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CF INCOME PARTNERS L.P. ANNOUNCES TERMINATION OF DISCUSSIONS WITH AMERICAN CONTINENTAL PROPERTIES

 LOS ANGELES, Nov. 12 /PRNewswire/ -- CF Income Partners L.P. (NYSE: CFI), a Los Angeles-based master limited partnership, announced today that it has terminated its discussions with the American Continental Properties Group that had been undertaken in connection with a previously announced agreement in principle to sell its portfolio of investment properties. The partnership stated that it was unable to reach a definitive agreement with American Continental on mutually satisfactory terms. The partnership also stated that its counsel is evaluating its rights and remedies against American Continental.
 The partnership stated that it is in discussions with its financial advisor and California Federal Bank, its principal lender, and is considering alternatives to satisfy or restructure its indebtedness.
 The partnership noted that it had also previously announced agreements in principle to settle certain litigation and obtain certain debt concessions from California Federal Bank and the partnership's intention to make a $1.00 per unit liquidating distribution to its unitholders. The completion of these arrangements was dependent upon consummation of the sale to America Continental as well as court approval of the settlements and unitholder approval of the sale and the dissolution of the partnership.
 In light of the absence of any present arrangement for the sale of its investment portfolio, the partnership explained that the status of the litigation settlement was uncertain and that there could be no assurance that an investment portfolio sale transaction would be accomplished or that a liquidating distribution would be made to its unitholders.
 The partnership also referred to its prior public disclosures in which it had stated that, as a result of the impending maturities of its indebtedness, it was imperative that there be a prompt arrangement to restructure or repay its existing indebtedness and that, absent such an arrangement, the partnership might be forced to liquidate at unfavorable prices, or lose by foreclosure, each of its assets as the related mortgage debt matures or it may be forced to seek protection under the federal bankruptcy laws.
 CF Income Partners L.P. is a publicly-traded master limited partnership which has invested in income producing multi-family residential, commercial and industrial properties.
 -0- 11/12/93
 /CONTACT: Barbara J. Pape of CF Income Partners, 213-930-6246/
 (CFI)


CO: CF Income Partners L.P. ST: California IN: SU:

SH -- NY012 -- 3526 11/12/93 08:37 EST
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Publication:PR Newswire
Date:Nov 12, 1993
Words:387
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