Bankruptcy News For: June 26, 1996


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NEW YORK -- June 26, 1996 -- SLM International,
(Electronic Bulletin Board: "SLMI"), and six of its
        subsidiaries (collectively, the "Company"), which filed for relief
        under Chapter 11 of the Federal Bankruptcy Code in the District of
        Delaware on October 24, 1995, announced today that it has entered
        into an agreement with its Unsecured Creditors' Committee on a term
        sheet setting forth the material provisions of a Plan of
        Reorganization.  The Unsecured Creditors' Committee represents the
        Company's Senior Noteholders, as well as the Company's trade

            The term sheet specifies that the Plan of Reorganization will
        contain the following treatment for creditors and equity security

            The Company's secured creditors will receive at least $10
        million in cash and up to $65 million in senior secured notes, the
        terms of which have not yet been determined, in exchange for $75
        million of secured indebtedness.  

            The Company's unsecured creditors will receive 6.2 million
        shares of new common stock representing, at the time of issuance,
        100% of the distributed equity in the Reorganized Company, subject
        to dilution upon the exercise of the warrants distributed to equity
        security holders, in exchange for approximately $120 million of
        unsecured indebtedness.  

            The Company's equity security holders (currently holding
        18,859,679 shares of Common Stock) will receive a total of 300,000 5-
        year warrants to purchase an aggregate of 300,000 shares of new
        common stock currently expected to be at an exercise price above the
        initial value of the new common stock.  The warrants would be
        exercisable at an enterprise valuation of $175 million.  In
        addition, the warrant holders will have the option to receive an
        aggregate payment of $500,000 upon cancellation of such warrants in
        connection with a sale of the Company for more than $140 million.  

            The term sheet, which is predicated upon a Company valuation of
        $130 million exclusive of cash for distribution under a Plan of
        Reorganization, also provides for other terms.  

            The Bankruptcy Court, at a hearing held on June 12, 1996,
        continued the Company's exclusive right to propose a Plan of
        Reorganization for an additional 60-day period, ending August 11,
        1996.  The Company expects to file a definitive Plan of
        Reorganization including the terms of the term sheet within such 60-
        day period.  

            The provisions set forth in the term sheet are subject to change
        in advance of the filing of the definitive Plan of Reorganization as
        a result of continuing negotiations with the Company's Unsecured
        Creditors Committee and the Company's Secured Creditor Group.  The
        Secured Creditors Group has not agreed to the term sheet and has
        indicated that it currently intends to oppose its approval in
        Bankruptcy Court.  In addition, the effectiveness of the Plan of
        Reorganization is subject to, among other things, the Bankruptcy
        Court's prior approval of a Disclosure Statement describing the
        provisions and effect of the Plan of Reorganization (which has not
        yet been filed with the Bankruptcy Court), a creditor and equity
        security holder vote on such plan and Bankruptcy Court approval of
        such plan.  Completion of this process will take at least three
        months and may take longer unless the Plan of Reorganization is
        accepted by voting constituencies and the approval of such plan is
        not subject to material opposition.  There is no assurance that the
        Company will reach agreement on a definitive Plan of Reorganization,
        that any constituent group will vote in favor of the Plan or that
        such Plan will be approved by the Bankruptcy Court.  The Company,
        therefore, is not presently able to predict when the Chapter 11 case
        will be concluded or on what basis.  

            SLM International, Inc.  designs, develops, manufactures and
        markets a wide range of sporting goods products.  

        CONTACT:  David M. Friedman of
                  Kasowitz, Benson, Torres & Friedman -
                  (212) 506-1740


            SHERMAN OAKS, Calif., June 26, 1996 - Hamburger Hamlet
        Restaurants Inc.
(HHR) has been informed by Nasdaq that as a result
        of HHR's bankruptcy filing and failure to provide financial
        statements since the time of such filing, HHR common stock will be
        delisted from the Nasdaq Small Cap Market, effective at the close of
        business on June 26, 1996.  HHR has determined that it will not
        appeal this Nasdaq determination.

            Separately, Mr. Mike Recca, one of the directors of HHR,
        recently announced his resignation from the Board of Directors.

        CONTACT:  Jack Lavine of Hamburger Hamlet, 818-995-7333



            ATLANTA, June 26, 1996 - Southern Electric International,
        a subsidiary of Southern Company (NYSE: SO), today announced plans
        to submit a cash offer of $1.04 billion for the non-nuclear assets
        of Cajun Electric Power Cooperative.

