Sam Houston Race Park, Ltd., SHRP Acquisition, Inc.,
and SHRP Capital., debtors and debtors-in-possesion in Bankruptcy Case Nos.
95-43739-H2-11 through 95-43778-H3-11, pending before the United States
Bankruptcy Court for the Southern District of Texas, Houston Division,
filed a Fifth Amended Joint Plan of Reorganization and a Disclosure
Statement relating thereto with the Court on July 13, 1995. The Court has
scheduled a Confirmation Hearing for August 7, 1995. The Effective Date
is contemplated to occur 11 days following Confirmation. The Debtor is
represented by Zack A. Clement, Esq., L. Farrell Crane, Jr., Esq., and
John J. Bright, Esq., of Fulbright & Jaworski L.L.P., in Houston, Texas.
A copy of the Debtor's Plan and Disclosure Statement is available from
Bankruptcy Creditors' Service, Inc., for $60.
TRANSCISCO ANNOUNCES EARNINGS FOR FIRST FISCAL QUARTER ENDED JUNE 30, 1995
SAN FRANCISCO, Ca--July 20, 1995--
Transcisco Industries, Inc. (AMEX: TNI) today announced earnings of $492,000 or
$.09 per share for the first fiscal quarter of 1996 (ended June 30, 1995).
This compares with earnings of $19,000, or $0.00 per share for the
comparable period last year. Revenues for the quarter were
$10,835,000 compared with $8,168,000 in the first quarter of 1994.
In commenting on the company's earnings, Steve Pease, President
& CEO, said: "Our first quarter was strong, particularly when
compared with earnings for the entire fiscal 1995, which totaled
$571,000. During the first quarter, all of our business units
performed solidly, with the strongest contribution from Transcisco
Leasing Company, whose railcar fleet under management continues its
impressive growth."
"We are also making progress on other fronts. A major priority
is working with two large institutions on a prospective refinancing
of our Chapter 11 debt. We have agreements with most of our Chapter
11 creditors to purchase their debt at a significant discount. If
the refinancing is completed successfully, the company may earn
substantial debt forgiveness income."
Three Months Ended June 30
1995 1994
Revenue $10,835,000 $8,168,000
Net Income $492,000 $19,000
Earnings per Share $0.09 $0.00
Shares used in calc. 5,460,630 5,239,995
Transcisco Industries, Inc., based in San Francisco, is a
holding company whose primary lines of business include: (1)
Nationwide railcar maintenance through Transcisco Rail Services
Company, operating 12 railcar repair and maintenance facilities from
Georgia to Montana; (2) Specialty railcar leasing and management
services through Transcisco Leasing Company, providing innovative
railcar leasing and management services for large utilities and
major railroads; and, (3) Russian rail transportation services
through Transcisco Trading Company, a 20% shareholder of
SovFinAmTrans (SFAT), Russia's leading privately held rail
transportation firm. SFAT's 5,400 tankcar fleet is used to
transport petroleum and petrochemicals for export.
/CONTACT: Greg Saunders, Vice President, Controller, of Transcisco,
415-477-9703/
BATTERY PARK CITY AUTHORITY AND HOUSING NEW YORK CORPORATION DEBT NOT
IMMEDIATELY IMPACTED BY BANKRUPTCY OF OLYMPIA & YORK FINANCING ENTITY
NEW YORK, NY--July 20, 1995--Yesterday, Moody's
Investors Service was notified by the Battery Park City Authority
(BPCA) of the bankruptcy filing of Olympia & York
World Financial Center Finance Corporation, a special purpose entity which provided
the financing of Tower B of the World Financial Center located in
New York City. Moody's currently rates approximately $860 million
of senior and junior lien debt, rated A1 and A respectively, issued
by the Battery Park City Authority and the Housing New York
Corporation. These bonds are primarily secured by certain lease
revenues and payments in lieu of taxes on 18 commercial and
residential properties located at the Battery Park City site in
lower Manhattan. Three of these leases are held by subsidiaries of
Olympia & York.
