TCR_Public/960529.MBX BANKRUPTCY CREDITORS' SERVICE, INC.


Bankruptcy News For - May 29, 1996



  1. Rockefeller Center Properties extends outside date for merger
  2. Learmonth & Burchett Management Systems Plc reports loss
  3. KENETECH Windpower Files for Chapter 11
  4. WORK RECOVERY, INC. FILES FOR COURT PROTECTION





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Rockefeller Center Properties extends
outside date for merger closing to June 30, 1996



           NEW YORK -- May 29, 1996 -- Rockefeller Center
        Properties, Inc.
(RCPI) announced today that it had agreed with the
        Goldman Sachs-led Investor Group to extend the outside date for the
        closing of the $8 per share merger approved by RCPI's stockholders
        in March from May 31 to June 30, 1996.
        


            As part of the extension agreement, Goldman Sachs Mortgage
        Company has agreed to make an additional $8.7 million loan to RCPI
        to cover its cash needs in June, including interest payable on the
        Floating Rate Notes and the 14% Debentures.  The Chapter 11
        Reorganization Plan was confirmed by the United States Bankruptcy
        Court on May 29, and RCPI has been informed by the Investor Group
        that it expects that the Merger will be consummated by late June.  
        


            RCPI is a mortgage real estate investment trust whose principal
        asset is a $1.3 billion participating convertible mortgage loan to
        the owners of Rockefeller Center (collectively, "the Borrower").
        The Borrower is 100% controlled by Rockefeller Group, Inc. (RGI).
        Mitsubishi Estate Company, Ltd. controls an 80% equity interest in
        RGI and Rockefeller Family Interests hold the remaining 20%.  On May
        11, 1995, the Borrower commenced cases under Chapter 11 of the
        federal bankruptcy law in the United States Bankruptcy Court for the
        Southern District of New York.
        


            RCPI is listed on the New York Stock Exchange as "RCP".  As of
        May 28, 1996, there were 38,260,704 shares of common stock
        outstanding.
        



        CONTACT: Rockefeller Center Properties, Inc.
                 Stephanie Leggett Young, 212/698-1440
                            or
                 Robinson Lerer Sawyer Miller
                 Gary Holmes, 212/484-7736  



Learmonth & Burchett Management Systems Plc reports fourth quarter results



            HOUSTON, TX -- May 29, 1996 -- Learmonth & Burchett
        Management Systems Plc ("LMBMS") (NASDAQ: LBMSY), today reported a
        net loss of $492,000, or $0.04 per American Depositary Share ($0.02
        per Ordinary Share), on total revenue of $10.8 million for the three
        months ended April 30, 1996, compared with income from continuing
        operations of $1.4 million, or $0.12 per American Depositary Share
        ($0.06 per Ordinary Share), on total revenue of $12 million for the
        three months ended April 30, 1995.  
        


            Including discontinued operations, the Company reported a net
        loss of $2.6 million, or $0.23 per American Depositary Share ($0.12
        per Ordinary Share), for the three months ended April 30, 1995.
        


            Product license revenue for the fourth quarter increased 19%
        over the third quarter of fiscal 1996 and 3% over the comparable
        quarter in fiscal 1995.  Product license revenue in the U.S.,
        including products acquired in the Corporate Computing, Inc.,
        ("CCI") acquisition, increased 11% in the fourth quarter over the
        third quarter of fiscal 1996 and 16% over the comparable quarter in
        fiscal 1995.  Product license revenue in the U.S. accounted for 81%
        of total Company product license revenue in the fourth quarter of
        fiscal 1996.  Product license revenue outside the U.S. increased 65%
        in the fourth quarter over the third quarter of fiscal 1996, but
        decreased 30% from the comparable quarter in fiscal 1995.  The
        Company's service revenue increased 2% in the fourth quarter over
        the third quarter of fiscal 1996, but decreased 26% from the
        comparable quarter in fiscal 1995.
        


