TCR_Public/960415.MBX BANKRUPTCY CREDITORS' SERVICE, INC.


Bankruptcy News For - April 15, 1996



  1. ELJER PROVIDES UPDATE ON U.S. BRASS BANKRUPTCY
  2. L.A. T SPORTSWEAR ANNOUNCES YEAR-END RESULTS
  3. HUNTWAY PARTNERS, L.P. TO RESTRUCTURE DEBT
  4. NVF COMPANY REPORTS RESULTS
  5. LUMEX, INC. REPORTS 1995 FOURTH QUARTER AND YEAR-END RESULTS




ELJER PROVIDES UPDATE ON U.S. BRASS BANKRUPTCY

        
            DALLAS, TX -- April 15, 1996 -- Eljer Industries, Inc.
        (NYSE:ELJ) today reported that the Bankruptcy Judge hearing the
        Chapter 11 bankruptcy of United States
Brass Corporation
, its
        indirect, wholly-owned subsidiary, has approved the amended
        Disclosure Statement and Plan of Reorganization filed on August 22,
        1995 by U.S. Brass, Eljer Industries and Eljer Manufacturing, Inc.
        (EMI).  

        
            The judge also approved the Plan of Reorganization and
        Disclosure Statement filed April of 1995 by the Official
        Polybutylene Claimants Committee.  The judge's decision, if
        implemented, would allow the competing plans to be sent to creditors
        for a vote.  
   

     
            Eljer noted that the approved Plans are outdated, as both Plans
        were filed before the tentative settlement was reached in November
        1995 in connection with the $950 million settlement of the Cox and
        Spencer class actions involving Shell Oil Company and Hoechst
        Celanese, both suppliers of resin used in polybutylene plumbing
        systems.  Pursuant to the tentative settlement, Eljer Industries,
        Eljer Manufacturing and U.S.  Brass would make certain contributions
        in exchange for which each would obtain relief from further
        polybutylene liability and U.S.  Brass would remain an indirect,
        wholly-owned subsidiary of Eljer Industries.  

        
            Scott Arbuckle, President and CEO of Eljer Industries said: "We
        are reviewing the Judge's order and will be deciding in the next few
        days how to respond.  While we are very pleased that he has ruled
        that a plan which can provide injunctive relief for Eljer Industries
        and Eljer Manufacturing may be voted on by creditors, much of the
        information in both our plan and the plan submitted by the PB
        Committee is outdated.  Further, these plans do not reflect the
        tentative settlement reached in connection with the Cox and Spencer
        class actions.  Since the tentative settlement was announced in
        November we have been engaged in negotiations to finalize the
        tentative settlement prior to filing another amended Plan of
        Reorganization and Disclosure Statement that would reflect the terms
        of that tentative settlement.  We do not anticipate that significant
        changes will be necessary to incorporate the tentative settlement
        that includes the commitment by Shell and Hoechst Celanese to
        contribute up to $950 million to repair Polybutylene plumbing
        systems."  

        
            Eljer Industries, Inc. is a leading manufacturer and marketer of
        high quality building products, including plumbing, heating and
        ventilation products, for the residential and commercial
        construction, remodeling and repair, and do-it-yourself markets.  
   



        CONTACT: ELJER INDUSTRIES, INC.
                 George W. Hanthorn
                 Vice President-General Counsel
                 (214)407-2600
                   or
                 Morgen-Walke Associates
                 Lynn Morgen/June Filingeri
                 Media contact: Stan Froelich
                 (212) 850-5600
                 Ken Pieper
                 (214) 663-9390



L.A. T SPORTSWEAR ANNOUNCES YEAR-END RESULTS

        
            BALL GROUND, Ga., April 15, 1996 - As announced on March
        29, 1996, L.A. T Sportswear, Inc. (Nasdaq: LATS) reported a net loss
        for fiscal 1995 of $3.6 million or ($.86) per share, compared to pro
        forma net income of $2.9 million or $.71 per share for fiscal 1994.
        The Company today announced its full operating results for the
        fiscal year ended December 30, 1995.  For fiscal 1995, the Company
        reported net sales of $124.9 million, an increase of 24.5% over net
        sales of $100.4 million in 1994.  Net sales increased primarily as a
        result of the Company's opening three new distribution facilities in
        the first quarter of fiscal 1995 and increased sales of Olympic-
        related products. Operating expenses increased 61.4% to $21 million
        in 1995 from $13 million in 1994 due to additional costs associated
        with opening and operating new distribution facilities, expanding
        existing distribution facilities, entry into additional markets and
        an overall increase in the reserve for bad debts.  The Company
        recorded a restructuring charge of $2.1 million in 1995 as a result
        of its previously announced decision in the fourth quarter of 1995
        to discontinue certain product lines and to close two distribution
        facilities, one sewing facility and its screen printed operations
        during 1996.  Income (loss) before income taxes and extraordinary
        item decreased to a net loss of $5.4 million in 1995 from net income
        of $5.1 million in 1994.  Net income (loss) decreased to a net loss
        of $3.6 million or $.86 per share in 1995 from pro forma net income
        of $2.9 million or $.71 per share in 1994.