            The offer will be part of a reorganization plan that would lower
        electricity prices for customers and eliminate protracted, expensive
        litigation.  Southern Electric expects to file the reorganization
        plan in the U.S. Bankruptcy Court for the Middle District of

            "This plan would balance the interests of creditors and
        customers and allow an experienced electric utility to move forward
        with the efficient operation of Cajun's non-nuclear assets," said
        former Louisiana Gov. David C. Treen, a partner in Deutsch, Kerrigan
        & Stiles, a law firm that represents Southern Electric in the case.

            Under the plan, Southern Electric would enter into 25-year
        contracts to provide all the electricity requirements of the
        distribution cooperatives currently buying electricity from Cajun,
        headquartered in Baton Rouge, La.  Wholesale rates under these
        contracts would begin at 3.98 cents per kilowatt-hour, nearly one-
        fifth less than Cajun's current wholesale rate of 4.88 cents per
        kilowatt-hour.  The distribution cooperatives that buy electricity
        from Cajun serve more than 1 million people in Louisiana.

            In addition, the plan will call for Southern to enhance the
        economic development efforts of the distribution cooperatives by
        offering special incentive rates to new commercial and industrial
        customers who are heavy users of electricity.

            The plan also would eliminate at least 11 lawsuits spawned by
        Cajun's bankruptcy and its involvement in the River Bend nuclear

            Atlanta-based Southern Company, the nation's largest producer of
        electricity, is the parent firm of five electric utilities:  Alabama
        Power, Georgia Power, Gulf Power, Mississippi Power and Savannah
        Electric.  Other subsidiaries include Southern Communications
        Services, Southern Nuclear, Southern Development and Investment
        Group and Southern Company Services.  Southern Company's common
        stock is one of the 20 most widely held corporate stocks in America.

            Southern Electric, also based in Atlanta, develops, builds, owns
        and operates power production and delivery facilities and provides a
        broad range of technical services to industrial companies and
        utilities in the U.S. and international markets.  It also
        administers energy trading and marketing activities through Southern
        Company affiliate Southern Energy Marketing.

        CONTACT:  Chuck Griffin or David Mould, Southern Company,



            MOBILE, Ala., June 26, 1996 - Ruby Tuesday, Inc. (NYSE:
        RI), today reported fourth quarter earnings per share from
        continuing operations of $0.33 versus $0.25 a year ago, a gain of 32
        percent. Fourth quarter revenue from continuing operations was
        $158,212,000, an increase of 14 percent from the same period last
        fiscal year.  Net income from continuing operations was $5,879,000,
        up 35 percent from the same period a year ago.  Same-store sales for
        fourth quarter were up 2.3 percent in Ruby Tuesday.  These positive
        results are due to the implementation of previously announced plans
        to improve operating results.

            "We implemented plans to increase sales and control costs which
        drove our fourth quarter results.  We built momentum throughout the
        third and fourth quarters ending the year with our fourth
        consecutive month of positive same-store sales and our best
        operating performance of the year," said Sandy Beall, Chairman and
        CEO of the Company.  "Our fourth quarter results exceeded our
        expectations.  We move into our new fiscal year with significant
        enthusiasm and momentum based on solid plans and a disciplined
        management style."

            For the 52 weeks of fiscal year 1996, revenue from continuing
        operations was $620,134,000, up 20 percent from a year ago.
        Earnings before interest, taxes, restructure and impairment charges
        were $33,462,000, a decrease of nine percent over last fiscal year.
        Annual same-store sales were down 1.3 percent for Ruby Tuesday.

            During fourth quarter the Company opened five new Ruby Tuesday
        restaurants and closed six as part of the Company's previously
        announced restructure plan.  As of June 1, 1996, Ruby Tuesday, Inc.
        owned and operated 365 restaurants including 301 Ruby Tuesdays, 46
        Mozzarella's Cafes, and 18 Tia's.  Ruby Tuesday, Inc. is traded on
        the New York Stock Exchange and has operations in 33 states and
        Washington D.C.

                              RUBY TUESDAY, INC.
                     Financial Results for the Fourth Quarter
                               of Fiscal Year 1996

