TCR_Public/960506.MBX BANKRUPTCY CREDITORS' SERVICE, INC.


Bankruptcy News For - May 6, 1996



  1. Plaid Clothing names new COO/CFO
  2. Perkins Coie agrees to settle with Bonneville trustee
  3. Caldor announces reclamation program
  4. ANAREN MICROWAVE ANNOUNCES THIRD QUARTER RESULTS
  5. CAMBRIDGE BIOTECH TO SELL ENTERICS BUSINESS TO CARTER-WALLACE
  6. STAR CASINOS FILES FOR CHAPTER 11 PROTECTION
  7. CASINO AMERICA COMPLETES CROWN CASINO TRANSACTION




James J. McCorry joins Plaid Clothing Group as chief operating officer
and chief financial officer


            NEW YORK, NY -- May 6, 1996 -- Plaid
Clothing Group

        announced today that James J. McCorry has joined the company as
        chief operating officer and chief financial officer.  
        


            Prior to joining Plaid, McCorry spent 24 years in the Aris
        Isotoner Division of the Sara Lee Corp. where he most recently
        served as chief financial officer and vice president-operations and
        administration.  Previously, he spent four years at Arthur Anderson
        & Co. in New York.

        
            "Jim McCorry's extensive financial background and experience in
        the apparel manufacturing industry will make him a valuable asset to
        Plaid as we continue to work to complete our reorganization plan and
        emerge from Chapter 11,"  said William V.  Roberti, president and
        chief executive officer of Plaid.  
   

     
            Plaid, based in New York City, is the nation's second largest
        manufacturer of men's and boys' tailored clothing.  The company owns
        various trademarks and holds licenses for the manufacture of a
        number of prestigious brands.
      


        CONTACT: Sard Verbinnen & Co. -
                 Paul Verbinnen/Debbie Miller, 212/687-8080


        
Perkins Coie agrees to settle all
claims brought by the bankruptcy trustee for Bonneville Pacific Corp.


            SEATTLE, WA -- May 6, 1996 -- Perkins Coie, a
Seattle
        headquartered law firm, has agreed to settle all claims in a lawsuit
        brought by the bankruptcy trustee for href="chap11.bonneville.html">Bonneville Pacific Corp., a
        company located in Salt Lake City.
       


            Perkins Coie was added in 1993 to the more than 50 defendants
        originally named in the lawsuit by the Trustee, including other law
        firms, accounting firms, underwriters, and other professional
        advisors.
        


            The settlement amount to be paid by Perkins Coie is $12,750,000,
        which is approximately 2 percent of the damages claimed by the
        Trustee in the litigation.  According to the firm, the entire
        settlement will be paid by insurance.  Perkins Coie and the Trustee
        stated that the firm vigorously disputes and denies any wrongdoing
        and contests the merits of the Trustee's claims.  The Settlement
        Agreement provides that the settlement should not be construed in
        any way as an admission or suggestion of liability.  According to a
        spokesperson for the firm, it elected to settle the matter now by
        payment of a portion of its insurance coverage to avoid future costs
        and the time and distraction of trial of the lawsuit.

        
            The lawsuit alleges that the activities of certain officers and
        directors of the corporation defrauded creditors and investors of
        Bonneville Pacific and forced the company into bankruptcy in 1991.
        Professional advisors to Bonneville Pacific, including Perkins Coie,
        are alleged to have either failed to discover or failed to disclose
        the activities of these officers and directors, several of whom have
        been indicted for securities fraud.  Perkins Coie provided limited
        legal advice to Bonneville Pacific in connection with one of its
        many projects in the mid-1980s, and also represented one of the
        company's underwriters in connection with the company's initial
        public offering in 1986.


        CONTACT:  Byrnes & Keller,
                  Peter Byrnes, outside counsel for Perkins Coie,
                  206/622-2000.  Byrnes will be the sole spokesperson
                  for the firm.
        