            For the year April 30, 1996, the Company reported total revenue
        of $41.2 million and a net loss of $316,000, or $0.03 per American
        Depositary Share ($0.01 per Ordinary Share), before the effect of
        $468,000 of non-recurring merger costs associated with the
        acquisition of CCI.  As a result of the merger costs, the Company
        reported a net loss of $784,000, or $0.07 per American Depositary
        Share ($0.03 per Ordinary Share).  For the year ended April 30,
        1995, the Company reported total revenue of $40.5 million and net
        income of $651,000, or $0.06 per American Depositary Share ($0.03
        per Ordinary Share), before consideration of a restructuring charge
        of $4.4 million and a loss from discontinued operations of $4.9
        million.  The effect of the restructuring charge and discontinued
        operations resulted in the Company reporting a net loss of $8.7
        million, or $0.80 per American Depositary Share ($0.40 per Ordinary
        Share), for the year ended April 30, 1995.
        


            Product license revenue for fiscal 1996 increased 16% over
        fiscal 1995.  Product license revenue in the U.S.  for fiscal 1996
        increased 36% over fiscal 1995.  Product license revenue in the U.S.
        accounted for 78% of total Company product license revenue in fiscal
        1996.  Product license revenue outside the U.S.  for fiscal 1996
        decreased 24% from fiscal 1995.  The Company's service revenue for
        fiscal 1996 decreased 15% from fiscal 1995.  
        


            Unaudited financial information in U.S. dollars, under
        accounting principles generally accepted in the United States (the
        basis upon which the above financial information was derived), is
        included as Exhibit I.  Unaudited financial information in pounds
        sterling, under principles generally accepted in the United Kingdom,
        is included as Exhibit II and indicates a deficit per Ordinary
        Shares of 1.0 pence for the three months ended April 30, 1996
        compared with a deficit per Ordinary Share of 12.4 pence for the
        comparable period in the prior year.  For the year ended April 30,
        1996, the Company reported a deficit per Ordinary Share of 2.3 pence
        compared with a deficit per Ordinary Share of 24.7 pence in the
        prior year.
        


            John Bantleman, chief executive officer, stated, "Our
        performance in the fourth quarter improved over the third quarter.
        Our U.S.  license revenue continued to demonstrate growth and our
        international license revenue rebounded from a disappointing third
        quarter.  The initiatives implemented by the Company to address our
        third quarter performance, including streamlining sales management
        outside the U.S. and redeploying service resources, have had a
        positive effect.  This was immediately demonstrated in license
        revenue outside the U.S. and we expect the positive effect to be
        demonstrated in service revenue over the next couple of quarters.
        The Company's cost base was generally in line with expectations
        after consideration of one-time costs associated with realignment of
        our service resources.  
        


            "Fiscal 1996 was an active year for the Company.  During the
        year we completed numerous strategic activities including the
        transition of our Corporate headquarters and primary research and
        development activities from London to Houston, the expansion of our
        marketing resources, the acquisition of CCI, and completion of our
        first U.S. public stock offering.  Also, in the fourth quarter, we
        realigned our business and management along product lines, a
        structure we believe will better position the Company for future
        growth.  During fiscal 1996, our product license revenue growth
        continued to be driven by our U.S. operations and our Process
        Management products.  In the fourth quarter, our new object
        management product, LBMS Insight, was released and expands the
        Company's product portfolio and capabilities to provide application
        development management suite solutions."
        


            LBMS also announced that, effective June 1, 1996, Rainer
        Burchett, co-founder and chairman, will reduce his commitment to an
        expected average of five days a month while continuing in the
        chairman role.  Rainer Burchett commented, "In July 1994, we
        appointed new executive management and began the process of
        progressively relocating central management functions to the United
        States.  The bulk of my own time and energy has been devoted to a
        number of projects associated with these moves.  The executive
        management is now well established in Houston and the projects on
        which I have been working, most notably the listing on NASDAQ last
        November, are substantially complete.  Accordingly, this is
        therefore a suitable time for me to reduce my involvement.  As part-
        time chairman, assisted by the other external directors, I will
        continue to work closely with the chief executive, John Bantleman,
        and his executive team."
        