        
            The Company announced on March 29, 1996 that it would delay
        filing its Annual Report on Form 10-K while it negotiated a new
        definitive credit agreement.  As previously reported, at year-end,
        the Company was not in compliance with certain financial covenants
        under its line of credit agreement.  The Company has executed a
        commitment letter with a successor lender for replacement financing
        and continues to negotiate the final documentation of such facility.
        The Company expects to complete these negotiations by the end of
        April.  The Company filed its Annual Report on Form 10-K on April
        12, 1996.
   

     
            L.A. T Sportswear, Inc. is a major manufacturer and national
        distributor of imprintable and decorable sportswear.
      


        CONTACT:  David L. Shelton, L.A. T Sportswear, Inc., 770-479-1877,
        ext. 159, or Fax: 770-479-4078




HUNTWAY PARTNERS, L.P. DISCLOSES TERMS OF AGREEMENT IN PRINCIPLE TO
        RESTRUCTURE DEBT

        
            NEWHALL, Calif., April 15, 1996 - Huntway Partners, L.P.,
        (NYSE: HWY) is pleased to announce today that it has reached an
        agreement in principle with three of its four senior lenders,
        representing 86% of its senior debt, to restructure its indebtedness
        over a ten-year period.  Discussions are continuing with the other
        senior lender to secure its agreement with the restructuring, the
        Company said, but failing that, Huntway will consider alternatives,
        including filing a "prepackaged" reorganization plan under the U.S.
        Bankruptcy Code to implement the restructuring.  The Partnership
        said the holders of its junior subordinated debt also have agreed to
        its proposed restructuring plan.
        


            The restructuring, which is subject to final documentation and
        unitholder approval, will reduce total indebtedness from $95.5
        million at December 31, 1995 to $25.6 million effective January 1,
        1996. Accordingly, upon closing, debt will be reduced by
        approximately $70 million resulting in positive unitholder equity of
        approximately $40 million.  Under the agreement, the new debt will
        carry an interest rate of 12%.  The new debt will mature on December
        31, 2005, and will amortize over years three through ten of the
        agreement.  No cash interest or principal payments are required to
        be paid in 1996 under the agreement.

        
            As consideration for the restructuring, the Partnership will
        issue approximately 13.8 million new units to its lenders, including
        approximately 1.1 million to its junior noteholders as part of this
        transaction.  The Partnership currently has approximately 11.6
        million units outstanding.  Additionally, the Partnership will
        retire approximately 3.9 million warrants previously distributed to
        its lenders.  After the transaction, approximately 1.1 million of
        new warrants will be outstanding at a price of $.50 a unit.  The
        agreement also specifies that management will be issued options for
        10% of the Company on a fully-diluted basis (inclusive of options
        already issued) at a strike price of $.50 a unit.  Accordingly, on a
        fully-diluted basis, total units outstanding will increase from 16.5
        million to 29.3 million after the completion of the restructuring.

        
            The agreement also specifies that Huntway could borrow up to an
        additional $4.2 million in 1996 for plant expansion, working capital
        and to finance inventory growth.  Such short-term borrowings must be
        fully repaid by December 31, 1996.  The Partnership has been seeking
        to obtain this financing.
   

     
            Huntway's Executive Vice President and Chief Financial Officer,
        Warren Nelson, said that, "If the Partnership is unable to obtain
        the unanimous approval of its senior lenders to the consensual
        restructuring plan, it will consider all alternatives available to
        achieve the goals of the plan, including implementation of the plan
        through the filing of a so called "prepackaged" plan of
        reorganization under the U.S. Bankruptcy Code.  In that regard, the
        Partnership also has secured the agreement of the three of its four
        senior lenders, representing 86% of its senior debt, and its junior
        noteholders, to support the restructuring plan if a prepackaged plan
        of reorganization is required. Under applicable law, a plan of
        reorganization must be approved by the affirmative vote of 66% in
        dollar amount and 50% in value of each class of security holders
        which is impaired under the plan.  The senior debt and the common
        units will be the only classes of the Partnership's securities that
        will be impaired under the prepackaged plan.  If the Partnership
        finds it necessary to file a prepackaged joint plan of
        reorganization, it will seek the court's approval to implement the
        currently proposed terms.

