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BICOASTAL MAKES FURTHER ANNOUNCEMENTS REGARDING ROYALTY SETTLEMENT

 TAMPA, Fla., June 21 /PRNewswire/ -- Bicoastal Corporation (OTC Pink Sheets: SIGPQ), in response to questions regarding potential payments to creditors and equity holders, releases the following information:
 Those attempting to predict payout amounts are advised to study the information provided in the company's Form 10-Q for the period ended March 31, 1993, especially the Consolidated Balance Sheet and pages 6-7 and 16-18 of the Form 10-Q. During the second quarter of 1993, the company has reduced the amount of restricted cash pledged as collateral by the over $10 million. Consequently, the company has transferred an additional $10 million to the Plan Payment Distribution Trust for distribution to creditors. It is expected that that amount will be distributed in July 1993. This $10 million and the $93.8 million of proceeds of the royalty settlement with the Semi-Tech Group, if approved by the U.S. Bankruptcy Court, are expected to provide sufficient funds to pay expenses and to pay the $99.5 million of "pre-petition liabilities" shown in the March 31, 1993 financial statements.
 The $99.5 million does not include any interest accrued after the filing of the Chapter 11 petition. The terms of company's Plan of Reorganization, as modified, require the payment of "post-petition interest to creditors before distributions are to be made to equity holders."
 The company has a pending settlement regarding the "German War claims" which will net $1.2 million and help facilitate the release of the escrow regarding the sale of Link-Miles Limited.
 The company expects that the Bankruptcy Court will consider approval of the royalty settlement in August 1993. Such consideration will relate to the royalty settlement only. Approval of distributions to creditors and equity holders is a separate matter.
 The company will furnish copies of the Form 10-Q on request.
 -0- 6/21/93 R
 /CONTACT: Janet Hoer of Bicoastal Corporation, 813-264-7100/
 (SIGPQ)


CO: Bicoastal Corporation; Semi-Tech Group ST: Florida IN: SU:

AW-RC -- FL007X -- 4437 06/22/93 09:25 EDT
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Publication:PR Newswire
Date:Jun 22, 1993
Words:328
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