            Except for any historical information contained herein, the
        matters discussed in this news release contain forward looking
        statements that involve risks and uncertainties, including the
        timely development, release and acceptance of new products and
        alliances, the impact of competitive products and pricing, and the
        other risks detailed from time to time in the Company's U.S.
        Securities and Exchange Commission reports, including the Company's
        recent prospectus.  The Company continues to be susceptible to
        potentially significant variations in quarterly and annual revenue
        and operating results.
        


            Learmonth and Burchett Management Systems Plc is a leading
        provider of application development management products to Fortune
        1000 organizations.  LBMS has an installed base of more than 21,000
        users worldwide in areas such as financial services, technology,
        manufacturing, retailing, oil, government and utilities.  In
        additional to worldwide headquarters in Houston, the company has
        over 20 sales offices throughout North America, Europe, Hong Kong
        and Australia.  LBMS company and product information can be found on
        the World Wide Web at www.lbms.com.
        


            Unaudited financial highlights in U.S. dollars, under accounting
        principles generally accepted in the U.S., follow:


        
                  Learmonth & Burchett Management Systems PLC
                        Consolidated Balance Sheet

                  (In thousands, except per share information)
        
                                       April 30           April 30
                                         1996               1995
        Assets                            (unaudited)        (audited)
        Current assets
          Cash and cash equivalents        $10,960            $ 5,026
          Trade accounts receivable          9,579             10,634
          Other current assets               3,498              2,745
        Total current assets            24,037             18,405
        
        Furniture, fixtures and equipment    2,982              2,356
        Other assets                           160                160
        Total assets                   $27,179            $20,921
        
        Liabilities and
         Shareholders' Equity
        Current liabilities                
          Current maturities of
           indebtedness                    $ 1,003           $    499
          Accounts payable                   1,630              2,142
          Deferred revenue                   3,691              3,702
          Accrued liabilities                5,257              8,599
          Income taxes payable                  87                409
          ESOT indebtedness                    903                935
        Total current liabilities          12,571             16,286
        
        Indebtedness                           524                369
        Other liabilities                    2,149              3,776
          Total liabilities                 15,244             20,431
        
        Shareholders' equity:
          Ordinary Shares, 10 pence
           par value                         4,253              3,786
          Additional paid-in capital        20,323              8,828
          Adjustment for ESOT                 (903)              (935)
          Cumulative translation
           adjustment                          439                204
          Accumulated deficit              (12,177)           (11,393)
        Total shareholders'
            equity                         11,935                490
        
        Commitments and contingencies            0                  0
        
        Total liabilities and
         shareholders' equity          $27,179            $20,921
        


                   Learmonth & Burchett Management Systems PLC
                      Consolidated Statement of Operations

                  (In thousands, except per share information)
                                  (unaudited)
                                
                                    Three Months Ended      Year Ended
                                    4/30/96    4/30/95   4/30/96  4/30/95
        
        Revenue:
         Product licenses           $ 7,192    $ 6,992   $25,077   $21,629  
         Services                     3,649      4,961    16,081    18,857

         Total revenue               10,841     11,953    41,158    40,486
        
        Cost of Revenue:
         Product licenses               226        439       838     1,399
         Services                     1,797      2,165     6,975     8,417

         Total cost of revenue        2,023      2,604     7,813     9,816
        
        Gross margin                  8,818      9,349    33,345     30,670
        
        Operating expenses:
         Sales and marketing          5,549      4,347    20,045     16,100
         Research and development     2,212      2,357     8,059      8,578
         General and administrative   1,620      1,303     5,724      5,430
         Merger expense                   0          0       468          0
         Restructuring charge             0          0         0      4,418

         Total operating expenses     9,381      8,007    34,296     34,526
        
        Operating income (loss)       (563)     1,342      (951)     (3,856)
        
        Interest income                 138         13       301         85
        Interest expense                 25          0        83         32
        Other income and (expense)      (42)         0       (51)         0
        
        Income (loss) from continuing
        operations before income taxes (492)     1,355      (784)    (3,803)
        