        
            "Any such prepackaged plan will provide for the continuing and
        timely payment in full of all of the Partnership's obligations to
        suppliers, other trade creditors and employees under normal trade
        terms," he added.  "Accordingly, the Partnership's creditors,
        suppliers and employees will be unaffected by the prepackaged plan
        if it becomes required."

        
            Commenting on the transaction, Juan Forster, President and Chief
        Executive Officer, stated, "I am very pleased with the results of
        the restructuring effort and the terms of agreement.  As our
        unitholders are aware, the Company has been working for well over a
        year to achieve this reduction in indebtedness and overall interest
        expense, while at the same time negotiating a facility that will be
        flexible to promote growth.  When completed, this transaction will
        improve Huntway's balance sheet by reducing debt approximately $70
        million as well as reducing annual interest expense approximately $2
        million.  The transaction also benefits current year cash flow by
        requiring no principal or interest payments in 1996.  Huntway, of
        course, is hopeful that it will be able to obtain unanimous consent
        to the restructuring plan from all of its senior lenders and avoid
        the necessity of a prepackaged filing. Management believes that the
        terms of the prepackaged plan are favorable to the Partnership's
        existing common unitholders and expects that common unitholders will
        also approve the prepackaged plan, if required."

        
            Huntway Partners, L.P. owns and operates two refineries at
        Wilmington and Benicia, California, which primarily processes
        California crude oil to produce liquid asphalt for use in road
        construction and repair, as well as smaller amounts of gas oil,
        naphtha, kerosene distillate and bunker fuels.  Its third refinery,
        at Coolidge, Arizona, which is temporarily shut down and being
        offered for sale is configured to produce a similar product slate,
        as well as jet fuel and diesel fuel.
   

     
            The company's common units are traded on the New York Stock
        Exchange under the symbol HWY.
      


        CONTACT:  Warren J. Nelson, Executive Vice President and Chief
        Financial Officer, or Earl G. Fleisher, Controller and Tax Manager,
        both of Huntway Partners, L.P., 805-286-1582



NVF COMPANY REPORTS RESULTS
        


            MIAMI, FL - April 15, 1996 - NVF
Company
filed its Annual
        Report on Form 10-K for the year ended December 31, 1995 and
        reported results for the year and the quarter then ended.
        


             For the year-ended December 31, 1995 NVF reported net sales and
        operating revenues of $96.9 million and a net income of $17.4
        million ($.19 per share) compared with revenues of $94 million and a
        net loss of $10.8 million ($.12 per share) for the comparable period
        of 1994.
        


            For the quarter ended December 31, 1995, the Company reported
        net sales and operating revenues of $22.4 million and a net income
        of $21.4 million ($.23 per share) compared with revenues of $23.2
        million and a net loss of $9.5 million ($.10 per share) for the
        comparable period of 1994.  The fourth quarter was positively
        impacted by a settlement with the principal shareholder taken to
        other income of $23.4 million.


        
                            NVF COMPANY
                  Summary of Consolidated Operating Results
                 (in thousands except per share amounts)
                                    Three Months Ended   Twelve Months Ended
                                     December 31,          December 31,
                                      1995      1994       1995        1994
        
        Net sales and operating
          revenues                  $22,362      23,201     96,891   93,981
          Income (loss)from continuing
            operations                 (575)        889      1,165    4,616
        Other income (expense)       24,185      (6,606)    23,528   (8,640)
        Reorganization expenses         749       3,965      5,822    6,916
        Provision (benefit) for taxes on
          income                      1,502         (53)     1,502      (38)
        Income (loss) before equity in
          net loss of affiliates     21,359      (9,629)    17,369  (10,902)
        Equity in net income of
          affiliates                    ---          89        ---       89
        Net income (loss)           $21,359      (9,540)    17,369  (10,813)
        Income (loss)per share        $0.23       (0.10)      0.19    (0.12)
        

        CONTACT:  Robert Flack, NVF Company, 305-866-7272


LUMEX, INC. REPORTS 1995 FOURTH QUARTER AND YEAR-END RESULTS
        


            BAY SHORE, N.Y., April 15, 1996 - Lumex, Inc. (AMEX:
LUM)
        today reported results for the fourth quarter and year ended
        December 31, 1995.
        


