Toy Biz, Inc. Announces Appointment of New
Directors and Commencement of Litigation
NEW YORK, June 24, 1997 - Toy Biz, Inc. (NYSE: TBZ) announced
the appointment on Monday, June 23, 1997 of four new directors to
fill vacancies on its board caused by the resignations on June
20, 1997 of five directors who were officers of
(NYSE: MRV) or are officers of MacAndrews & Forbes Holdings
Inc. The new Toy Biz directors are James S. Carluccio, executive
vice president of Technology Solutions Company; Alan Fine, chief
operating officer of Toy Biz; Morton E. Handel, president of S
& H Consulting, Ltd., a privately held consulting firm,
chairman of the board of directors of Concurrent Computer
Corporation, and a director of CompUSA, Inc. and Ithaca
Industries, Inc.; and Lt. General Donald E. Rosenblum, U.S. Army
retired, a director of The Coastal Bank and First Financial
Corporation. Continuing as directors of Toy Biz are Joseph
Ahearn, Avi Arad, James Halpin, Alfred Piergallini, Isaac
Perlmutter, and Paul Verkuil.
Toy Biz also announced that on Monday, June 23, 1997 it filed
in the United States Bankruptcy Court for the District of
Delaware an adversary proceeding for declaratory and injunctive
relief to prevent any interference by Marvel creditors with the
management of Toy Biz by its incumbent board of directors and its
duly appointed officers.
SOURCE Toy Biz, Inc. /CONTACT: Media: Kerry O'Brien, media,
212-704-8292, or Analysts: Diane Perry, 212-704-8293, or Joseph
Kist, 212-704-8239, all of Edelman Financial, for Toy Biz/
RIVER OAKS' BANK GROUP EXTENDS LOAN
AGREEMENT TO THE YEAR 2000 AND WAIVES PRIOR EVENTS OF DEFAULT
BELDEN, Miss.--June 24, 1997--River Oaks Furniture, Inc.
(Nasdaq/NM: OAKS) today announced that its bank group, lead by
Bank of New York, has extended its loan agreement related to the
Company's $51 million credit facility to the year 2000. In
addition, the bank group has waived all of the Company's events
of default under the loan agreement for 1996 and reset the
Company's loan covenants for 1997.
Stephen L. Simons, Chairman and Chief Executive Officer of
River Oaks, remarked, "We are very pleased to announce the
extension of our credit facility by Bank of New York and the
waiver of existing defaults under the loan agreement. In addition
to representing an important vote of confidence in the Company,
the extended loan agreement improves the Company's ability to
weather the current general softness in the overall retail market
for upholstered furniture. Furthermore, it will enable us to
pursue additional growth in select product areas demonstrating
stronger demand, such as our motion and leather products, which
have performed at or above expectations thus far through the
second quarter.
"In addition, the Company just began shipment of our
newly introduced "Center Stage" motion product.
Acceptance of this product at the High Point market was among the
best in the Company's history." The Company has filed an
application for a patent on this product with the U.S. Patent
Office.
River Oaks designs and manufactures varying styles of
upholstered and leather stationary furniture in five plants in
the mid South and one in California. Consisting of sofas,
loveseats and matching chairs, the products are targeted to
different moderate retail price points, with sofas selling from
$299 to $899. The Company sells its products through a broad
distribution network under the brand names River Oaks(R), River
Crest(TM) and Gaines(TM).
CONTACT: River Oaks Furniture Inc., Belden Johnny C. Walker,
601/891-4550