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BUSY BEAVER EMERGES OFFICIALLY FROM CHAPTER 11 BANKRUPTCY

 BUSY BEAVER EMERGES OFFICIALLY FROM CHAPTER 11 BANKRUPTCY
 PITTSBURGH, March 31 /PRNewswire/ -- Busy Beaver Building Centers, Inc., officially emerged from Chapter 11 protection today when the U.S. Bankruptcy Court here confirmed the company's Amended Plan of Reorganization.
 With 10 stores in the Greater Pittsburgh area, Busy Beaver is a leading regional retailer of lumber, building materials and hardware for the "do-it-yourself" (DIY) market.
 "I am very proud of everyone at Busy Beaver, who have all been working towards this day for 15 months," said Charles C. Bender, president and chief executive officer. "It's been a trying experience for the company, and I thank our customers, our employees and the many suppliers who stuck with us throughout the ordeal."
 The company filed for Chapter 11 protection in December 1990, in order to restructure some $21 million in debt. The Plan of Reorganization calls for repayment of all obligations due to Maryland National Bank, which are estimated to exceed $6 million, by the end of
1998. About $5.7 million will be repaid to some 600 unsecured creditors. In addition, unsecured creditors will also receive 25 percent of the common stock of the privately held Pittsburgh-based company.
 Bender described the Plan of Reorganization as "a strategy for long-term growth as well as a short-term blueprint for restructuring our debt." It calls for a significant expansion of product assortments and the opening of one new store per year for the next six years, starting with a new facility in the Pittsburgh area in the spring of 1993.
 According to Bender, Busy Beaver's business strategy is to concentrate on markets in the Greater Pittsburgh area where the company has strong name recognition and favorable positioning.
 "More than ever, Busy Beaver stores are service-oriented and community-focused," Bender said. "We offer many new and different product lines, and local vendors play a larger role than before. In fact, three of our top four suppliers are western Pennsylvania companies."
 Bender said the company has had a "very encouraging fast start" for 1992 and sales are running "well ahead of plan" for the first quarter.
 "Everyone throughout the organization is enthusiastic about finally being out from under the cloud of bankruptcy," he said. "We closed the book on the past today and now we're ready to get on with a successful future. The Beaver is back!"
 -0- 3/31/92
 /CONTACT: Charles C. Bender, president and CEO of Busy Beaver Building Centers, 412-828-2323, or Jack Maddigan of Maddigan Communications, 412-391-9360, for Busy Beaver/ CO: Busy Beaver Building Center, Inc. ST: Pennsylvania IN: CST RET SU:


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Date:Mar 31, 1992
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