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DRS INDUSTRIES REPORTS ON GENERAL TEXTILES RESULTS, REORGANIZATION

 NEW YORK, April 21 /PRNewswire/ -- DRS Industries, Inc. (NASDAQ: DRSS) announced today interim results for its General Textiles subsidiary. DRS also announced the results of the voting on the General Textiles bankruptcy reorganization plan and status of its Chapter 11 case.
 General Textiles operates 79 Family Bargain Center off-price apparel stores in California and four other western states. For February and March, General Textiles' sales were $16.5 million, or $961,000 more than the business plan submitted to creditors in the Chapter 11 disclosure statement. Operating income exceeded plan as well. Based on current business levels, General Textiles expects to report quarterly results ahead of its plan.
 In a separate announcement, DRS reported results of voting on the General Textiles reorganization plan. At an April 20, 1993 bankruptcy court hearing, DRS reported voting results in favor of the reorganization plan: senior and subordinated lenders voted 100 percent in favor of the plan, and general unsecured creditors voted 92.8 percent in favor of the plan (based on amount of claims). The bankruptcy court has rescheduled a hearing to confirm the reorganization plan for May 12, 1993. If the plan is confirmed on May 12, the plan will become effective and DRS will be required to fund its equity contribution to General Textiles by May 24. the confirmation hearing was originally scheduled for April 20, 1992.
 -0- 4/21/93
 /CONTACT: John A. Selzer of DRS Industries, Inc., 212-980-9670/
 (DRSS)


CO: DRS Industries, Inc. ST: New York, California IN: REA SU: BCY

WB-LR -- NY099 -- 8910 04/21/93 15:58 EDT
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Publication:PR Newswire
Date:Apr 21, 1993
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