TCR_Public/960605.MBX BANKRUPTCY CREDITORS' SERVICE, INC.


Bankruptcy News For - June 5, 1996



  1. CONFIRMATION HEARING ON CAMBRIDGE BIOTECH'S PLAN OF REORGANIZATION
  2. ANACOMP NO LONGER IN CHAPTER 11
  3. PIEDMONT MINING COMPANY REPORTS FIRST QUARTER RESULTS





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HEARING SET FOR JULY 15, 1996 ON CONFIRMATION OF CAMBRIDGE BIOTECH'S PLAN
OF REORGANIZATION



            WORCESTER, Mass., June 5, 1996 - Cambridge Biotech
        Corporation
(NASD OTC Bulletin Board: CBCXQ) announced today that
        the United States Bankruptcy Court has set July 15, 1996 for the
        hearing to confirm the Company's Plan of Reorganization under
        Chapter 11 of the U.S. Bankruptcy Code.  The Plan will establish a
        new company, Aquila Biopharmaceuticals, Inc., to continue Cambridge
        Biotech's core business of developing and commercializing products
        which stimulate the immune system to treat infectious diseases and
        cancer.  The Court also approved the Disclosure Statement that
        describes Cambridge Biotech's Plan, with which the Company will
        begin soliciting acceptances from creditors and shareholders today.
        


            "We now have a fixed date to aim for as we complete our
        emergence from Chapter 11," said Alison Taunton-Rigby, Ph.D.,
        President and CEO of Cambridge Biotech.  "Along with the approval of
        the Disclosure Statement, setting a hearing date represents a
        significant step toward the final resolution of our reorganization,
        allowing us to focus more intently on Aquila's development and
        commercialization efforts."  Dr. Taunton-Rigby continued, "We
        believe the Plan maximizes value for both our creditors and our
        shareholders, who will now have an opportunity to vote on the Plan.
        While we still have several hurdles to clear, we expect the Plan to
        be approved by any required votes and confirmed by the Court."
        


            Aquila will focus on advancing the development of 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.
        Cambridge Biotech recently announced agreements, subject to court
        approval, to sell its retroviral diagnostic business to bioMerieux
        Vitek, Inc., for $6.5 million in cash, and its enteric diagnostic
        business to Carter- Wallace for $4.5 million in cash.
        


            Based on current information and assumptions reflected in the
        Disclosure Statement, existing Cambridge Biotech shareholders may
        receive approximately one share of Aquila common stock for eight
        shares of Cambridge Biotech stock, representing 60% or more of all
        Aquila common stock to be issued under the Plan in exchange for
        claims against, or equity interests in, Cambridge Biotech.  (The
        precise exchange ratio will depend on the number of shares required
        to satisfy claims.)  In addition, beneficiaries under the recently
        settled securities litigation (many of whom are believed to be
        current Cambridge Biotech shareholders) will receive Aquila stock
        representing 25% of the common equity in the new company.
        


            Under recently submitted amendments to the Company's Plan,
        unsecured creditors with claims of over $500 can choose to receive
        the full amount of the claim in Aquila common stock or 51% of the
        claim in cash, with the maximum aggregate cash payment by the
        Company to these unsecured creditors capped at $2 million.  An
        unsecured creditor whose cash payout is limited because of the cap
        will be compensated for such shortfall with varying amounts of
        Aquila common stock.  Unsecured creditors with claims of under $500
        will receive the full amount of the claim in cash. Under the amended
        Plan, the secured creditor has agreed to a restructured payment
        schedule for the mortgage on the Company's plant in Rockville,
        Maryland, which will be leased from the Company by the buyer of the
        retroviral diagnostic business.
        


            The Bankruptcy Court has also approved the procedures for
        finalizing the sale of the Company's diagnostic businesses.
        Interested parties will have until June 7 to submit initial
        counterbids for the enterics diagnostic business and June 11 to
        submit initial counterbids for the retroviral diagnostic business.
        A hearing has been scheduled for June 19 to select the winning bid
        from among the final round of sealed bids (if any) for the enterics
        diagnostic business.  A formal timetable for receiving sealed bids
        (if any) for the retroviral diagnostic business has not yet been
        established.  Both timetables and sales are subject to court
        approval.
        