                  (Amounts in thousands except per share amounts)
                                                13 wks. Ended      Pct
                                               6/1/96    6/3/95    chg.
        Continuing Operations
        Revenues                              $158,212 $139,156     14
        Operating Costs and Expenses:
          Cost of merchandise                   43,473   37,083    ---
          Payroll and related costs             53,242   48,264    ---
          Other                                 33,716   29,955    ---
          Selling, general and admin.            8,838    8,904    ---
          Depreciation and amortization          8,489    7,715    ---
        Total                                 $147,758 $131,921    ---
        Earnings before Interest, Taxes,
          Restructure and Impairment Charges
          (EBIT)                                10,454    7,235     44
        Interest expense (net)                   1,122      454    ---
        Loss on impairment of assets               ---      ---    ---
        Restructure costs                          ---      ---    ---
        L&N conversion/closing costs               ---      ---    ---
        Total                                    1,122      454    ---
        Income (Loss) from Continuing
          Operations before Income Taxes         9,332    6,781     38
        Provision for Federal and State
          Income Taxes:
          Continuing operations                  3,453    2,441    ---
          Impairment/restructure costs             ---      ---    ---
            Total Income Taxes                   3,453    2,441    ---
        Income (Loss) from Continuing Opers.     5,879    4,340     35
        Income (loss) from discontinued
          operations, net of income taxes          ---    8,048    ---
        Net Income                            $  5,879  $12,388    ---
        Earnings Per Common and Common
          Equivalent Share:
          Continuing operations               $   0.33  $  0.25     32
          Impairment/restructure costs            0.00     0.00    ---
          Discontinued operations                 0.00     0.45    ---
        Total                                 $   0.33  $  0.70    ---
        Common and Common Equivalent Shares     17,819   17,784    ---
                                                52 wks. Ended.     Pct
                                               6/1/96    6/3/95    chg.
        Continuing Operations
        Revenues                              $620,134 $515,312     20
        Operating Costs and Expenses:
          Cost of merchandise                  170,352  138,665    ---
          Payroll and related costs            209,007  169,881    ---
          Other                                134,043  106,028    ---
          Selling, general and admin.           39,139   37,521    ---
          Depreciation and amortization         34,131   26,634    ---
        Total                                  586,672  478,729    ---
        Earnings before Interest, Taxes,
          Restructure and Impairment Charges
          (EBIT)                                33,462   36,583     (9)
        Interest expense (net)                   4,637      744    ---
        Loss on impairment of assets            25,881      ---    ---
        Restructure costs                        5,257      ---    ---
        L&N conversion/closing costs              ---    19,727    ---
        Total                                   35,775   20,471    ---
        Income (Loss) from Continuing
          Operations before Income Taxes        (2,313)  16,112    ---
        Provision for Federal and State
          Income Taxes:
          Continuing operations                 10,323   12,764    ---
          Impairment/restructure costs         (11,974)  (7,737)   ---
            Total Income taxes                  (1,651)   5,027    ---
        Income (Loss) from Continuing Oper.       (662)  11,085    ---
        Income (loss) from discontinued
          operations, net of income taxes       (2,222)  51,086    ---
        Net income                            $ (2,884)$ 62,171    ---
        Earnings per common and common
          equivalent share:
          Continuing operations               $   1.05 $   1.29    ---
          Impairment/restructure costs           (1.08)   (0.67)   ---
          Discontinued operations                (0.13)    2.84    ---
        Total                                 $  (0.16)$   3.46    ---
        Common and Common Equivalent Shares     17,689   17,961    ---
                               RUBY TUESDAY, INC.
                       Financial Results For the Fourth Quarter
                             of Fiscal Year 1996
                    (Amounts in thousands except per share amounts)
                              Condensed Balance Sheets
                                                   6/1/96     6/3/95
        Cash and Short-Term Investments        $   7,139   $  5,957
        Accounts and Notes Receivable              2,040      2,475
        Inventories                                8,681      7,484
        Deferred Income Taxes                      2,988      3,758
        Other Current Assets                      14,323      8,043
        Current Assets of Discont. Operations        ---     52,481
        Total Current Assets                   $  35,171   $ 80,198
        Property and Equipment, Net              313,538    270,002
        Costs in Excess of Net Assets Acquired    21,058     22,298
        Noncurrent Assets of Discont. Operations     ---    102,726
        Other Assets                              13,262      8,827
        Total Assets                           $ 383,029   $484,051
          Current Liabilities                  $  66,591   $ 72,292
          Current Liabilities from Discont.
            Operations                              ---      52,686
          Long-Term Debt                          76,108     32,003
          Deferred Income Taxes                   10,145     16,864
          Other Deferred Liabilities              32,842     18,672
          Noncurrent Liabilities from Discont.
            Operations                              ---      46,041
        Total Liabilities                        185,686    238,558
        Stockholders' Equity                     197,343    245,493
        Total Liabilities and Stockholders'
          Equity                                $383,029   $484,051
                              RUBY TUESDAY, INC.
            Fiscal 1996 Pro Forma Statements of Income
                                            For The Quarter Ended
                                         9/2/95    12/2/95    3/2/96
        Net Sales                       $145,770  $152,082   $163,757
        Costs and Expenses:
          Cost of merchandise             39,416    42,615     44,848
          Payroll and related costs       48,914    52,731     53,491
          Other operating costs           32,078    33,253     34,586
          Selling, general and admin.     10,446     9,600      9,454
          Depreciation and amortization    7,992     8,701      8,906
        Total                            138,846   146,900    151,285
        Operating Income                   6,924     5,182     12,472
        Interest expense, net                620       902      1,993
        Income Before Income Taxes         6,304     4,280     10,479
        Provision for Income Taxes         2,030     1,422      3,953
        Net Income                    $    4,274  $  2,858   $  6,526
        Earnings per common and common
         equivalent shares            $     0.24  $   0.16   $   0.37
        Common and common equivalent
          shares                          17,775    17,641     17,520
                                             For the Quarter  For the Fiscal
                                                  Ended         Year Ended
                                                 6/1/96           6/1/96
        Net Sales                              $158,212         $619,821
        Costs and Expenses:
          Cost of merchandise                    43,473          170,352
          Payroll and Related Costs              53,242          208,378
          Other operating costs                  33,716          133,633
          Selling, general and admin.             8,838           38,338
          Depreciation and amortization           8,489           34,088
        Total                                   147,758          584,789
        Operating Income                         10,454           35,032
        Interest expense, Net                     1,122            4,637
        Income Before Income Taxes                9,332           30,395
        Provision for Income Taxes                3,453           10,858
        Net Income                             $  5,879         $ 19,537
        Earnings per common and common         $   0.33         $   1.10
         equivalent shares
        Common and common equivalent shares      17,819           17,689

