CRAY COMPUTER CORP. BOARD OF DIRECTORS AUTHORIZES CHAPTER 11 PLAN
COLORADO SPRINGS, Colo.--July 14, 1995--Cray
Computer
Corp. (Nasdaq: CRAY) announced today that its board of directors has
authorized and directed officers of the corporation to take all
steps they deem necessary or appropriate to prepare and implement a
Chapter 11 Plan pursuant to which all or most of the assets of the
corporation will be sold for the benefit of the corporation's
creditors and, to the extent feasible, the benefit of the
shareholders of the corporation. Management of the corporation
believes that a liquidating distribution to its shareholders is
unlikely.
Since filing under Chapter 11 of the United States Bankruptcy
Code in the United States Bankruptcy Court for the District of
Colorado on March 24, 1995, the officers of the corporation have
pursued the possibility that the corporation could emerge from its
Chapter 11 bankruptcy as a going concern. These officers have
concluded, and the board of directors has agreed, that the
corporation will not be able to continue its business. The
corporation will pursue the liquidation of its assets pursuant to a
Chapter 11 Plan to be prepared and presented to the Bankruptcy
Court.
/CONTACT: Cray Computer Corp., 719-579-6464/
LESLIE FAY'S EXCLUSIVITY PERIOD IS EXTENDED THROUGH SEPTEMBER 15, 1995
NEW YORK, NY--JULY 14, 1995--The Leslie Fay
Companies,
Inc. announced today that the U.S. Bankruptcy Court for the
Southern District of New York has granted a motion extending the
period during which the company has the exclusive right to file a
plan of reorganization from July 17, 1995, through September 15,
1995. Likewise, the period during which the company can solicit
acceptances for the reorganization plan has been extended through
November 17, 1995.
As previously announced, Leslie Fay hopes to file a plan of
reorganization and disclosure statement with the bankruptcy court by
the end of July and emerge from chapter 11 by the end of the year
restructured around its core dress and sportswear businesses.
Founded in 1947, The Leslie Fay Companies, Inc., is one of the
nation's leading manufacturers of women's apparel, including
dresses, suits and sportswear. Its brand names include Leslie Fay,
Albert Nipon, Kasper for A.S.L., Castleberry, Outlander, and HUE.
CONTACT: James Fingeroth
Michael Freitag
Kekst and Company
(212) 593-2655
TRENTON INDUSTRIES INC. - COMPANY UPDATE
TRENTON, ONTARIO--JULY 14, 1995--
Trenton Industries Inc. (the "Company")
announces that at the July 13, 1995 annual and special meeting of
its shareholders, the shareholders overwhelmingly approved the
authority of the directors of the Company to negotiate and
complete debt reorganization transactions including those
involving the issue of shares.
In summary, the particular transactions, previously disclosed in
detail, involve the issue of a total of 14,640,973 common shares of
the Company to satisfy $962,250.00 of financial obligations owed to
the Company's term lender, Penfund Capital (No. 1) Limited, the
issue of up to 62,059,529 units of securities of the Company
consisting of one common share plus half a warrant (with one full
warrant entitling the holder for a period of five years to purchase
one common share at $0.10 per share) to satisfy up to $4,345,000.00
of secured operating debt of the Company; and the issue of up to
24,310,252 common shares of the Company to acquire all of the
minority interest in its principal operating subsidiary, Trenton
Machine Tool Inc. (including retractable preferred shares and rights
to common shares).
Shareholders' approval of these transactions, now achieved, was
one more fundamental component of the Company's reorganization plan
and a condition of completion of the current Proposals of the
Company and its subsidiaries (the "Companies") under the Bankruptcy
and Insolvency Act (Canada) ("BIA"). The other remaining conditions
of the Proposals and of the successful reorganization of the
Companies include completion of all legal documentation related to
the concessions negotiated in principle with the secured creditors
of the Companies (which include the requirement for new operating
lines of credit for the Companies) and court approval of the
Proposals under the BIA. The court hearing for approval is
scheduled for August 16, 1995.
The Company wishes to express its appreciation to its
shareholders for their support of this reorganization plan. While a
failure of any of the remaining elements of the reorganization would
result in the failure of the Proposals and, hence, the bankruptcies
of the Companies, it is hoped that agreements can be concluded with
secured creditors on the basis of the agreements in principle
reached to date.
CONTACT: Mr. Brian D. Kinmond
President & Chief Operating Officer
Trenton Industries Inc.
(613) 394-4861
(613) 394-6095 (fax)
or
Mr. R. Bryan McJannet
Chairman and Chief Executive Officer
Trenton Industries Inc.
(905) 339-0214
(905) 339-0814
HAYES & ROCKWELL ANNOUNCE SETTLEMENT; OUT OF COURT AGREEMENT
RESOLVES LITIGATION
ATLANTA, Georgia--July 14, 1995--Hayes
Microcomputer Products,
Inc. and Rockwell International, Inc. (NYSE: ROK) announced today
that they have resolved all legal disputes in a mutually
satisfactory out-of-court settlement.
"Settlement of these issues allows Hayes to avoid further
litigation that might have delayed our emergence from Chapter 11,
and allows us to move ahead with our intended merger with Boca
Research, Inc.," says Dennis C. Hayes, President and Chairman of
Hayes Microcomputer Products, Inc. "It also confirms the validity
of Hayes 'Heatherington 302 Patent' and protects customers who
license that technology through Rockwell."
Although details of the settlement were not disclosed, attorneys
for both companies indicate that supply of modem chips and chip sets
to Hayes will continue uninterrupted. It is anticipated that the
settlement will be approved by the U.S. Bankruptcy Court in the near
term.
"We are enthusiastic about a long-term business relationship
with Hayes," said Dwight W. Decker, President, Telecommunications,
Rockwell International. "Hayes is a significant Rockwell customer,
and this settlement reestablishes a strong working relationship
between the companies that should ultimately result in the
development of new technologies to enhance the overall
communications marketplace."
Rockwell Telecommunications is based in Newport Beach,
California and includes two principal businesses: the Digital
Communications Division (DCD), comprised of Modem Systems, Wireless
Systems and Network Systems, and the Microelectronics Technology
Center (MTC). DCD is the worldwide market leader in fax and data
modem chip sets. MTC is a leading supplier of gallium arsenide
technology for commercial communications applications.
Rockwell is a diversified, high-technology company holding
leadership market positions in automation, avionics, aerospace,
defense electronics, telecommunications, automotive components and
graphic systems, with annual worldwide sales of nearly $13 billion.
Best known as the leader in microcomputer modems, Hayes
develops, supplies and supports computer communications equipment
and software for personal computers and computer communications
networks. The company distributes its products through a global
network of authorized distributors, dealers, mass merchants, VARs,
system integrators and original equipment manufacturers.
/CONTACT: Susan Merkel of Hayes Microcomputer Products, Inc.,
404-840-6824, or Fax: 404-441-1238, or Internet address:
smerkelhayes.com/