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AMERICAN SPEEDY PRINTING CENTERS, INC. FILES PLAN TO REVITALIZE COMPANY

 BLOOMFIELD HILLS, Mich., Dec. 23 /PRNewswire/ -- American Speedy Printing Centers, Inc. today filed an amended reorganization plan and disclosure statement with the U.S. Bankruptcy Court for the Eastern District of Michigan. The amended plan calls for the company to be acquired by an investor group made up of current American Speedy management as well as Joseph Inatome, Rick Inatome, Isiah Thomas and their attorney, Michael Wager.
 According to the plan, the investor group will purchase American Speedy for $2.5 million plus a projected $30 million in payments over the next 7.5 years. The Inatomes and Thomas will hold a majority interest in the new company.
 The reorganization plan received the support of the Creditors' Committee on Dec. 16. A Jan. 25 hearing is scheduled with the U.S. Bankruptcy Court to obtain approval for the disclosure statement. Once the statement is approved, the creditors will have an opportunity to vote and approve the plan of reorganization.
 "Our first step will be to direct our attention to the needs of the franchisees who are the essence of the organization," said Rick Inatome. "We're committed to helping franchisees develop their business and reach their goals. We know that Speedy's success depends on their success."
 "Through the Inatome-Thomas group, the reorganized company will have access to financial resources and new technologies that should serve the franchise system well," said Bill McIntyre, president and chief operating officer of American Speedy. "We really consider the reorganization a win-win situation for American Speedy, its franchisees and its creditors."
 "With the support of the Creditors' Committee, we're confident that our plan will be approved by the body of creditors," McIntyre said. "After that, we'll be able to move quickly and effectively to get American Speedy out of Chapter 11 and to aggressively enhance the competitiveness and growth of our franchise system."
 American Speedy Printing Centers, Inc. is a Bloomfield Hills-based franchiser of printing centers in the United States, Canada and Japan. American Speedy currently has 518 printing centers in 41 states and in 1992 they will post system-wide sales of approximately $152 million.
 -0- 12/23/92
 /CONTACT: Linda Wasche, 313-567-5006, or Jill Lucius, 313-567-5022, both of Anthony M. Franco, Inc., for American Speedy Printing Centers/


CO: American Speedy Printing Centers, Inc. ST: Michigan IN: REA SU: BCY RCN

SB -- DE025 -- 9705 12/23/92 16:40 EST
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Publication:PR Newswire
Date:Dec 23, 1992
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