        Income tax benefit                0          0         0        (36)
        
        Income (loss) from continuing     
         operations                    (492)     1,355      (784)     (3,767)
        
        Discontinued operations:
         Income (loss) from operations    0     (3,922)        0      (4,074)
         Loss on disposal                 0          0         0        (834)
        Net loss                      ($492)   ($2,567)    ($784)    ($8,675)
        
        Income (loss) per Ordinary Share:
         Continuing operations       ($0.02)     $0.06    ($0.03)     ($0.17)
         Discontinued operations       0.00      (0.18)     0.00       (0.23)
                                      -----      -----     -----       -----
                                     ($0.02)    ($0.12)   ($0.03)     ($0.40)     
        
        Income (loss) per ADS: (1)
         Continuing operations       ($0.04)     $0.12    ($0.07)     ($0.35)  
         Discontinued operations       0.00      (0.35)     0.00       (0.45)
                                      -----      -----     -----       -----
                                     ($0.04)    ($0.23)   ($0.07)     ($0.80)
        
        Weighted average Ordinary and
         Ordinary Share equivalents
         outstanding                 25,528     22,546    23,639      21,834
        

        (1) Adjusted to reflect the ratio of one ADS to two Ordinary Shares.

        

                     LEARMONTH & BURCHETT MANAGEMENT SYSTEMS PLC
                             CONSOLIDATED BALANCE SHEET

                               (in thousand Sterling)
               
                                        unaudited           audited
                                         30 April          30 April
                                1996              1995
         Fixed assets  
  Tangible Fixed Assets         1,981              1,382
          Investments                       600                --
                                          ------             ------
                                          2,581              1,382

        Current assets
          Debtors                         8,689              7,907
          Cash at bank and in hand        7,282              3,102
                                         ------             ------
                                         15,971             11,009
        
        Creditors (amounts falling due
          within one year)               (5,900)            (6,866)
        
        Net current assets               10,071              4,143
                                         ------             ------
        
        Total assets less current
          liabilities                    12,652              5,525
        
        Creditors (amounts falling due
          after more than one year)      (1,723)            (2,277)
                                                                
        Deferred income                  (1,809)            (1,793)
        
        Total net assets                  9,120              1,455
                                                          
        
        Share capital and reserves
          Called up share capital         2,553              2,185
          Share premium account          13,223              5,809
          Profit and loss account        (6,656)            (6,539)
                                         -------            -------
        
          Shareholders' funds             9,120              1,455
                                                          
        
        NOTE:  The primary differences between accounting principles
        generally accepted in the United States and the United Kingdom
        relate to the accounting for the acquisition of Corporate Computing
        Inc., timing of recognition of license and maintenance revenue,
        classification of offset of the ESOT indebtedness, presentation of
        discontinued operations and restructuring charges, and accounting
        for income taxes.
         

                  Learmonth & Burchett Management Systems PLC
                      Consolidated Profit and Loss Account

             (in thousands (Sterling), except per share information)
        
                             Three Months Ended        Year Ended
                                  April 30,             April 30,
                                (unaudited)    (unaudited)  (audited)
                               1996       1995      1996        1995
        Turnover
        Continuing operations    6,826      6,839     24,717     23,358
        Acquisitions               346          0      1,138          0
                                ------     ------     ------     ------
                                 7,172      6,839     25,855     23,358
        Discontinued operations      0          0          0        403
                               ------     ------     ------     ------
                                 7,172      6,839     25,855     23,761
        Cost of sales            4,960      4,280     17,612     15,987
        Gross profit             2,212      2,559      8,243      7,774
        Administrative expense   1,061        880      3,782      3,066
        Development costs        1,449      1,008      5,107      4,580
        
        Operating profit/(loss)
        Continuing operations     (218)       671       (278)       168
        Acquisitions               (80)         0       (368)         0
                                 ------     ------     ------     ------
                                  (298)       671       (646)       168
        Discontinued operations      0          0          0        (40)
                                 ------     ------     ------     ------
                                  (298)       671       (646)       128
        
