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ALL AMERICAN COMMUNICATIONS ANNOUNCES AGREEMENT IN LBS BANKRUPTCY ACQUISITION.

- ENTERTAINET - TO ENTERTAINMENT AND BUSINESS EDITORS:
 ALL AMERICAN COMMUNICATIONS ANNOUNCES AGREEMENT
 IN LBS BANKRUPTCY ACQUISITION
 SANTA MONICA, Calif., April 24 /PRNewswire/ -- Anthony J. Scotti, chairman of All American Communications Inc. (NASDAQ: AACI), today announced that a preliminary agreement had been reached among All American, the senior secured creditor of LBS Communications Inc., LBS and the official unsecured creditors committee for LBS for the acquisition of substantially all the assets of LBS.
 Pursuant to the agreement, All American will pay $5,161,000 for the acquisition and will provide up to $1,500,000 of debtor-in-possession financing pending completion of the transaction. In addition, AACI will grant five year warrants to purchase a total of 250,000 shares of All American Communications Inc.'s common stock at an exercise price of $11 per share. The acquisition price and warrants will be shared among the unsecured creditors of LBS and the senior secured creditor. The warrants received by the senior secured creditor will include certain put option features.
 Subject to the Bankruptcy Court's calendar, it is anticipated that the Confirmation Hearing will be scheduled in early summer 1992. Consummation of the acquisition is subject to Bankruptcy Court approval of a plan of reorganization, execution of an asset purchase agreement, a vote of the creditors of LBS and satisfaction of customary closing conditions.
 -0- 4/24/92
 /CONTACT: Thomas Bradshaw, CFO of All American Communications, 310-450-3193; or Arthur E. Rockwell of Rockwell Communications, 818-559-1496, for All American Communications/
 (AACI) CO: All American Communications Inc.; LBS Communications Inc. ST: California IN: ENT SU: TNM


JL-AL -- LA015 -- 2440 04/24/92 12:07 EDT
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Publication:PR Newswire
Date:Apr 24, 1992
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