/raid1/www/Hosts/bankrupt/TCR_Public/950627.MBX


BANKRUPTCY CREDITORS' SERVICE, INC.




   

        TWA Restructuring Plan Begins

         

           ST. LOUIS, Mo--June 27, 1995--Shareholders of HREF="chap11.twa.html">Trans World Airlines agreed Monday to key aspects of a
restructuring plan that company officials say will make TWA profitable by the end of
this year.

         

           The plan, approved during a special meeting of shareholders,
        would wipe out about $500 million of TWA's approximate $1.7 billion
        debt. Votes representing more than 18 million of the approximately
        20 millionshares of stock supported the plan.

         

           The shareholders also gave the company authority to issue as many
        as 300 million new shares as part of a debt-for-equity swap.

         

           Creditor approval of the restructuring plan is still necessary.
        Votes from creditors are due by midnight Tuesday.

         

           Jeffrey H. Erickson, TWA's chief executive officer, expects
        creditors to also throw their support behind the proposal.

         

           "The other alternative without the restructuring is that the
        company wouldno longer exist," Erickson said.

         

           Even if creditors approve the plan, the St. Louis-based TWA may
        find itself in bankruptcy court for the second time in four years.

         

           Some creditors want the restructuring approved by a bankruptcy
        court judge to assure they'll get all they've been promised. Any
        filing for bankruptcy protection is expected to be through a pre-
        packaged bankruptcy plan in which creditor approval is obtained in
        advance.

         

           If creditors favor the plan, the filing could happen by late this
        week, TWA spokesman John McDonald said. TWA officials said the plan
        could be approved by the bankruptcy court in 30-35 days.

         

           Mark Coleman, vice president for marketing for TWA, told
        shareholders the restructuring plan make the company profitable for
        the first time in years. Though the airline lost $258 million last
        year, Coleman projected a $35 million profit by the end of this year
        if the restructuring goes through. That figure does not include one-
        time extraordinary charges related to the restructuring.

         

           But Glenn Engel, an analyst at Goldman, Sachs & Co. in New York,
        wasn't so sure that profitability would come so soon to the airline.

         

           "Outside of St. Louis, TWA has become increasingly irrelevant to
        the marketplace," Engel said. "I'm not sure if that's long-term
        viable."

         

           Returning to profitability would be quite a turnaround for the
        nation's seventh largest airline, which had to battle just to make
        it through the winter.

         

           In the last year, TWA cut $250 million in costs. It dumped
        service to six European cities and eliminated a domestic hub in
        Atlanta. The company eliminated 3,600 jobs. Pilots, grounds crews
        and flight attendants agreed to major wage and benefit concessions.
         

            




        Reorganized Fingermatrix names entire new board of directors

         

             DOBBS FERRY, N.Y.--June 27, 1995--A new board of
        five directors has been named by
Fingermatrix Inc. (NASDAQ EBB:FINX)
, the pioneer electronic fingerprinting
equipment company which emerged from Chapter 11 bankruptcy April 17.

         

            In the board's first official meeting, the senior management
        team, headed by Tom Harding, president and chief executive officer,
        was confirmed.  This group had been in charge, reporting to the
        bankruptcy trustee, since last December.

         

            Members of the board include Harding; Seth M. Lukash, chairman
        and chief executive officer of Tridex Corp., Westport, Conn., a
        diversified manufacturer of electronic devices and systems listed on
        the American Stock Exchange; Gordon Molesworth, a technology
        investment consultant and communications professional; Lewis
        Schiller, chairman and chief executive officer of Consolidated
        Technologies Group, Ltd. and several of its subsidiaries, and Fred
        Sonnenfeld, founder and senior partner in the New York law firm of
        Sonnenfeld and Richman.

         

            Fingermatrix invented and became a leader in electronic
        fingerprinting technology, holding 19 patents in the field.  After
        long failing to achieve financial success under its founding
        management, a stockholder group launched an effort two years ago to
        replace it.  Thereupon, the embattled management filed a Chapter 11
        bankruptcy petition.