        Exceptional items (net)      0     (2,986)         0     (5,413)   
        Interest (net)              74         25        140         34
        Other income/(expense)
         net                       (28)         0        (33)     
                                 ------     ------     ------     ------
        Profit/(loss) before
         taxation                 (252)    (2,290)      (539)    (5,251)
        
        Taxation                     0       (377)         0         23
          
        Retained profit/(loss)
         for the financial
         year                     (252)    (2,667)      (539)    (5,228)
                                           
        Earnings/(loss) per
         Ordinary Share         (0.010)    (0.124)    (0.023)    (0.247)
        
        Weighted average
         Ordinary and Ordinary
         Share equivalents
         outstanding            25,528     21,550     23,639     21,144
        

        Notes:
      

  
        1.  The abridged profit and loss account and balance sheet for
        the year ended 30 April 1995 is an extract from the latest published
        accounts which have been delivered to the Registrar of Companies.  
        The report of the auditors on those accounts was unqualified and did
        not contain a statement under section 237 (2) of the Companies
        Act 1985.
        


        2.  The primary differences between accounting principles
        generally accepted in the United States and the United Kingdom
        relate to the accounting for the acquisition of Corporate Computing,
        Inc., timing of recognition of license and maintenance revenue,
        classification of the offset of the ESOT indebtedness, presentation
        of discontinued operations and restructuring charges and accounting
        for income taxes.
        


        3.  Certain amounts in fiscal 1995 have been reclassified to
        conform with current year presentation.


        CONTACT:  Learmonth & Burchett Management Systems, Plc
                  Stephen E. Odom, 713/625-9300
   



KENETECH Windpower Files for Chapter 11



            LIVERMORE, Calif. -- May 29, 1996 -- KENETECH Corp.
        (NASDAQ:KWND) announced that href="chap11.kenetechwind.html">KENETECH Windpower, Inc. ("KWI"), its
        wholly subsidiary, today filed a voluntary petition in the United
        States Bankruptcy Court for the Northern District of California to
        reorganize under Chapter 11 of the Bankruptcy Code.  
        


            KENETECH, itself, did not and presently has no intentions to
        seek relief under the Bankruptcy Code nor does KENETECH presently
        intend to cause any of its subsidiaries which are not directly
        engaged in the wind turbine or windpower business to seek relief
        under the Bankruptcy Code.  No determination has been made with
        respect to future filings by KWI's subsidiaries or lower-tier
        affiliates.
        


            KWI's management attributed its filing to continuing losses and
        lack of operating capital occasioned by the following: deregulation
        of the electric power markets in the U.S. and corresponding declines
        in the amounts utilities pay for electricity based upon "avoided
        costs"; decline in the market for sales of wind turbines; the
        anticipated repair and warranty cost of addressing mechanical
        problems associated with the 33 meter wind turbine; and the
        inability of KWI to restructure certain contractual obligations.  
        


            In addition, KWI has not been able to complete the sale of
        certain assets or subsidiaries on a basis to provide additional
        capital for ongoing operations.  As a result of the foregoing, KWI
        believes that it would be unable to meet its existing maintenance
        and warranty obligations under contracts undertaken in connection
        with the sale of its wind turbines.  
        


            KWI formerly was engaged in the business of manufacturing,
        developing and owning utility-scale windpowered electric power
        plants ("Windplants") and providing operation and maintenance
        services ("o&m services") with respect to those Windplants.
        Although KWI recently ceased its manufacture activities, it
        continues to provide o&m services to approximately 4,900 wind
        turbines domestically and internationally.
        


            KWI is currently negotiating with various lenders for debtor-in-
        possession financing based on the assets it owns.  Assuming a
        successful completion of these negotiations for operating funds, KWI
        management believes that it should be able to continue to operate
        and pay obligations incurred on a current basis during the course of
        its Chapter 11 case.  
        


            At this date, no determination has been made as to whether or
        not KWI will liquidate all of its assets or attempt to reorganize
        its financial affairs in connection with the continued operation of
        its assets.
        


