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BMI COMPLETES NEW BANK FINANCING ENABLING IT TO OFFICIALLY EMERGE FROM CHAPTER 11 PROTECTION

 CLEVELAND, May 24 /PRNewswire/ -- Bulk Materials, Inc. (BMI), announced today that it has officially emerged from bankruptcy protection.
 By completing its new revolving and term loan facilities with Barclay's American Business Credit and ITT Commercial Finance, BMI becomes the largest company in the trucking and distribution industry's history to successfully complete and exit the Chapter 11 process.
 The new loans, according to P. Elliott Burnside, president and chief executive officer, replaced BMI's prior working capital facility with Security Pacific Business Credit, which the company had been using during Chapter 11. The company's reorganization has resulted in a stronger balance sheet and better cash flow.
 "Our primary mission now," said Burnside, "is to be the best in the business of quality customer service and innovative solutions to industry challenges. We are committed to being the leader in all phases of our business."
 Burnside added, "BMI has made all of the right moves over the last 20 months, and we project a bright and exciting future. We are now financially sound, operationally strong, and poised to set new standards in our industry."
 BMI had revenue of $185 million for the fiscal year ended September 30, 1992, and is ranked among the top three firms nationally in the bulk distribution industry. The company operates 75 terminals in 22 states and has more than 2,000 employees.
 BMI's 15 subsidiary companies, whose principal markets are in the Midwest, Southeast and Northeast, are organized into three main operating groups: Refiners Transport Group, Fleet Transport Group, and Customized Transport Group. They include:
 Fleet Transport Group: Fleet Transport Company, Inc.; Fleet Transport of Virginia, Inc.; Bulk Storage, Inc.
 Refiners Transport Group: Refiners Transport and Terminal Corp.; Ray Molder, Inc.; Ray Molder Carrier Corp.; Baywood Express, Inc.; Bulk Services, Inc.
 Customized Transport Group: Best Transport, Inc.; Mitchell Transport, Inc.; Cryogenic Carriers, Inc.; Gypsum Haulage, Inc.; Bulk Leasing, Inc.; Northern Ohio Materials, Inc.; West Coast Intermodal, Inc.
 "A company like BMI can only enhance its earnings and performance if it has the right people in the right jobs," said Burnside. "I can say with great pride that we have the very best people in our industry at BMI, and all of us are dedicated to becoming the very best in the bulk distribution industry."
 Cleveland-based BMI is one of the nation's safest and largest over- the-road transporters of liquid and dry bulk commodities. In addition, BMI is involved in all phases of the distribution business, including: dedicated delivery services; private fleet management, inventory control; landfill management; rail-to-truck transfer; storage and packaging; logistics management; domestic and international intermodal containers; and common and contract carrier services.
 -0- 5/24/93
 /CONTACT: David Eden of William Silverman & Company, 216-696-7750, for Bulk Materials, Inc./


CO: Bulk Materials, Inc. ST: Ohio IN: TRN SU:

KL -- CL005 -- 1747 05/24/93 13:44 EDT
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Publication:PR Newswire
Date:May 24, 1993
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