         

           A trustee was appointed by the court to take over direction of
        the company last Aug. 15, Harding and two technical leaders came
        aboard Dec. 5, the court approved the company's Plan of
        Reorganization March 31, and that Plan became effective April 17.

         

            Formation of the board and its appointments of Kaye, Scholer,
        Fierman, Hays & Handler as general counsel; Barnett, Kielson, Storch
        & Co. as accountants and the American Stock Transfer Co. to handle
        its securities, completes the company's reorganization under the
        court-approved Plan.

         

        CONTACT:  Molesworth Associates Inc., Green Valley, Ariz.
                  Gordon Molesworth, 520/625-0035

        




        Corning Incorporated Reports Second Quarter Results  
  

       

            CORNING, N.Y.--June 27, 1995--Corning
Incorporated (NYSE:GLW)
said today that its 1995 second quarter net income before
        special charges totaled $108.8 million, or $0.48 per share.  As
        previously announced, Corning discontinued recognition of equity
        earnings from Dow Corning Corporation beginning in the second
        quarter of 1995.  In the second quarter of 1994, Corning reported
        net income of $111.4 million, or $0.54 per share, which included
        $22.6 million, or $0.11 per share, of equity earnings from Dow
        Corning.  Adjusting for the elimination of Dow Corning's earnings
        and before special charges, Corning's 1995 second quarter earnings
        per share increased 12 percent from an adjusted $0.43 per share in
        1994.   

         

            As previously announced, second quarter results include special
        charges: $365.5 million after tax, or $1.62 per share, to fully
        reserve Corning's investment in Dow Corning Corporation; and a
        restructuring provision of $67 million ($40.5 million after tax), or
        $0.18 per share.  Including these charges, Corning reported a second
        quarter net loss of $297.2 million, or $1.32 per share.   

         

            Sales increased 18 percent to $1.3 billion from 1994's second
        quarter sales of $1.1 billion.  Approximately one-third of the sales
        increase resulted from acquisitions completed in 1994 in both the
        opto-electronics and life sciences businesses.   

         

            Board Chairman James R. Houghton said, "Our performance in the
        quarter was mixed.  On the plus side, we continued to see solid
        growth and strong profit improvement in most of our core businesses,
        including opto-electronics, pharmaceutical testing services,
        environmental products and video displays.  On the other hand, our
        results in clinical testing services and consumer products were
        disappointing.   

         

            "In clinical testing,"  Houghton added, "margins improved
        modestly over the first quarter but were well behind both last year
        and our expectations, reflecting continued delays in cost-reduction
        programs.  In consumer products, the combination of a difficult
        retail environment and several scheduled glass-furnace repairs
        reduced margins significantly in the quarter."   

         

            For the second quarter 1995, equity earnings, excluding Dow
        Corning, were up significantly, primarily due to strong performance
        in the optical fiber equity companies.   

         

            Houghton concluded, "As we complete a successful first half, we
        are on track to meet our financial objectives for the year."   

         

          Corning Incorporated is a Fortune 500 company which reports its
        financial results in four segments: specialty materials,
        communications, laboratory services and consumer products.  For 1994
        revenues totaled $4.8 billion.  Dow Corning Corporation is a 50-
        percent owned equity investment with The Dow Chemical Company.        

         

       Corning Incorporated and Subsidiary Companies
        Consolidated Statements of Income
        (In millions, except per-share amounts)

         
                    Twenty-Four Weeks Ended          Twelve Weeks Ended

                    June 18, 1995   June 19, 1994  June 18, 1995        June 19, 1994
                      (Unaudited)                    (Unaudited)
    Revenues
      Net sales          $2,413.9       $2,054.6          $1,297.8        $1,105.7
      Royalty, interest and
      dividend income       15.6           11.2               8.7        3.5
                          2,429.5        2,065.8           1,306.5       1,109.2
          
    Deductions
    Cost of sales         1,530.1        1,318.2             816.5        696.1
     Selling, general and
      administrative  
      expenses              464.7          388.0             243.2        202.3
     Research and  
      development expenses   79.8           79.3              41.2        41.1
     Provision for  
      restructuring and
      other special charges  67.0                             67.0
         
