalais.html">Grand Palais
        Riverboat, Inc.
(GPRI), was also confirmed on March 26, 1996.
        


            The GPRI reorganization plan is conditioned on the closing of
        the sale of GPRI's assets to Casino America.  A late April date is
        anticipated for that closing.  In addition to the Casino America
        closing, the reorganization plan of HEI and its Bullwhackers
        subsidiaries remains subject to a number of contingencies including
        approval by the Colorado Limited Gaming Control Commission and the
        effectiveness of the registration statement which HEI has filed with
        the Securities & Exchange Commission.  The company anticipates that
        the conditions of the effectiveness of the plans will be satisfied
        within the next 30-45 days.

        
            "We are extremely excited about the court's confirmation of our
        reorganization plans," said HEI President & CEO, Stephen J. Szapor,
        Jr. "Once the plans become effective, we can move forward and focus
        our resources and attention on growing our Colorado operations," he
        said.
   

     
            The company previously announced that as part of its expansion
        plans, it had agreed to purchase the Silver Hawk Casino in Black
        Hawk and build an approximate 600-space parking facility.  The
        parking structure will be located between the Silver Hawk building
        and the company's existing Bullwhackers Casino operations.  The
        company anticipates closing on the Silver Hawk transaction within
        the next few weeks.

        
            Szapor also announced that the company will change its name from
        Hemmeter Enterprises, Inc. to Colorado Gaming & Entertainment Co.
        (CGEC) once the plan of reorganization becomes effective.  Szapor
        said the company will remain headquartered in Denver and he will
        assume the same title of president & CEO with CGEC.
   

     
            "We will not be changing the name of our successful Bullwhackers
        casinos; they enjoy very strong brand name recognition.  We are only
        changing the parent company name so it will more accurately reflect
        the company's focus on the Colorado gaming industry," he said.
      

  
            "We could not have gotten through this challenging period of
        time without the hard work and dedication of our 500+ employees
        throughout the organization," said Szapor.  "We have continued to
        provide what we believe to be is the best overall gaming environment
        in Colorado, and I look forward to completing our expansion plans,"
        he said.

        
            Hemmeter Enterprises, Inc. owns and operates the Bullwhackers
        Casinos in Black Hawk and Central City, Colorado.
   


        CONTACT:  Stephen J. Szapor, Jr., President of Hemmeter,
        303-863-2400; or Z. James Czupor of The InterPro Group, 303-871-
        8909