Caldor announces reclamation program
        


            NORWALK, Conn. -- May 6, 1996 -- href="chap11.caldor.html">The Caldor
        Corporation
(NYSE:CLD) today announced the filing of its
application
        for approval of its Reclamation Program in the Bankruptcy Court for
        the Southern District of New York.  The Program permits Caldor to
        settle the claims of those vendors that served reclamation demands
        at the time of Caldor's Chapter 11 filing.  
        


            The Program has been developed and is being filed with the
        support of the Committees representing all Unsecured Creditors and
        Equityholders, along with the Steering Committee representing
        Caldor's Banks.  The filing provides for each reclamation vendor
        that extends credit support to receive both a cash payment of up to
        50% of its eligible reclamation claim and priority treatment for the
        remainder of its claim.  

        
            Don Clarke, Chairman and Chief Executive Officer of Caldor,
        said, "We are extremely pleased to have this important program
        resolved for our vendors, who have been increasingly supportive of
        the Company's efforts.  We look forward to approval of the Program
        by the Court and believe that it is a key step for the Company, our
        vendors and our reorganization process."  
   

     
            The Caldor Corporation is the fourth largest discount department
        store chain in the U.S., with annual sales of approximately $2.8
        billion and approximately 24,000 Associates.  It currently operates
        170 stores in ten East Coast states and has announced the closing of
        12 stores and the opening of 7 stores.  With a strong consumer
        franchise in high density urban/suburban markets, Caldor offers a
        diverse merchandise selection, including both softline and hardline
        merchandise.  


        CONTACT: Wendi Kopsick/Jim Fingeroth,
                 Kekst and Company: (212) 593-2655




ANAREN MICROWAVE ANNOUNCES THIRD QUARTER RESULTS; DIVESTS U.K.
        SIMULATOR BUSINESS
        


            SYRACUSE, N.Y., May 6, 1996 - Anaren Microwave, Inc.
        (Nasdaq-OTC: ANEN) announces its third quarter results together with
        the closing of its maintenance and repair facility in the United
        Kingdom, and a management buy-out of its Electronic Warfare
        Simulator business also located in that facility.  Anaren Microwave
        Limited, the wholly owned subsidiary operating in the United
        Kingdom, will remain as a sales and marketing function in Europe.
        


            These transactions were necessitated by the severe downsizing of
        the military budgets in Europe which resulted in a substantial
        reduction in new orders and losses of $(577,000) for the first nine
        months of fiscal 1996 from this operation.  This action will allow
        the company to focus on its growing domestic operation including its
        defense and expanding wireless communications business.
        


            Anaren recorded sales of $4,101,685 and a net loss of
        $(1,197,795) for the third quarter ended March 31, 1996.  These
        figures compare to sales of $4,684,707 and a net loss of $(124,272)
        for the comparable period of the prior year.  The loss per share for
        the third quarter was $(.30) compared to a loss per share of $(.04)
        for the third quarter of last year.

        
            Net sales for the nine month period ended March 31, 1996 were
        $12,992,779, up 10 percent from net sales of $11,794,489 for the
        nine months ended April 1, 1995.  The net loss for the nine month
        period ended March 31, 1996 was $(1,121,004) or $(.28) per share,
        compared to a net loss of $(2,746,534) or $(.67) per share for the
        comparable period of the prior fiscal year.
   

     
            Included in the results for both the nine months and three
        months ended March 31, 1996 was a third quarter restructuring charge
        against income of $810,000 resulting from a provision for the costs
        associated with a management buy-out and divestiture of the
        company's EW Simulator business at its foreign subsidiary in the
        United Kingdom.  This charge, which includes provisions for the
        write-down of EW Simulator assets to realizable value, legal and
        professional fees, and costs to complete an existing EW Simulator
        contract in excess of expected revenue, reduced earnings for both
        the three months and nine months ended March 31, 1996 by $810,000,
        or $(.20) per share.