     Interest expense        54.5           51.7              28.5        25.9
     Other, net              23.5            8.8               8.1        3.0
          
    Income before taxes  
     on income              209.9          219.8             102.0        140.8
    Taxes on income          73.2           83.0              33.3        53.4
         
    Income before  
     minority interest
     and equity earnings    136.7          136.8              68.7        87.4
    Minority interest in  
     earnings of  
     subsidiaries           (29.5)         (17.9)            (18.2)       (10.0)
    Dividends on  
     convertible preferred
     securities of  
     subsidiary              (6.3)                            (3.1)
        
    Equity in earnings (losses)
     of associated companies:
     Other than Dow Corning  
     Corporation             29.3           15.6              20.9        11.4
     Dow Corning  
      Corporation          (348.0)          34.9            (365.5)       22.6
         
          
    Net Income (Loss)   $  (217.8)       $ 169.4         $  (297.2)     $ 111.4
          
    Earnings Per Common Share:
    Net Income (Loss)      $(0.97)         $0.82            $(1.32)      $0.54
          
        Weighted Average  
         Shares Outstanding  225.9          204.3             226.3       206.3
     
     

       The accompanying  notes are an integral part of these statements.  

         

       Corning Incorporated and Subsidiary Companies
        Condensed Consolidated Balance Sheets
        (In millions)

          
                                            June 18, 1995    Jan. 1, 1995

                                              (Unaudited)
         
                 Assets
          
    Current Assets
      Cash and short-term investments   $    194.5       $   161.3
          Receivables, net                   999.2           947.1
          Inventories                        503.6           416.7
          Deferred taxes on income and  
             other current assets            230.7           201.2
      Total current assets                 1,928.0         1,726.3   
    Investments
          Other than Dow Corning  
           Corporation                       377.2           352.0
          Dow Corning Corporation                            341.8  
      
    Plant and Equipment,  Net                 1,931.3         1,890.6
      
    Goodwill and Other Intangible Assets, Net 1,435.6         1,408.0
          
    Other Assets                               318.1           304.0
                                            $5,990.2        $6,022.7
          
       Liabilities and Stockholders' Equity
        
    Current Liabilities
          Loans payable                  $   134.5     $      67.6
          Accounts payable                   174.5           258.3
          Other accrued liabilities          802.2           748.3
          Total current liabilities        1,111.2         1,074.2
       
    Other Liabilities                            663.1           643.6
    Loans Payable Beyond One Year              1,520.3         1,405.6
    Minority Interest in Subsidiary Companies    275.1           247.0
    Convertible Preferred Securities  
     of Subsidiary                               364.6           364.4
     
    Convertible Preferred Stock                   24.3            24.9
    Common Stockholders' Equity                2,031.6         2,263.0
                                              $5,990.2        $6,022.7
          

        The accompanying notes are an integral part of these statements.
        Corning  

        Incorporated and Subsidiary Companies
        Notes to Consolidated Financial Statements
        Quarter 2, 1995

          

        (1)    Earnings per common share are computed by dividing net income
        less
           dividends on Series B convertible preferred stock by the weighted
           average number of common shares outstanding during the period.  The
           weighted average shares outstanding for the second quarter were 226.3
               million and 206.3 million for 1995 and 1994, respectively,
        and for the
           first half were 225.9 million and 204.3 million for 1995 and 1994,
           respectively.  Preferred dividends of $0.5 million and $1.0 million
           were declared in the second quarter and first half, respectively, in
           both 1995 and 1994.

          

        (2)    Depreciation and amortization charged to operations during
        the first
           half of 1995 and 1994 totaled $181.1 million and $154.9 million,
           respectively.

          

       (3)    On March 28, 1995, Corning issued $125 million of 30-year
        debentures
           with an interest rate of 8.3 percent due April 4, 2025.  The proceeds
           from these borrowings will be used for general corporate purposes,
           including capital spending.