            The results for both periods reflect the impact of implementing
        the Company's previously announced corporate restructuring plan.
        The Lumex Division was sold on April 3, 1996 and accordingly the
        results of that operation are shown in the summary of operations as
        a discontinued operation.  As part of the restructuring, the Company
        also recorded an $8.2 million pre-tax charge to selling and
        administrative expense in the 1995 fourth quarter, for, among other
        things, severance payments and related personnel costs of $2.3
        million, costs related to discontinued products of $3.0 million,
        costs related to contractual obligations of $1.3 million and other
        expenses totaling $1.6 million related to the restructuring of its
        CYBEX business.  The Company expects the restructuring to be
        substantially completed by the end of 1996.

        
            For the fourth quarter ended December 31, 1995, net sales from
        continuing operations increased 20.3% to $24,708,000 versus
        comparable sales of $20,539,000 in the same quarter last year.  The
        net loss for the quarter from continuing operations, including the
        $8.2 million pre- tax charge, was $7,703,000, or $1.76 per share
        versus a comparable net loss of $30,000, or $0.01 per share, in the
        fourth quarter of 1994.

        
            For the fourth quarter, the Company recorded a net loss from
        discontinued operations of $3,138,000, or $0.72 per share.
  

      
            For 1995, net sales from continuing operations were $75,448,000,
        an increase of 7.1% from comparable sales of $70,420,000 in 1994.
        The net loss for the year from continuing operations, including the
        charge, was $11,116,000, or $2.55 per share versus comparable net
        income in 1994 of $992,000, or $0.23 per share.
     

   
            For the year, the Company recorded a net loss from discontinued
        operations of $1,788,000, or $0.41 per share.
        


            Increased sales in 1995 were driven primarily by an 11% gain in
        sales to the domestic institutional fitness market fueled by strong
        orders for the VR2 strength training line and continued strong
        growth of the CYBEX Plate Loaded Series.  Higher sales of the new
        Q45 institutional treadmill were offset by lower sales of THE BIKE
        and THE SEMI as competitive pricing tactics reduced shipments.
        Sales to the domestic rehabilitation market were 17% lower than 1994
        due to continued consolidation in the market, the impact of national
        health care reimbursement issues and continued emphasis on managed
        care. International sales rose  25% as product shipments increased
        significantly into both the rehabilitation and institutional fitness
        market segments.

        
            The gross margin for 1995 was slightly lower at 39.5% compared
        to 40.7% in 1994, resulting from manufacturing startup costs for new
        products.  Selling, general and administrative expenses rose 63.2%,
        due primarily to the $8.2 million restructuring charge, in addition
        to one- time charges of approximately $2.0 million recorded earlier
        in the year for severance and recruitment costs and settlement of a
        contractual dispute.  Product development expenses increased 24.4%
        in 1995 due to planned increases in spending to accelerate the
        development and introduction of major new products during the year,
        including the VR2 product line, NORM and Q45 treadmill.

        
            J. Raymond Elliott, President and Chief Executive Officer,
        commented:  "With the sale of the Lumex division behind us, our
        company has entered an important new phase focused on establishing
        CYBEX as a financially strong and competitive global company.  The
        sales growth we achieved at CYBEX during 1995 indicates we are
        continuing to grow market share in the strength and fitness and
        international markets, where our products command high customer
        loyalty and brand recognition."
   

     
            Mr. Elliott continued,  "The benefits of our restructuring
        program, which by year end will have eliminated more than 75 non-
        direct manufacturing positions, will enable us to respond more
        aggressively and efficiently to the significant growth opportunities
        we've targeted in the worldwide institutional fitness market.  We
        will continue to view 1996 as a year of turnaround and transition in
        the face of significant change in this Company."

        
            Separately the Company announced that it will move its head
        office, formerly located at LUMEX division facility in Bay Shore,
        New York, to the Denver/Colorado Springs area beginning later on in
        the summer.  The new location, to be announced, will include the
        senior finance and human resource functions, marketing, senior new
        product and new business development and design/test personnel.  The
        Company will retain its production plants in New York, Minnesota and
        Seattle, Washington as well as International operations in Japan and
        Germany.
   