            Cambridge Biotech Corporation (CBC) is a therapeutics and
        diagnostics company focused on infectious disease and cancer.  CBC
        filed for protection under Chapter 11 of the United States
        Bankruptcy Code on July 7, 1994, and filed a reorganization plan
        with the bankruptcy court on April 10, 1996.  After bankruptcy court
        approval of CBC's reorganization plan, the assets, liabilities and
        intellectual property of CBC relating to its biopharmaceutical
        business will be transferred to Aquila Biopharmaceuticals, Inc.
        Aquila will focus on developing and commercializing therapeutic and
        prophylactic vaccines for infectious diseases, and
        immunotherapeutics for cancer.  Aquila's technology base will
        include the Stimulon(TM) family of adjuvants and proprietary
        vaccines.  The most advanced adjuvant, QS-21, is in clinical
        development through corporate and academic partners.  The
        proprietary vaccines include a feline leukemia vaccine currently on
        the market and vaccines in development in the areas of tick-borne
        diseases, streptococcal pneumonia, malaria, bovine mastitis and
        canine Lyme disease.
        


            Statements in this release which relate to expectations 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, 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 Chris
        Palatucci of Feinstein Partners, 617-577-8110



ANACOMP NO LONGER
IN CHAPTER 11


        


            ATLANTA, June 4, 1996 - Anacomp
    today officially exited from Chapter 11 with a reorganized financial
   structure that substantially reduces the company's overall debt.
        


            Anacomp's emergence from Chapter 11 follows confirmation of
        Anacomp's plan of reorganization two weeks ago.  As a result of the
        reorganization, Anacomp's current debt and accrued unpaid interest
        and dividends (including preferred stock) has been reduced by
        approximately $175 million.  Ownership of Anacomp has been
        transferred to holders of its old public debt.  The new common stock
        will be publicly traded, and the company plans to announce shortly
        where the stock will be listed.
        


            Anacomp also announced that P. Lang Lowrey III, the company's
        president and chief executive officer, has been named chairman of
        Anacomp's new Board of Directors.  Richard D. Jackson, former vice
        chairman of First Financial Management Corporation, has been named
        vice chairman of Anacomp.
        


            Other new directors of Anacomp are Talton R. Embry, chairman and
        chief investment officer of Magten Asset Management Corporation;
        Darius W. Gaskins, Jr., a partner of the investment firm High Street
        Associates; Jay P. Gilbertson, chief financial officer of HBO &
        Company; George A. Poole, Jr., a director of several well-known
        companies; and Lewis Solomon, chairman and chief executive officer
        of Silent Radio, Inc.  Lowrey is the only director who is an
        employee of Anacomp.
        


            "Our new outside directors bring to Anacomp a wide range of
        business skills and backgrounds, as well as extensive experience
        serving as directors of successful companies," noted Lowrey.  "We
        plan to draw heavily on their expertise to help Anacomp add
        complementary products and services to our business, including
        digital ones."
        


            "We are pleased to be out of bankruptcy," continued Lowrey.
        "Even though we filed for Chapter 11 protection less than five
        months ago, it's been a challenging period.  Our new financial
        structure will position the company to prosper going forward, and
        I'm proud of all of our dedicated employees who have made this
        possible."
        


            Anacomp is a leading provider of multiple-media data management
        solutions, delivering cost-effective strategies that incorporate
        micrographic, digital, and magnetic output media.
        


        CONTACT:  Jeff Withem, Corporate Communications, 404-876-3361,
        Ext. 8527, or E-mail: jwithem@anacomp.com; or Nancy Vandeventer,
        Investor Relations, 800-350-3044, or E-mail:nvandeventer@anacomp.com,
        both of Anacomp



PIEDMONT MINING COMPANY REPORTS FIRST
QUARTER RESULTS


        


            CHARLOTTE, N.C., June 4, 1996 - Piedmont Mining Company,
        Inc. (OTC-Bulletin Board: PIED), which is engaged in gold
        exploration and development in the Southeast, reported a loss of
        $320,000, or $0.02 per share, in the first quarter ended March 31,
        1996, compared with a loss of $246,000, or $0.02 per share, in the
        first quarter of 1995.  The first quarter loss includes amortization
        to income of $124,000 of the deferred gain resulting from the sale
        of a 62.5% interest in the Haile property to a subsidiary of Amax
        Gold Inc. (NYSE: AU) in 1992.
        


            The Company had no long term debt at March 31, 1996, and working
        capital totalled $169,000, compared with $658,000 at December 31,
        1995. The decline in working capital resulted from funding of
        operating, litigation and arbitration expenses from current assets.
        At March 31, 1996, Piedmont held 240,900 shares of Amax Gold common
        stock and also had $607,000 in cash and cash equivalents.  The
        Company had a tax loss carryforward of about $8,348,000 at December
        31, 1995.  Expenditures by the Haile Mining Venture totalled
        approximately $1,010,000 in 1995, and are budgeted at only
        $1,080,000 for 1996.
        


