TCR_Public/960828.MBX BANKRUPTCY CREDITORS' SERVICE, INC.


Bankruptcy and Troubled Company News


August 28, 1996



  1. Century Communications announces 4th quarter and year end results
  2. FoxMeyer Bankruptcy News: First Issue Free
  3. NeoStar Retail announces 2nd quarter results
  4. Eagle-Picher moves forward with reorganization effort





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Century Communications announces fourth quarter and year ended May 31, 1996 results


        


            NEW CANAAN, Conn.  --  Aug. 28, 1996  --  Century
        Communications announced results of the quarter and year ended May
        31, 1996 today.
        


            Total revenues for the fourth quarter of fiscal 1996 were
        $135,554,000, an increase of 24.5 percent over the $108,866,000 in
        the comparable fiscal 1995 quarter.  
        


            Operating income before depreciation and amortization (excluding
        the effect of a prior year restructuring charge and the impact of
        its Australian Pay TV Investments) was equal to 53.3 percent of
        revenues or $66,866,000, an increase of $12,542,000 or 23.1 percent
        above the $54,324,000 of the fourth quarter of fiscal 1995.  The
        loss for the quarter was $35,429,000 (49 cents) per share compared
        to a loss of $30,993,000 (42 cents) per share for the corresponding
        1995 fiscal quarter.  
        


            During the fourth quarter of fiscal 1996 revenue from Century's
        cable television operations increased to $95,871,000 or 13.6 percent
        above the $84,411,000 in the fourth quarter of fiscal 1995.
        Operating income before depreciation and amortization in Century's
        cable television operations grew to $52,002,000 or 23.4 percent
        above the fourth quarter of fiscal 1995.  
        


            Total revenues for the year ended May 31, 1996 were
        $495,274,000, an increase of $78,587,000 or 18.9 percent over the
        year ended May 31, 1995.  Operating income before the company's 1995
        restructuring charge, depreciation and amortization and the impact
        of Century's investments in the Australian Pay TV Business was equal
        to 52.5 percent of revenues or $252,521,000, an increase of
        $49,888,000 or 24.6 percent above the $202,633,000 reported in the
        prior fiscal year.  The net loss for the year was $102,117,000
        ($1.44) per share comparable to a net loss of $82,625,000 ($1.01)
        per share for the year ended May 31, 1995.
        


            Century's cable television operations produced revenue of
        $368,506,000 an increase of 11.2 percent over fiscal 1995.
        Operating income before depreciation and amortization of
        $200,641,000 was generated by its cable television operations, an
        increase of 24.3 percent over fiscal 1995.
        


            Century owns and operates 70 cable television systems in 25
        states and Puerto Rico serving in excess of 1,250,000 basic
        subscribers and owns and operates 4 radio stations.  Century,
        through its 31.8 percent owned subsidiary Centennial Cellular Corp.
        (Nasdaq: CYCL), owns, operates and invests in cellular telephone
        systems throughout the United States.  Centennial's current wireless
        telephone interests represent approximately 10 million net pops.
        Approximately 5.3 million of this population is represented by
        interests in cellular systems the company owns (either 100 percent
        or a controlling interest) and manages, serving primarily three
        geographic areas.
        


            Approximately 1.1 million of the population represents minority
        investments in limited partnerships owning cellular telephone
        systems which primarily serve the Sacramento Valley and San
        Francisco Bay areas in California.  The company was recently the
        winning bidder for one of MTA licenses to provide Personal
        Communications Services "PCS" service in the commonwealth of Puerto
        Rico and the U.S. Virgin Islands, representing approximately 3.6
        million pops.


        
                    CENTURY COMMUNICATIONS CORPORATION
        
                                      FYE 1995        FYE 1996
                                      3 Months        3 Months
                                        Ended           Ended
                                       5/31/95         5/31/96      % Change
        
        Revenues                        $108,866,000     $135,554,000
        24.5
        
        Operating income before
         restructuring charge,
         depreciation and amortization
         and Australian operations        54,324,000       66,866,000
        23.1
        
        Operating loss of Australian
         operations                              ---      (13,739,000)
        ---
        
        Operating income                   1,562,000        1,417,000
        9.3
        
        Tax benefit                        4,212,000       12,244,000
        190.7
        
        Net loss                         (30,993,000)     (35,429,000)
        14.3
        
        Net loss per share                      (.42)            (.49)
        
