Bankruptcy News For - June 21, 1996

  2. Cerplex to close two Texas facilities

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            LANSING, Mich., June 21, 1996 - Neogen Corporation
        (Nasdaq: NEOG) announced today a restructuring program for certain
        Company operations that resulted in charges of approximately
        $695,000 for the fourth quarter.  Final numbers for the current
        fiscal year ended May 31 won't be available until mid-July, but the
        restructuring charges will cause Neogen to report a loss for the
        fourth quarter and year.

            Neogen has decided to discontinue its electronic and predictive
        instrument operations.  Neogen will also reorganize sales and
        marketing efforts for veterinary instruments.  The restructuring
        program is designed to better position the company over the long-
        term to compete more efficiently and increase market share.

            "The restructuring program will place Neogen in a better
        position to improve our growth in fiscal 1997 and beyond," said
        James Herbert, Neogen president and CEO.  "We are establishing a
        sales group for veterinary instruments following the same successful
        pattern as our sales teams for diagnostic test kits," Herbert added.
        The new sales group will be located in Lansing, Michigan for better
        communications with marketing personnel and to take advantage of
        certain economies of scale.

            Lon Bohannon, Neogen's chief financial officer, stated that
        "Discontinuing our electronics and predictive instruments operations
        will enable Neogen to redirect manpower and financial resources to
        our more profitable and faster growing diagnostics business.  It
        should also have a direct positive effect on future earnings since
        the predictive instrument operations have been generating losses for
        several years."

            Neogen is a Lansing, Michigan based company that develops and
        markets products to control residues and improve quality in the
        food, agriculture, pharmacologics and environmental industries.

        CONTACT:  Lon Bohannon or Shada Biabani of Neogen, 517-372-9200

Cerplex to close two
Texas facilities


            TUSTIN, Calif. -- June 21, 1996 -- Cerplex
        (NASDAQ:CPLX), a leading provider of electronics parts repair and
        logistics services, Friday announced the decision to close its
        Richardson and Carrollton, Texas, operations, effective Aug. 21.

            The operations had net sales in 1995 of $13.7 million, showing a
        net loss of $5.2 million, including a $3.2 million write-off
        associated with SpectraVision

            First quarter 1996 net sales were $3.1 million, with losses of
        approximately $500,000.  Shut-down costs, including facilities,
        leasehold improvements, inventories and other operating expenses are
        currently being analyzed, the cost of which will be determined and
        taken in the third quarter ending Sept. 30, 1996.  

            ``The 130 employees will be given a 60-day notice,'' said James
        T. Schraith, president and chief executive officer.  ``Cerplex
        acquired the manufacturing and repair arm of SpectraVision over two
        years ago.  Since that time, SpectraVision has been the largest
        customer for these operations.

            ``Unfortunately, SpectraVision filed for protection under
        Chapter 11 of the U.S. Bankruptcy Code and, despite large unpaid
        receivables and unprofitable operations, we were obligated under the
        law to continue performing under existing terms of the contract.''

            ``This move is consistent with our strategic plan,'' continued
        Schraith, ``in that we are closing contract manufacturing and
        focusing on three specific areas:  product repair and
        remanufacturing, parts service and logistics, and knowledge-based
        support systems.''

            Philip E. Pietrowski, senior vice president, North American
        operations, noted:  ``We have plans to move the existing multi-
        vendor services from Carrollton, Texas, to our Lawrence, Mass., and
        Livermore, Calif., operation.  This consolidation is consistent with
        the Cerplex philosophy of maximizing efficiency at our other major
        sites and improving profitability.''

        About Cerplex

            The Cerplex Group is a leading independent provider of
        electronics parts repair and logistics services.  The company has
        developed extensive capabilities in the repair, refurbishment,
        upgrade and testing of a wide range of electronic equipment for
        computers and peripherals, telecommunications and office automation

            The company's key service offerings are depot repair, logistics
        services and spare parts management and sales, as well as a variety
        of ancillary services.  The company's extensive network of domestic
        and European facilities enables it to service diverse needs of
        leading electronics equipment manufacturers.  