          

        (4)    On May 15, 1995, Dow Corning Corporation, a 50-percent owned
        equity
           company, voluntarily filed for protection under Chapter 11 of the
           United States Bankruptcy Code.  As a result of this action, Corning
               recorded an after-tax charge of $365.5 million, or $1.62 per
        share, in
               the second quarter to fully reserve its investment in Dow
        Corning.  In
               addition, Corning discontinued recognition of equity earnings
        from Dow
           Corning beginning in the second quarter of 1995.  Corning recognized
           equity earnings from Dow Corning totaling $12.3 millon, or $0.06 per
               share, and $34.9 million, or $0.17 per share, in the first
        quarter and
           first half of 1994, respectively, and $17.5 million, or $0.08 per
           share, in the first quarter of 1995.

          

        (5)    During the second quarter 1995, Corning recognized a
        restructuring
           charge totaling $67 million ($40.5 million after tax) or $0.18 per
           share.

         
        CONTACT:  Corning Inc., Corning

                  Kathryn C. Littleton, 607/974-8206
                  John H. Abrams, 607/974-8832
                  Investor Relations Contact:    
                   Richard B. Klein, 607/974-8313
                  Katherine M. Dietz (607) 974-8217         





        O.C. bankruptcy hasn't affected
        value of local companies, investment banker says

                         

            IRVINE, Calif.--June 28, 1995--Orange
        County
companies have not been tainted by their local government's
        bankruptcy and are especially well positioned to benefit from the
        current resurgence in merger and acquisition activity, a Southern
        California investment banker said Tuesday.

        

            ``To be sure, some local vendors who provide goods and services
        to local government are hurting,'' said Jourdi de Werd, managing
        director of Greif & Co., a Los Angeles investment-banking firm
        serving middle-market companies.

         

            ``And there has been speculation that reduced public services
        and the possibility of tax increases would make Orange County
        companies less attractive to potential buyers,'' de Werd said.

         

            ``But we haven't seen or heard anything to indicate that the
        county's bankruptcy has adversely affected the value of, or demand
        for, local companies.''

         

            The occasion for de Werd's remarks was a luncheon seminar on
        ``Liquidity Options for Closely Held Companies.''  Sponsored by
        Mellon Bank's Private Asset Management unit, the event was held at
        the Four Seasons hotel in Irvine.

         

            The number of mergers and acquisitions consummated in the first
        quarter of this year is 35 percent higher than at the same time last
        year at $73.2 billion, said de Werd, whose investment-banking firm
        is representing an Orange County high-technology company that is in
        the process of being sold.

         

            Orange County companies are especially attractive to buyers
        because most of them are young and many are in high technology or
        other rapidly growing industries, de Werd said.

         

            De Werd made three major points about the opportunities for
        owners of closely held businesses:

         

       - A partial sale can result in a significantly higher valuation  
           than a total sale;
        - Buyout firms have dramatically lowered their targeted  
           internal rate of return for investment in closely held  
           companies;
        - Owners of closely held companies can sell and defer taxes on  
           their gain for an indefinite period.
  

       

            De Werd said low interest rates are forcing financial
        institutions such as pension funds to look beyond traditional
        investment vehicles to obtain better returns on their funds.

         

            These institutions are well aware that leveraged buyout groups
        have consistently been able to realize yields of 20 percent or
        better.  So they're allocating larger sums for partial or complete
        buyouts of companies.

         

            As a result, de Werd said, the buyout groups have raised an
        estimated $16 billion of new equity capital in 1994 alone and can
        leverage that with debt to $75 billion or $80 billion of total
        acquisitions.

         
  

          De Werd said the current M&A boom is also being driven by the
        three-year bull market in stocks.

        

            ``This market has created phenomenal amounts of equity value for
        companies,'' de Werd said.  ``So they can use their stock to make
        acquisitions, rather than depending on debt financing.''

         

            De Werd said that as a result of these factors, the pace of
        activity in the M&A marketplace should further intensify in the next
        12 months.  Sellers will be big winners as a result of the strong
        demand for acquisitions.

         

            There's a shortage of quality companies, so the prices of the
        good ones have been driven up.  Not long ago, they could be bought
        for four to six times cash flow.  Now it's more like seven to nine
        times cash flow.

         

            De Werd added:  ``If an owner is thinking of selling, now is the
        time to sell.

         

            ``Although the economy appears to be slowing, most companies are
        doing well.  You always want to sell off strength, and that dictates
        selling now or soon.''