        
                         3 Months      3 Months      9 Months    9 Months
                           Ended         Ended        Ended        Ended
                          March 31,     April 1,     March 31,    April 1,
                           1996           1995         1996         1995
        Net Sales      $ 4,101,685   $ 4,684,707   $12,992,779  $11,794,489
        Net Earnings
         (loss)        $(1,197,795)   $ (124,272)  $(1,121,004) $(2,746,534)
        Earnings
         (loss) per
         share             $ (0.30)     $  (0.04)     $  (0.28)     $ (0.67)

        
            Orders for the first nine months of fiscal 1996 for the Syracuse
        operation were $24.2 million compared to $15.1 million for all of
        fiscal 1995.  The company is concentrating its resources on the fast-
        growing Wireless Communications industry including the new satellite
        global systems such as Motorola's Iridium, TRW's Odyssey,
        Lockheed/Martin's ACeS, and others where the company has become a
        critical supplier of antenna beamforming equipment.
      

  
            Anaren Microwave, Inc., located in Syracuse, N.Y., designs and
        manufactures microwave components and subsystems for wireless
        communications, satellite communications and electronic defense
        equipment.  Anaren is traded on the Nasdaq Over-the-Counter National
        Market under the symbol ANEN.
        


        CONTACT:  Hugh A. Hair or Joseph E. Porcello of Anaren - 315-432-8909        




CAMBRIDGE BIOTECH SIGNS AGREEMENT WITH CARTER-WALLACE TO SELL ITS
ENTERICS DIAGNOSTIC BUSINESS

        
            WORCESTER, Mass., May 6, 1996 - href="chap11.cambridge.html">Cambridge Biotech
        Corporation
today announced that it has signed an agreement to
sell
        its enterics (intestinal disease) and human Lyme EIA diagnostic
        businesses to Carter-Wallace (NYSE: CAR) for $4.5 million in cash.
        The transaction, which is subject to approval of the Bankruptcy
        Court, is expected to close in one to two months.

        
            Under the agreement, Carter-Wallace will acquire four diagnostic
        tests for intestinal pathogens, and a diagnostic test for Lyme
        Disease. The tests will be sold through Carter-Wallace's Wampole
        Laboratories Division.  The transaction also includes a six-month
        contract for Cambridge Biotech to manufacture the products for
        Carter-Wallace at its manufacturing facility in Worcester,
        Massachusetts.  The enteric diagnostic products include tests for
        rotavirus (Rotaclone(R)), adenovirus (Adenoclone(R) and Adenoclone
        40/41(R)), and C. difficle (Cytoclone(R)).
   

     
            Alison Taunton-Rigby, President and CEO of Cambridge, said,
        "This agreement will complete the sale of our diagnostics
        operations, facilitating the move forward on our reorganization
        plan.  Our future as Aquila Biopharmaceuticals, Inc. will be focused
        on our remaining business, the development and commercialization of
        biopharmaceuticals that stimulate the immune system for treating
        infectious diseases and cancer."

        
            Aquila will continue advancing the development of the
        Stimulon(TM) adjuvants, led by QS-21, and proprietary vaccines for
        tick-borne diseases, streptococcal infections and malaria, and in
        the animal health area, vaccines for canine Lyme disease and bovine
        mastitis.  Dr. Taunton-Rigby noted that the company recently
        announced the sale of its retroviral diagnostics business to
        bioMerieux Vitek, Inc., for $6.5 million in cash and also filed a
        reorganization plan under Chapter 11 of the U.S. Bankruptcy Code.
   

     
            Cambridge Biotech Corporation is a therapeutics and diagnostics
        company focusing on infectious diseases and cancer.  The company
        filed for protection under Chapter 11 of the United States
        Bankruptcy Code on July 7, 1994, and filed a plan of reorganization
        with the bankruptcy court on April 10, 1996.  The company is
        developing and commercializing therapeutic and prophylactic vaccines
        for infectious diseases and immunotherapeutics for cancer.  The
        company's therapeutics business includes the Stimulon(TM) family of
        adjuvants, the most advanced of which, QS-21, is in clinical
        development through corporate and academic partners, and proprietary
        vaccines.  The proprietary vaccines include a feline leukemia
        vaccine currently on the market and vaccines in development for tick-
        borne diseases, streptococcal infections, malaria, bovine mastitis
        and canine Lyme disease.  Cambridge Biotech's diagnostic business is
        primarily focused on retroviral, Lyme and enteric diseases.