            The company's headquarters is in Tustin, with service facilities
        throughout the United States and Europe.  Visit Cerplex's home page

        CONTACT:  The Cerplex Group Inc., Tustin
                  James T. Schraith, 714/258-5681
                  Phil Pietrowski Sr., 714/258-5144
                  Bruce Nye Sr., 714/258-5603
                  Ray Robidoux Sr., 714/258-5644



            DALLAS, TX -- June 21, 1996 -- href="">Search Capital Group,
today issued its financial statements for the period ended
        March 31, 1996.  Recently, following the completion of the
        reorganization of its subsidiaries, Search adopted a new fiscal year
        ending March 31.  Search's previous fiscal year ended September 30;
        therefore, the financial results herein reported are for the six
        month transition period from September 30, 1995 to March 31, 1996
        including proforma balance sheet information for some subsequent
        events that occurred on April 2, 1996.  

            "After eighteen difficult months we have achieved success in
        restructuring Search and its subsidiaries.  Our strong balance sheet
        position at March 31, 1996, reflects this success with $33 million
        in equity and $21.6 million in unrestricted cash balances and
        presents a solid foundation from which we can now pursue internal
        growth, acquisitions and earnings," stated George C.  Evans,
        Chairman, President and CEO of Search, "After losses of $48 million
        over the last two and one-half years, preliminary results for April
        and May 1996 are promising, showing a modest profit before
        dividends, but we still need to increase the loan portfolio to
        provide an adequate earnings base for Search."  

            At March 31, 1996, total assets were $37.3 million before a pro
        forma adjustment of $3.8 million which increased total assets to
        $41.1 million, compared to total assets of $49.9 million at
        September 30, 1995.  Assets at March 31, 1996, include unrestricted
        cash balances of $17.8 million, which increase to $21.6 million
        after pro forma adjustments, net contracts receivable of $30.7
        million before an allowance for credit losses of $13.3 million,
        43.3% of the net contracts receivable.  At September 30, 1995, there
        was only $442,000 in unrestricted cash balances, $8.1 million in
        restricted cash balances and net contracts receivable of $53.6
        million before an allowance for credit losses of $18.6 million,
        34.8% of net contracts receivable.  

            At March 31, 1996, total liabilities were only $10.3 million
        before pro forma adjustments which reduced total liabilities to $8.0
        million, a significant decrease from total liabilities of $75.6
        million at September 30, 1995.  Total liabilities at March 31, 1996,
        included $7.4 million for accounts payable (primarily amounts due as
        part of the reorganization) and $688,000 for accrued settlements.
        At September 30, 1995, liabilities included $69.3 million due
        noteholders of the reorganized subsidiaries, $1.1 million due under
        a line of credit, accrued settlement and restructuring expenses of
        $3.1 million and accounts payable of $2.1 million.  

            For the six months ended March 31, 1996, Search reported a
        consolidated net loss of $3.0 million, $0.29 per share, compared to
        a consolidated net loss of $20.1 million, $2.25 per share, for the
        year-ended September 30, 1995.  The loss for the six months ended
        March 31, 1996, was comprised of a loss of $11.4 million, $1.12 per
        share, before an extraordinary gain from discharge of debt of $8.7
        million, $0.83 per share, from the reorganization of its
        subsidiaries and less dividends of $327,000.  For the year ended
        September 30, 1995, the consolidated net loss of $20.1 million was
        comprised of a loss of $19.9 million and dividends of $240,000.  

            Results for the six month period ended March 31, 1996, include
        net interest income of $2.2 million compared to net interest income
        of $2.3 million for the year ended September 30, 1995.  The
        provision for credit losses was $5.0 million for the six months
        ended March 31, 1996 versus $3.1 million for the year ended
        September 30, 1995.      Operating expenses totaled $8.6 million for
        the six  months ended March 31, 1996, including $535,000 for
        settlement expenses. For the year ended September 30, 1995,
        operating expenses totaled $19.0  million  including $3.2 for
        reorganization and  settlement expenses.