            KENETECH Corp. does not anticipate the need to assist KWI in
        connection with its Chapter 11 case other than through (i) the
        provision of senior management services, the payment for which will
        be undertaken by KWI, (ii) the provision of other personnel
        services, the payment for which will be reimbursed by KWI and (iii)
        the continued provision of joint health benefits programs which will
        be terminated when KWI is able to obtain its own insurance or other
        suitable alternatives.
        


            KENETECH's liquidity, aside from that of KWI, will continue to
        be severely constrained.  KENETECH continues to project negative
        operating cash flows in 1996 as it attempts to negotiate with
        certain lenders and other creditors seeking repayment or
        restructuring of amounts due them.  KENETECH has been unable to
        borrow money and has delayed and will continue to delay payments
        except for essential services while it attempts to raise cash
        through asset sales, financing or other means.  KENETECH continues
        to believe that substantial proceeds could result from these sales,
        however, there can be no assurance that those sales could be
        consummated or that substantial proceeds would be received.
        


            The filing of the chapter 11 case by KWI has resulted in an
        event of default occurring under the KENETECH 12-3/4% Senior Secured
        Notes Due 2002 in the principal amount of $100 million.
        Furthermore, interest under these Notes in the approximate amount of
        $6.4 million is due June 15 and December 15 annually.  KENETECH
        presently does not anticipate making its 1996 interest payments on
        the Notes.  KENETECH management has been engaged in discussions with
        an unofficial committee consisting of certain holders of those Notes
        who, in the aggregate, represent over 35% of the Notes.
        


            Based upon those discussions, which are ongoing, the unofficial
        committee supports the filing of the chapter 11 case by KWI as a
        positive step in preserving the value of the remainder of the
        ongoing operations of KENETECH and anticipates the continuation of
        productive discussions on how to maximize values and preserve the
        interests of KENETECH noteholders.  KENETECH is hopeful that with
        the continuing support of the unofficial committee, the Indenture
        Trustee and a majority of the noteholders will cooperate with
        KENETECH and refrain from taking any action against KENETECH.
        



        CONTACT:  KENETECH Corp.                   
                  Nicholas Politan/Mark Lerdal, 415/398-3825
                  or
                  Attorney Contact
                  Alan Pedlar, 213/251-5170
                  Ronald L. Fein, 213/251-5280


WORK RECOVERY, INC. FILES FOR COURT PROTECTION



    TUCSON, Ariz., May 29, 1996 -- Work Recovery, Inc. (WRI)
announced today its decision to seek court protection from its
creditors.  The Company's Board of Directors had authorized management
to file for protection pursuant to Chapter 11 of the U.S. bankruptcy
code, if management deemed filing necessary.  Management believed that
it was unlikely the Company would be able to continue day to day
operations without the protection of Chapter 11.


    Despite the tremendous potential of the ERGOS(R) technology, Work
Recovery has continued to confront an extremely difficult cash flow
situation.  The Company sustained significant losses for the fiscal year
ended June 30, 1995 and has experienced further material financial and
liquidity deterioration since year end.


    Management has indicated the need for outside financing to fund
current negative cash flows form operations and to support its business
development plan over the next 24 months.  The TEAM for New Management
is continuing efforts to address financing strategies that would lead to
a bridge loan of $6-10 million.  However, legal actions against the
Company and other contingent liabilities have severely limited the
Company's ability to obtain financing outside of Chapter 11
reorganization.  Without such loan, Work Recovery will continue to
struggle to meet its obligations and reach its potential.


    Acting President and CEO Dorcas R. Hardy said, "the need for the
Company to continue operating and survive long enough to reach its full
potential was the main factor leading to the decision to seek court
protection."  Hardy also said, "We are hopeful that Work Recovery will
overcome its stormy past and continue to be the undisputed leader in the
field of functional capacity assessment and disability evaluation
technology."


    Work Recovery, Inc. manufactures, markets and licenses objective
functional capacity assessment technology, ERGOS(R), for the evaluation
of injured workers.


    CONTACT: Jake Mendoza of Work Recovery, 520-322-6634