        Average number of shares
         outstanding                      76,317,000       73,925,000
       
        
                    CENTURY COMMUNICATIONS CORPORATION
        
                                        1995            1996
                                        Year            Year  
                                        Ended           Ended
                                       5/31/95         5/31/96      % Change
        
        Revenues                        $416,687,000     $495,274,000
        18.9
        
        Operating income before
         restructuring charge,
         depreciation and amortization
         and Australian operations       202,633,000      252,521,000
        24.6
        
        Operating loss of Australian
         operations                              ---      (30,848,000)
        ---
        
        Operating income                  26,702,000       26,248,000
        1.7
        
        Tax benefits                       8,061,000       34,326,000
        325.8
        
        Net loss                         (82,625,000)    (102,117,000)
        23.6
        
        Net loss per share                     (1.01)           (1.44)
        
        Average number of shares
         outstanding                      73,748,000       86,277,000
       

CONTACT:  Century Communications Corp., New Canaan
                  Bernard P. Gallagher or Scott N. Schneider
                  203/972-2000
                      or
                  W.M. Kraus, 608/258-1511



FoxMeyer Bankruptcy News: First Issue Free


        


            PRINCETON, N.J.  --  Aug. 28, 1996  --  Bankruptcy Creditors'
        Service, Inc., today announced publication of FOXMEYER BANKRUPTCY
        NEWS.  This new bankruptcy newsletter follows yesterday's
        announcement by FoxMeyer Corporation and its affiliates that it has
        commenced a reorganization under chapter 11 of the United States
        Bankruptcy Code.
        


            "Another billion-dollar debtor bites the dust," said Peter A.
        Chapman, President of Bankruptcy Creditors' Service, Inc., and
        Editor of FOXMEYER BANKRUPTCY NEWS, "and we're here to chronicle all
        of the juicy details.
        


            "FOXMEYER BANKRUPTCY NEWS - like our other case-specific
        bankruptcy newsletters - will provide on-going, in-depth news and
        reporting about the chapter 11 reorganization undertaken by
        FoxMeyer."
        


            Chapman explains that attorneys, large creditors, and investors
        involved in chapter 11 bankruptcy cases the size of FoxMeyer's case
        find BCSI's case- specific newsletters to be an invaluable resource
        to help wade through the mountains of paper that are filed with the
        Bankruptcy Court and long hours of court hearings.
        


        Today's first issue of FOXMEYER BANKRUPTCY NEWS includes:
        


            Chapman said that next week's issue will provide subscribers
        with a detailed look at (a) FoxMeyer's $775,000,000 DIP financing
        facility with GE Capital, (b) the handfuls of first-day motions
        brought before Judge Balick to keep FoxMeyer's businesses operating
        without interruption, and (c) the professionals that will push and
        pull FoxMeyer through chapter 11.
        


            FOXMEYER BANKRUPTCY NEWS is distributed on a subscription basis
        by e-mail or fax for $45 per issue.  Delivery is free by e-mail;
        nominal fax charges apply.  New issues are published as significant
        activity occurs (generally every 10 to 20 days) in the FoxMeyer
        cases.
        


            Chapman stated that one copy of today's first issue of FOXMEYER
        BANKRUPTCY NEWS is available at no charge upon request.  Chapman
        further advised that individuals with access to the Internet can
        obtain copies of the first issue of FOXMEYER BANKRUPTCY NEWS at
        href="chap11.foxmeyer.f001.html">http://bankrupt.com/chap11.foxmeyer.f001.htmlor
        href="ftp://bankrupt.com/Bankruptcy_News/FoxMeyer/">ftp://bankrupt.com/Bankruptcy_News/FoxMeyer from the
InterNet
        Bankruptcy Library.
        


CONTACT: Peter A. Chapman, of Bankruptcy Creditors' Service, Inc.,
        609-924-8949, or telecopier, 609-924-8963, or e-mail: href="mailto:peter@bankrupt.com">peter@bankrupt.com



NeoStar Retail Group announces second
quarter results


        


            DALLAS, TX  --  Aug. 28, 1996  --  NeoStar Retail Group,
        Inc. (NASDAQ: NEOS), the nation's leading chain of consumer software
        specialty stores, today announced an 18 percent decrease in sales to
        $75,188,000 for the second quarter ended Aug. 3, 1996, compared with
        $91,957,000 for the same quarter last year.  
        