         

        CONTACT:  The Roper Co., Santa Monica, Calif.
                  Richard F. Roper, 310/393-0622

         
  



       BRADLEES OBTAINS INTERIM USE OF $100 MILLION IN DEBTOR-IN-POSSESSION
        FINANCING

         

            BRAINTREE, Mass.,--June 27, 1995--
Bradlees, Inc. (NYSE: BLE)
today announced that the Company has obtained court
approval for the interim use of $100 million in Debtor-In-Possession financing.

         

            The line of credit will be provided through Chemical Bank, which
        has agreed to provide Bradlees with a total of $250 million in
        Debtor-In Possession financing so that it can conduct its operations
        and pay for merchandise shipments at normal levels, while it
        prepares a reorganization plan.  Authorization for the full $250
        million line will be considered by the bankruptcy court at its
        hearing on July 11.

         

            The Company announced on Friday, June 23, 1995 that Bradlees and
        its subsidiaries had filed for protection and would reorganize under
        Chapter 11 of the U.S. Bankruptcy Code in the Southern District of
        New York.

         

            Bradlees, Inc. operates 136 discount department stores in Maine,
        New Hampshire, Massachusetts, Connecticut, New York, New Jersey,
        Pennsylvania, Rhode Island and Virginia.  Bradlees' common stock is
        listed and traded on the New York Stock Exchange under the symbol
        "BLE". For additional Bradlees press releases, please call 1-800-758-
        5804, extension 105750.

         

        CONTACT:  Aileen Gorman or Coleman Nee of Bradlees, 617-380-8370/

         




        Value Merchants Inc. and Everything's A Dollar Inc. emerge from bankruptcy
   

      

            MILWAUKEE, Wi--June 27, 1995--The Plan of
        Reorganization of Value Merchants Inc.
(VUMIQ.BB)
, and its wholly-owned subsidiary Everything's A Dollar Inc. became
effective today resulting in the companies' emergence from bankruptcy.
   

      

        The company currently operates 215 Everything's $1.00 stores nationwide.
   

      

            ``We expect to distribute certificates for 4,235,294 new shares
        of common stock to our current shareholders and to our secured and
        unsecured creditors within the next 60 days,'' stated Steven J.
        Appel, president and chief executive officer.  ``We have applied to
        NASDAQ to list the company's new common stock,'' he said.
   

      

            Appel stated that the company has successfully negotiated a
        credit facility to finance ongoing operations.  ``We will have $4
        million of cash available beyond our planned needs as of June 27,
        1995,'' he said.  ``This provides substantial opportunity for
        purchasing additional merchandise and should be a source of
        confidence for our vendors regarding this company's credit
        worthiness.
   

      

            The Plan of Reorganization calls for issuing 85 percent of the
        new common shares of stock to unsecured creditors in payment of
        their claims and current shareholders will receive 5 percent of the
        new common shares.  Participants in the senior secured Debtor-In-
        Possession loan are converting a significant portion of their debt
        to subordinated secured debt, just under 10 percent of the company's
        common shares, and subordinated unsecured long-term notes.

         

            Fixture lenders will receive notes for approximately $8 million
        payable over eight years secured by store fixtures and other
        equipment in satisfaction of their claim of $23 million against the
        company and unsecured bankruptcy claims of approximately $11
        million.
   

      

            ``Many businesses seek bankruptcy protection but cannot
        reorganize sufficiently to emerge from the process and, as a result,
        are liquidated,'' Appel stated.  ``This company's emergence from
        bankruptcy is a real tribute to all the parties in interest
        including secured creditors, unsecured creditors, vendors,
        shareholders, all the professionals and, most importantly, our
        employees.''  Appel added, ``This has been a difficult and arduous
        task with many competing interests, but from the beginning there has
        been one common goal - to reorganize as a going concern.  Although
        much work remains,'' he said, ``there should be great pride in
        achieving this significant milestone.''
   

      
        CONTACT:  Value Merchants Inc., Milwaukee

                  Gary I. Kastel, 414/274-2976
                  Cid Litfin, 414/274-2697