            Common and common equivalent shares for the first three quarters
        of fiscal 1996 are based on the 1-for-2 distribution ratio of
        Morrison Restaurants Inc. Common Stock.

        CONTACT:  Sandy Beall, Chairman and CEO; J. Russell Mothershed,
        Sr., Vice President of Finance; Margie Naman, Director of Investor
        Relations, 334-344-3000, all of Ruby Tuesday, Inc.



NEW YORK, June 26, 1996 - Cannon T&C Limited, MaraFund,
        Ltd., and Max Resnick, a Smith Corona Corporation (SCC) shareholder,
        filed an objection to the disclosure statement of SCC (OTC: SMHC)
        claiming that it omitted information on a better offer.  The
        objection was filed on Monday, June 24, in the U.S. Bankruptcy Court
        in Delaware.

            The U.S. Bankruptcy Court in Delaware will hear the objection on
        Thursday, June 27.

            The objection asks that a competing bid for SCC, made by Cannon
        and MaraFund, be presented to SCC creditors and shareholders.

            "The current reorganization plan wipes out the 30 million shares
        of current shareholders for nothing, while the alternative bid would
        give current shareholders an equity interest in the reorganized
        company," said Gerald Resnick, a Cannon representative.  "We will
        ask the court to refuse to approve the misleading disclosure
        statement and to allow the competing bid to be presented to
        shareholders and creditors at the same time as the current
        reorganization plan."

            SCC's disclosure statement was filed on May 24.  SCC filed for
        protection from creditors under Chapter 11 of the U.S. Bankruptcy
        Code in July 1995.

            The shareholder's objection maintains that the disclosure
        statement does not contain adequate information regarding either the
        value of SCC to shareholders or the value of the competing offer.

            The objection also maintains that SCC's exclusive time to file a
        plan and solicit acceptances should be terminated, unless SCC amends
        the present plan to permit holders of claims and interests to
        consider the alternative plan at the same time as the current
        reorganization plan.

            Cannon and MaraFund have made a series of written offers to SCC
        to acquire the stock of SCC.

            Among other points, the objection notes that SCC has been
        soliciting offers to acquire it through a stock purchase for many
        months.  Despite this, SCC has to date refused to accept the offer
        from Cannon and MaraFund or even to make a written counteroffer or
        other written response.

            The objection says that the latest offer provides all creditors
        and shareholders with as good or substantially better value and
        distributions than is provided by SCC's plan.

            According to the objection, SCC has improperly and unlawfully
        concealed the pendency and terms of the "better offer" and has
        failed to disclose to the holders of claims and interests that there
        exists a real possibility of materially better treatment than is
        afforded these holders under the current reorganization plan.

            The objection maintains that it is a violation of the Bankruptcy
        Code to disseminate a disclosure statement in support of a plan
        which offers patently less to creditors and shareholders than would
        be available to them under the alternative offer.

            "The holders of claims and interests are entitled to know the
        terms and circumstances surrounding the Better Offer and should not
        be kept in the dark with respect to this information as the
        Disclosure Statement does," the objection says.

        CONTACT:  Jo-Anne Sinnott of Ogilvy Adams & Rinehart, 212-880-5330,
        for Cannon T&C Limited, MaraFund, Ltd. and Max Resnick