     
            Commenting on the announcement, Mr. Elliott said, "The
        relocation of our head office to Colorado is another important step
        forward in our corporate restructuring as it will allow our plants
        to focus their efforts solely on engineering and production.  In
        addition, our new product development group, which is already based
        in the area, will be teamed up with the critical concept design and
        marketing groups together in a single location.  The move will also
        establish CYBEX in the dynamic business environment of the
        Denver/Colorado Springs area, which is home to a wide array of
        health and fitness companies."

        
            Lumex, Inc. is a leading manufacturer of biomechanically-correct
        strength and fitness and isokinetic testing and rehabilitation
        equipment serving the physical therapy/sports medicine and fitness
        market segments worldwide through direct U.S. sales and an
        international distribution network.
   


     
                                  LUMEX, INC.
                       CONSOLIDATED SUMMARY OF OPERATIONS
                     (in thousands, except per share data)
        
                                         Three Months Ended  % Increase
                                             December 31     (Decrease)
                                           1995       1994
        
        Net sales                       $24,708    $20,539          20.3
        Cost of sales                    15,416     13,461          14.5
        Selling and administrative
         expenses                        17,112      5,877         191.2
        Product development expenses      1,342      1,295           3.6
        Interest                            589        385          53.0
        Other income (principally interest
         income)                           (606)      (445)         36.2
        (Loss) income from continuing
         operations before income
         tax (benefit) provision         (9,145)       (34)
        Income tax (benefit) provision   (1,442)        (4)
        (Loss) income from continuing
         operations                      (7,703)       (30)
        
        Discontinued operations:
        Income from discontinued
         operations, net                     --         596
        Loss on disposal, net            (3,138)         --
        Net (loss) income              ($10,841)       $566
        
        Net (Loss) Income Per Share
        Continuing operations            ($1.76)    ($0.01)
        Discontinued operations          ( 0.72)      0.14
        Net (loss) income                ($2.48)    ($0.13)
        
        Average Shares                    4,389      4,338

        
                                  LUMEX, INC.
                   CONSOLIDATED SUMMARY OF OPERATIONS, con't.
                     (in thousands, except per share data)
        
                                          Twelve Months Ended % Increase
                                              December 31     (Decrease)
                                           1995       1994
        
        Net sales                       $75,448    $70,420      7.1
        Cost of sales                    45,624     41,757      9.3
        Selling and administrative
         expenses                        39,767     24,373     63.2
        Product development expenses      5,058      4,065     24.4
        Interest                          1,723      1,143     50.7
        Other income (principally
         interest income)                (2,264)    (2,046)    10.7
        (Loss) income from continuing
         operations before income tax
         (benefit) provision            (14,460)     1,128
        
        Income tax (benefit) provision   (3,344)       136
        
        (Loss) income from continuing
         operations                     (11,116)       992
        
        Discontinued operations
        Income from discontinued
         operations,net                  1,350       2,490
        Loss on disposal, net           (3,138)         --
        Net (loss) income              (12,904)      3,482
        
        Net (Loss) Income Per Share
        Continuing operations           ($2.55)      $0.23
        Discontinued operations          (0.41)       0.58
        Net (loss) income               ($2.96)      $0.81
        
        Average Shares                   4,351       4,315

        
                                  LUMEX, INC.
                     CONSOLIDATED CONDENSED BALANCE SHEETS
                             (Thousands of Dollars)
        
                                           December 31, December 31,
                                              1995          1994
        
        ASSETS
        
        Cash and investments               $ 4,274      $ 14,514
        Accounts receivable                 22,482        28,854
        Inventories                         12,024        14,962
        Lease receivables                      574         1,801
        Net assets of discontinued
         operations                         37,214         - 0 -
        Other current assets                 5,466         3,566
        
                Total Current Assets        82,034        63,697
        
        Property, plant and equipment, net  13,291        20,067
        Lease receivables                    1,402         7,234
        Intangible assets                    1,687         2,577
        Other assets                           504           593
        
                Total Assets               $98,918       $94,168
        
        LIABILITIES AND STOCKHOLDERS' EQUITY
        
        Short-term borrowings             $ 15,250    $    - 0 -
        Accounts payable                    10,874        11,379
        Other current liabilities           28,218        15,160
        
               Total Current Liabilities    54,342        26,539
        
        Deferred income taxes                1,227         2,221
        
        Long-term debt                       2,715        12,771
        
        Stockholders' Equity                40,634        52,637
        
        Total Liabilities and
         Stockholders' Equity              $98,918       $94,168


        CONTACT:  Investors:  June Filingeri or Cara Thompson, or Media:
        Michelle Zawrotny of Morgen-Walke Associates, 212-850-5600