            Net loss for the quarter was $21,503,000, or $1.44 per share,
        compared to net loss of $5,668,000 or $.38 per share, for the same
        quarter last year.  Results for this year's quarter were affected by
        one- time charges of $5.3 million related to a major organizational
        restructuring in May and a sale of assets in July.  The quarter also
        included a valuation allowance of $4.5 million related to net
        operating loss carryforwards.  Last year's quarter included no such
        allowance.  
        


            For the six months ended Aug. 3, 1996, sales decreased 9 percent
        to $173,035,000 from $190,074,000 for the same period last year.
        The company reported a net loss of $29,823,000, or $2.00 per share,
        compared to a net loss of $9,262,000, or $.63 per share, for the
        same period last year.  
        


            Same store sales for the quarter declined 25 percent primarily
        as a result of a significant drop-off in sales of personal computer
        software and related computer supplies and accessories.  "We
        responded to the unexpectedly weak sales by taking major steps
        intended to reduce both expenses and capital requirements,"  said
        James B. McCurry, chairman and chief executive officer.  "In May we
        consolidated three separate field store organizations, one each for
        Babbage's, Software Etc.  and leased departments within Barnes &
        Noble book superstores into one unified store organization.  The
        restructuring was carried out under the leadership of Alan C. Bush,
        formerly president of the Computer City division of Tandy Corp., who
        joined the company in the new position of executive vice president-
        Store Operations."  
        


            "In July we sold 126 stores operating within Barnes & Noble book
        superstores and 10 stores operating within B. Dalton book stores to
        Barnes & Noble for approximately $9 million in order to improve our
        cash position, reduce our capital requirements and forego the losses
        we were incurring from these stores while they were in the early
        stages of building their sales.  Our new, leaner store management
        organization is now testing and implementing new programs to improve
        the operating performance of our core group of mall stores focused
        on video games and computer software intended for use in the home,"
        said McCurry.  
        


            The company, which incurred severance and related expenses
        associated with the organizational restructuring of $2.6 million,
        estimates that the store management consolidation will result in
        annual savings of approximately $3 million.  The company also
        incurred non-cash charges of $2.7 million for certain items of
        equipment and other assets which remained in the stores sold to
        Barnes & Noble.  
        


            "Although the recent sale of stores to Barnes & Noble
        represented a positive step toward improving our cash position, we
        now believe that we will need additional debt or equity financing to
        meet our working capital demands for the remainder of the year,"
        said McCurry.  The company said that it has retained Price
        Waterhouse to help it evaluate various financing proposals.  
        


            NeoStar opened 14 stores, closed two stores and transferred 136
        stores to Barnes & Noble during the quarter, bringing total stores
        in operation at quarter-end to 712, down from 736 stores at the same
        time last year.  As of Aug. 28, 1996, NeoStar operated 711 company-
        owned stores in 49 states, Puerto Rico and Canada.  The company's
        stores are located primarily in major regional shopping malls.  
        


            "THE SAFE HARBOR" STATEMENT UNDER THE PRIVATE SECURITIES
        LITIGATION ACT OF 1995.  This press release contains forward-looking
        statements that involve risks and uncertainties, including but not
        limited to, projections of future operating results and the
        financial condition of the company, obtaining the required financing
        mentioned above and other risks detailed from time to time in the
        company's Securities and Exchange Commission filings



                           NEOSTAR RETAIL GROUP INC.
                     Consolidated Statements of Operations
                                  (unaudited)
                    (in thousands, except per share amounts)
        
                                  Three months ended     Six months ended
                                 -------------------   -------------------
                                  Aug. 3,   July 29,    Aug. 3,   July 29,
                                   1996       1995       1996       1995
                                 --------   --------   --------   --------
         Net sales                   $ 75,188   $ 91,957   $173,035
        $190,074
         Cost of sales                 59,572     67,368    135,048
        137,418
                                 --------   --------   --------   --------
         Gross profit                  15,616     24,589     37,987
        52,656
         Store operating expenses      32,569     28,627     62,954
        57,502
         General and administrative
           expenses                     4,619      4,528      9,134
        8,932
         Termination costs              2,600         --      2,600
        --
         Sale of leased department
          assets                        2,735         --      2,735
        --
         Store closing expense            201        287        401
        588
                                 --------   --------   --------   --------
         Operating loss               (27,108)    (8,853)   (39,837)
        (14,366)
         Net interest expense          (1,039)      (608)    (2,060)
        (943)
                                 --------   --------   --------   --------
         Loss before income taxes     (28,147)    (9,461)   (41,897)
        (15,309)
        