            In August 1995, eight of Search's subsidiaries, but not Search
        itself, filed for bankruptcy reorganization.  Search was a proponent
        of the subsidiaries joint plan of reorganization (Joint Plan).  The
        Joint Plan was confirmed by the Bankruptcy Court on March 4, 1996,
        and became effective March 15, 1996.  Certain transactions related
        to that reorganization were not completed until April 2, 1996, but
        are included in the proforma balance sheet of Search as if the
        transactions were effective March 31, 1996.  Under the Joint Plan,
        assets of the bankrupt subsidiaries were transferred to Search and
        the amounts due noteholders of the subsidiaries were canceled.  The
        noteholders receive either cash payment or Search stock in exchange
        for the cancellation of their notes.  

            Search Capital Group, Inc.  is a consumer finance company
        engaging in the purchase, financing and servicing of non-prime
        automobile installment loans.  Search is also initiating non-auto
        consumer finance operations.  Search common shares and its 9%/7%
        convertible preferred shares trade publicly and are reported on the
        Over-the-Counter bulletin board under the symbols "SRCG"  and
        "SPGHP", respectively.

                       Consolidated Balance Sheets
                                    March 31, 1996       September 30,
        ASSETS                     Historical     Pro forma         
        Gross contracts            
         receivable                $   37,086    $   37,086    $   66,677
        Unearned interest              (6,435)       (6,435)      (13,106)
        Net contracts receivable       30,651        30,651        53,571
        Allowance for credit  
         losses                       (13,353)      (13,353)      (18,623)
        Loan origination costs          3,984         3,984         3,754
        Amortization of loan     
         origination costs             (3,578)       (3,578)       (2,937)
        Net contract receivables -                                         
         after allowance for credit
         losses & other costs          17,704        17,704        35,765
        Cash and cash equivalents      17,817        21,582           442
        Restricted cash                     -             -         8,105
        Vehicles held for resale          566           566           601
        Deferred note offering               
         cost, net                          -             -         3,062
        Property and equipment, net     1,062         1,062         1,306
        Other assets, net                 197           197           641
           Total assets            $   37,346    $   41,111    $   49,922
        Lines of credit             $   2,283             -     $   1,058
        Accrued settlements               688           688         2,912
        Accrued restructuring               -             -           214
        Accounts payable and             
         other liabilities              7,356         7,356         2,051
        Accrued interest                   15             -             2
           Liabilities                 10,342         8,044         6,237
        Prepetition notes payable                                         
         and accrued interest -                          
         subject to compromise              -             -        69,320
        Stockholders' Equity (Capital Deficit)
        Preferred stock                   154           174             4
        Common stock                      259           300           117
        Additional paid-in capital     81,784        87,786        26,766
        Accumulated deficit           (54,043)      (54,043)      (51,372)
        Treasury stock                 (1,150)       (1,150)       (1,150)
         Total stockholders'            
         equity (capital deficit)      27,004        33,067      (25,635)
         Total liabilities and                                            
         stockholders' equity
         (capital deficit)          $  37,346     $  41,111     $  49,922

                  Consolidated Statements of Operations
                    ($000's except per share amounts)
                                  Six Months Ended         Year Ended
                                   March 31, 1996      September 30, 1995
        Interest revenue                        $3,541
        Interest expense                         1,306
        Net interest income (loss)               2,235
        Provision for credit losses              4,982
        Net interest income (loss) after       
         provision for credit losses            (2,747)
        General and administrative expense       8,098
        Settlement expense                         535
        Reorganization expense
        -                    315
        Operating and other expense              8,633
        Loss before extraordinary item         (11,380)
        Extraordinary gain on discharge
         of debt                                 8,709
        Net loss                                (2,671)
        Preferred stock dividends                 (327)
        Net loss attributable to common     
         stockholders                          $(2,998)
        Loss per common share before           
         extraordinary items                    $(1.12)
        Gain on extraordinary items               0.83
        Loss per common share                   $(0.29)
        Weighted average number of common     
         shares outstanding                 10,447,000
           CONTACT: Bill Robertson
                Stern, Nathan & Perryman
                George C. Evans
                Chairman, President & CEO
                Search Capital Group, Inc.