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COMPUADD FILES PLAN OF REORGANIZATION

 AUSTIN, Texas, July 28 /PRNewswire/ -- Only 36 days after seeking Chapter 11 protection, CompuAdd Computer Corporation today filed a plan of reorganization in U.S. Bankruptcy Court in Austin, Texas.
 The plan provides for CompuAdd's reorganization either through an outside investment or through an internal reorganization in which unsecured creditors will receive substantially all of the stock of the reorganized company. Bill Hayden, CompuAdd's founder, will remain as chief executive officer.
 While creditors and the bankruptcy court must approve CompuAdd's plan before it can emerge from Chapter 11 protection, the company remains confident it can emerge quickly.
 "I am delighted by the filing of our reorganization plan so quickly," said Rick Krause, CompuAdd's president. "This fulfills a key commitment to our customers, creditors and employees and is a significant step toward getting this company reorganized and out of bankruptcy as soon as possible."
 CompuAdd filed for Chapter 11 protection on June 22. The filing stemmed from unsuccessful out-of-court attempts to settle claims by landlords and other creditors related to the phasing out of CompuAdd's 110-store retail division. The company is focusing solely on its core business of direct marketing and recently introduced 47 new personal computer models.
 -0- 7/28/93
 /CONTACT: John Q. Pope of CompuAdd Computer Corporation, 512-250-2000/


CO: CompuAdd Computer Corporation ST: Texas IN: REA SU: BCY

TM -- NY124 -- 7012 07/28/93 18:22 EDT
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Publication:PR Newswire
Date:Jul 28, 1993
Words:229
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