         Income tax benefit            (6,644)    (3,793)   (12,074)
        (6,047)
                                 --------   --------   --------   --------
         Net loss                    $(21,503)  $ (5,668)  $(29,823)  $
        (9,262)
                                          
         Net loss per share          $  (1.44)  $   (.38)  $  (2.00)  $
        (.63)
                                          
         Weighted average shares
          outstanding                  14,972     14,764     14,947
        14,750
                                          
        
        NeoStar Retail Group, Inc.
                     Consolidated Condensed Balance Sheets
                                 (unaudited)
                                (in thousands)
        
                                              Aug. 3,         July 29,
                                                1996            1995
                                              --------        --------
        Cash and cash equivalents             $    536        $    810
        Merchandise inventory                   85,187         117,218
        Current deferred tax assets,
         net of valuation allowance             17,212          11,640
        Property and equipment, net             63,416          63,788
        All other assets                         9,702          11,101
                                              --------        --------
                                              $176,053        $204,557
                                                      
        
        Note payable to bank                  $ 23,696        $ 24,400
        Current portion of long-term debt       14,000           4,000
        Other current liabilities               79,903          84,905
        Long-term debt                              --          14,000
        Deferred credits                         4,335           4,326
        Stockholders' equity                    54,119          72,926
                                              --------        --------
                                              $176,053        $204,557
                                                      

        CONTACT: NeoStar Retail Group Inc.
                 Opal P. Ferraro, 817/424-2000


Eagle-Picher Moves
Forward with Reorganization Effort


        


            CINCINNATI, OH  --  Aug. 28, 1996  --  href="chap11.epi.html">Eagle-Picher Industries (OTC:
        EPIHQ.U) announced that a Third Amended Consolidated Plan of
        Reorganization (the Plan) and the accompanying proposed Disclosure
        Statement were filed today with the U.S. Bankruptcy Court in
        Cincinnati.  The Bankruptcy Court entered an order approving the
        Disclosure Statement.  Pursuant to such order, voting on the Plan by
        the various classes of creditors must be completed by November 4,
        1996.  The order also set a hearing to consider confirmation of the
        Plan for November 13, 1996.  The Plan, which was filed jointly by
        the Company, the Injury Claimants' Committee (ICC), and the
        Representative for Future Claimants (RFC), is based on a settlement
        of $2.0 billion for the Company's liability for present and future
        asbestos-related personal injury claims.  The Unsecured Creditors'
        Committee (UCC) supports the Plan.  If the Plan becomes effective,
        the UCC's appeal before the Federal District Court of the Bankruptcy
        Court's estimation of $2.5 billion for the Company's liability for
        present and future asbestos-related personal injury claims will be
        dismissed.
        


            The ICC represents approximately 150,000 persons alleging injury
        due to exposure to asbestos-containing products manufactured by
        Eagle-Picher from 1934 until 1971.  Future personal injury claimants
        are represented by the RFC.
        


            Based on the settlement of $2.0 billion for the Company's
        liability with respect to present and future asbestos-related
        personal injury claims, the Company's estimate that all other
        prepetition unsecured claims aggregate approximately $157 million,
        and the expected value of the equity of the reorganized Company, the
        Company anticipates that each holder of prepetition general
        unsecured claims, including environmental claims, will receive a
        distribution equal to approximately 33% of its claims.  Such
        distribution will be paid 1/2 in cash and 1/2 in notes with a three-
        year maturity.
        


            Pursuant to the Plan, the trust to be established to resolve and
        satisfy all asbestos and lead-related personal injury claims will
        receive consideration consisting of cash, notes and all of the stock
        of the reorganized Company.  Based upon the above assumptions, the
        Company estimates that the aggregate value of the consideration to
        be distributed to the trust is equal to approximately 33% of the
        $2.0 billion settlement amount for the Company's liability for
        present and future asbestos-related personal injury claims.
        


            As was the case with previous plans, the Company's equity
        security holders will receive no distribution under the Plan and
        their shares will be canceled.
        


CONTACT:  J. Rodman Nall of Eagle-Picher Industries, 513-721-7010