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BALLY MANUFACTURING RESTRUCTURING PROCEEDING AS PLANNED; CORPORATION REFUTES ACCURACY OF NEWS SERVICE REPORT

 BALLY MANUFACTURING RESTRUCTURING PROCEEDING AS PLANNED;
 CORPORATION REFUTES ACCURACY OF NEWS SERVICE REPORT
 CHICAGO, Aug. 18 /PRNewswire/ -- Refuting a news service report that Bally Manufacturing Corporation (NYSE: BLY) may seek protection under Chapter 11 of the U.S. Bankruptcy Code, the company said today that it has no intention of filing a bankruptcy petition, and that its restructuring was proceeding as planned.
 "Anyone following our company understands that Bally is in the process of trying to satisfy existing interest defaults," said Bally Chairman Arthur Goldberg. "The restructuring we embarked upon nearly two years ago is moving along as planned, and we hope to cure these defaults by year's end."
 In a report filed Aug. 17 by Bloomberg Business News, carrying a Washington, D.C., dateline, the news service took out of context language which has been part of the company's (and each of its subsidiaries') public filings with the Securities and Exchange Commission (SEC) since April 1991, the company said. Given the extent of Bally's restructuring, the company is required to state a variety of possibilities, even remote possibilities, that could occur if its restructuring efforts are not consummated.
 However, the company has repeatedly stated it does not intend that bankruptcy will be a part of its restructuring and that it intends to satisfy its obligations to bondholders as part of its restructuring.
 In fact, as part of its regular quarterly reporting to the SEC, Bally Manufacturing reported that in its second quarter of 1992, income from continuing operations improved to $4,157,000 ($.09 per share) compared to a loss of $23,427,000 ($.75 per share) for the same period in 1991. Before income taxes and minority interest, continuing operations earned $7,405,000 during the quarter, compared to a loss of $33,211,000 in 1991. Net income for the second quarter was $4,157,000 ($.09 per share) compared to a net loss of $13,772,000 ($.45 per share) in 1991. The net loss for the second quarter of 1991 is net of extraordinary gains on the extinguishment of debt of $6,398,000 ($.20 per share) and income from discontinued operations of $3,257,000 ($.10 per share).
 For the six-month period ended June 30, 1992, income from continuing operations totaled $8,045,000 ($.17 per share) compared to a loss of $33,307,000 ($1.06 per share) for the six-month period in 1991. Before income taxes and minority interest, continuing operations earned $15,976,000 during the first six months of 1992, compared to a loss of $42,026,000 during the same period a year earlier.
 Net income for the first half of 1992 was $8,657,000 ($.19 per share) compared to $14,132,000 ($.39 per share) in 1991. Net income for the first half of 1991 included extraordinary gains on the extinguishment of debt of $41,590,000 ($1.27 per share) and income from discontinued operations of $5,849,000 ($.18 per share) compared to $612,000 ($.02 per share) of extraordinary gains on the extinguishment of debt in 1992.
 Commenting on the results, Goldberg said, "Our second quarter results from continuing operations reflect Bally's best second quarter and one of its best quarters overall in the last three years; and, in our six-month results from continuing operations, reflect the company's strongest performance for two consecutive quarters since 1989."
 -0- 8/18/92
 /CONTACT: Michael Kempner or Stan Steinreich of MWW/Strategic Communications, 201-342-9500, for Bally/
 (BLY) CO: Bally Manufacturing Corp. ST: Illinois IN: CNO SU: RCN


GK -- NY049 -- 0988 08/18/92 13:15 EDT
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Date:Aug 18, 1992
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