While Olympia & York subsidiaries are responsible for the
majority of revenues pledged to the bonds, the entity which filed
bankruptcy is not a lessee responsible for any pledged revenues
under the bond indenture. Indeed, all ground rent payments and
payments in lieu of taxes have been paid to date in full and on time
to the Authority by the owner of Tower B - Olympia & York Tower B
Company. In addition, the Authority reports that since the
bankruptcy filing of the financing entity, the owner expects to
continue all scheduled payments due under the lease. Moreover, the
Authority reports that all World Financial Center office buildings
are virtually fully occupied and appear to be operating
successfully.
This bankruptcy does not immediately affect the ratings on the
bonds as the initial credit analysis considered the possibility of
an Olympia & York subsidiary or subsidiaries becoming involved in a
bankruptcy proceeding given the precarious financial condition of
the subsidiaries' parent company - Olympia & York Developments Ltd.
The bonds were structured with a special reserve fund as well as a
debt service fund for each of the two liens which together equal
$106 million and is sufficient to provide more than two years of
debt service on the bonds should all Olympia & York related revenues
be interrupted.
As in any bankruptcy, it is difficult to determine what the
final resolution will be. One likely scenario is that the owner of
the building will continue to make all payments that are due to the
Authority while the bankruptcy of the financing entity is resolved.
Another scenario which appears less likely to occur is that all
revenues from the Tower B owner, which represent only a portion of
total pledged revenues, cease. Preliminary financial analysis from
BPCA, however, indicates that if this scenario did occur, all other
pledged revenues would be sufficient to pay debt service on the
bonds indefinitely without invading the special fund or the debt
service reserve funds.
The following is a list of Moody's outstanding ratings on
Battery Park City Authority and Housing New York Corporation debt
secured, in part, by payments from Olympia and York entities. The
ratings on the bonds have not been placed under review at this time.
Moody's will continue to monitor the situation closely.
Battery Park City Authority Senior Revenue Refunding Bonds,
Series 1993A: A1 Housing New York Corporation Senior Revenue
Refunding Bonds, Series 1993: A1 Battery Park City Authority Junior
Revenue Refunding Bonds, Series 1993 A and B:A.
CONTACT: Housing Finance Group, New York
Wendy Ward Berry
Vice President, Manager
212/553-4104
or
Lloyd Alcorn
Assistant Vice President
212/553-1042
Bidermann obtains court approval for $20 million interim DIP financing
NEW YORK--July 20, 1995-
Bidermann Industries U.S.A. Inc. announced today that it has obtained bankruptcy
court approval for use of $20 million in interim debtor-in-possession ("DIP")
financing.
The company said it also obtained approval from the court for
use of $15 million in cash collateral. Bidermann announced on July
17, 1995 that it had filed a voluntary petition under Chapter 11 of
the U.S. Bankruptcy Code with the U.S. Bankruptcy Court for the
Southern District of New York.
The company said that it has received a commitment for $75
million in DIP financing from a lending group including Bank of
America and Credit Lyonnais and that it would seek and expects to
receive court approval for use of the remainder of the financing in
the coming weeks.
The company said the approved funds would be sufficient to
operate business on a normal basis during the reorganization
proceeding, including payment to vendors in the ordinary course of
business for goods and services delivered post-petition.
Bidermann Industries U.S.A. Inc. is a subsidiary of Bidermann
International S.A., a French Company. Bidermann is a major producer
and distributor of men's and women's designer and branded apparel in
the United States, Canada, Mexico and Central America. Bidermann's
core operations are the Shirt Group, the Hosiery Group and Ralph
Lauren Womenswear.
CONTACT: Robert Mead, 212/484-6701
TELIOS ANNOUNCES JUDICIAL VALUATION OF STOCK TO BE ISSUED UNDER PLAN
OF REORGANIZATION
SAN DIEGO, Ca--July 20, 1995--Telios
Pharmaceuticals Inc. (Nasdaq: TLIOQ) (the "company") announced that the U.S.
Bankruptcy Court for the Southern District of California had determined $8.65
to be the share value of the Common Stock of Integra LifeSciences
Corp. to be issued under the company's confirmed Plan of
Reorganization (the "Plan"). The Plan provides for the acquisition
of the company by Integra LifeSciences Corp. for stock.
As previously announced, only holders of record on May 24, 1995,
will be entitled to receive treatment under the Plan.
/CONTACT: Todd E. Simpson, CFO of Telios Pharmaceuticals,
619-622-2615/