            The mineable reserves at the Haile property at December 31, 1994
        totalled 780,000 ounces of gold at an average mill head grade of
        0.089 ounces per ton, of which Piedmont's 37.5% share equals about
        293,000 ounces.  Amax Gold's 1995 Annual Report indicates that the
        Haile project is now Amax Gold's only development property, that the
        Haile gold reserves could be economically and legally extracted and
        produced and that Amax Gold has completed a feasibility study for
        the Haile project.
        


            On March 29, 1995, Piedmont filed suit in the Court of Common
        Pleas in Lancaster County, South Carolina against Amax Gold and two
        of its subsidiaries claiming, among other things, that they breached
        their obligations under the Haile Mining Venture Agreement and
        Management Agreement to carry out approved programs and budgets,
        conduct drilling and produce a "Bankable Feasibility Study."  The
        complaint seeks actual and punitive damages.  In August 1995
        Piedmont filed an initial calculation of damages by its damages
        expert.  Using several alternative methods of calculation, actual
        damages assessments ranged from $38 million to $60 million.
        Piedmont has demanded a trial by jury.
        


            In May 1995 Amax Gold filed a demand for arbitration of the
        allocation of environmental expenses and filed a motion to dismiss
        Piedmont's lawsuit.  In November, the Court severed Piedmont's
        lawsuit. Piedmont's claims for breach of contract remain in the
        state court, while Piedmont's claim against Amax Gold for tortious
        interference was allowed to proceed and was removed to the Federal
        District Court.  In January 1996 Piedmont filed an amended complaint
        in the Federal District Court for tortious interference with
        contract.  On March 22, 1996, the Federal District Court issued an
        order placing the case on the trial calendar, and on May 29, 1996,
        discovery was allowed to proceed until August 1, 1996, with a trial
        date anticipated prior to year end.
        


            In the meantime, in March an arbitration panel awarded Amax Gold
        $1.37 million for alleged environmental costs.  Piedmont has filed a
        motion to stay confirmation of this proceeding and has also filed a
        cross-motion to vacate the award on jurisdictional grounds.  In
        April, the magistrate judge to whom the motions were referred,
        entered a report recommending to the Court that they be denied and
        that judgement upon the award be entered.  Piedmont has filed
        objections and exceptions to this report, and oral argument before
        the Court has now been scheduled for June 14th.  If judgement is
        entered on the award, Piedmont may be required to seek bankruptcy
        protection.  Piedmont intends to continue vigorously prosecuting its
        claim against Amax Gold and its subsidiaries.
        



                          PIEDMONT MINING COMPANY
            CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS:

        
                                                Three Months Ended
                                                      March 31
                                                1996           1995
        
        NET SALES                           $     --      $     --
        
        COST OF SALES:
         Depreciation                           2,000         2,000
         Haile Mining Venture Expenses        124,000       141,000
         Amortization of Deferred Gain       (124,000)     (141,000)
        
           Total Cost of Operations             2,000         2,000
        
        GROSS LOSS FROM OPERATIONS             (2,000)       (2,000)
        
        OTHER EXPENSES (INCOME):
         General and Administrative           168,000       156,000
         Stock Appreciation Rights and Awards      --            --
         Exploration                            2,000         5,000
         Professional Fees                    132,000        55,000
         Interest and Other, Net               (7,000)       23,000
         Loss (Gain) on Sale of Stock         (35,000)       94,000
         Brokers Fees and Commissions           1,000        31,000
        
            Total Other Expenses              261,000       364,000
        
        LOSS BEFORE INCOME TAXES             (263,000)     (366,000)
        INCOME TAX BENEFIT (PROVISION)        (35,000)      120,000
        
        NET LOSS                           $ (298,000)   $ (246,000)
        
        NET LOSS PER COMMON SHARE            $  (0.02)     $  (0.02)
        
        CASH DIVIDENDS PER SHARE                 None          None
        
        WEIGHTED AVERAGE NUMBER OF
         COMMON SHARES OUTSTANDING         15,043,869    15,043,869
        
        BALANCE SHEET DATA (at end of period):
        
        Cash and Cash Equivalents          $  607,000     $  90,000
         Working Capital                      169,000     2,872,000
        Total Assets                        4,324,000     5,017,000
        Long Term Debt                             --            --
        Deferred Gain                         554,000     2,583,000
         Shareholders' Equity               1,523,000     2,193,000
        

        CONTACT:  Thomas L. Ross, Piedmont Mining Company, 800-982-MINE or
        fax 704-525-3431