        
            Aquila Biopharmaceuticals, Inc. is a new company.  After
        bankruptcy court approval, under the reorganization plan, the
        assets, liabilities, and intellectual property of CBC, except for
        the diagnostics business, will be transferred to Aquila.
   

     
            Statements in this release which relate to plans and objectives
        of management for future operations or otherwise relate to future
        performance are forward looking statements.  Actual results may
        differ from those projected as a result of the company's success in
        emerging from bankruptcy, product demand, pricing, market
        acceptance, the effect of economic conditions, intellectual
        property, competitive products, risks in product and technology
        development, and other risks identified in the Company's Securities
        and Exchange Commission filings.

        
        CONTACT: Alison Taunton-Rigby, President and Chief Executive
        Officer of Cambridge Biotech Corporation, 508-797-5777, or Robert
        Gottlieb, Senior Vice President of Feinstein Partners Inc.,
        617-577-8110




STAR CASINOS FILES FOR CHAPTER 11 PROTECTION
        


            COLORADO SPRINGS, Colo., May 6, 1996 - href="chap11.star.html">Star Casinos
        International, Inc.
(OTC BULLETIN BOARD: SCAS) announced today
that
        it has filed for protection from its creditors under Chapter 11 of
        the Federal Bankruptcy Code.  Additional information will be
        forthcoming as it becomes available.
        


        CONTACT:  John Bagalini, 954-941-1422


        

CASINO AMERICA COMPLETES CROWN CASINO TRANSACTION
        


            BILOXI, Miss., May 6, 1996 - Casino America, Inc.
        (Nasdaq: CSNO) today announced it has consummated the transaction
        whereby Crown Casino Corporation exchanged its 50% interest in St.
        Charles Gaming Company, Inc. ("SCGC") for 1,850,000 registered
        shares of Casino America common stock, and the modification and
        enhancement of certain payment and other terms of an existing $20
        million note issued by Louisiana Riverboat Gaming Partnership
        ("LRGP") to Crown, which increases the number of shares of Casino
        America stock Crown may purchase pursuant to warrants from 416,667
        shares to 833,334 shares. The warrants are exercisable by converting
        a portion of the LRGP note into Casino America stock at $12.00 per
        share.  SCGC owns the Isle of Capri themed riverboat gaming casino
        in Lake Charles, Louisiana which is being operated by Casino
        America.
        


            As a result, SCGC is owned 50% by Casino America and 50% by
        LRGP, a joint venture owned 50% by Casino America and 50% by
        Louisiana Downs, Inc.  LRGP owns the Isle of Capri themed dockside
        riverboat casino in Bossier City, Louisiana.  Casino America has
        also announced that it has consummated its agreement withhref="chap11.gpalais.html">Grand
        Palais Riverboat, Inc.
("GPRI") and several creditor groups to
        acquire GPRI out of bankruptcy and move its riverboat casino to
        SCGC's site in Lake Charles, Louisiana.  The Grand Palais Riverboat
        and SCGC's riverboat will operate from SCGC's new 104,000 sq. ft.
        pavilion which opened last week.  An early summer opening of the
        Grand Palais is planned.

        
            Bernard Goldstein, Chairman of Casino America, stated, "We are
        extremely excited to have completed these transactions and opened
        our new pavilion.  It is the culmination of months of hard work that
        we hope will result in a significant positive impact to the
        financial performance of Casino America."
   

     
            Casino America, Inc. owns and operates four riverboat and
        dockside casinos.  The Company currently operates the Isle of Capri
        Casino in Biloxi, Mississippi, the Isle of Capri Casino in
        Vicksburg, Mississippi and the Isle of Capri Casino in Bossier City,
        Louisiana.  The Isle of Capri Casino in Bossier City, Louisiana is a
        joint venture between Casino America, Inc. and Louisiana Downs.


        CONTACT:  Allan B. Soloman, Executive Vice President, 407-995-6660,
        or Rex Yeisley, Chief Financial Officer, 601-436-7052, both of
        Casino America