Printer Friendly

DRS INDUSTRIES TO REORGANIZE SUBSIDIARY UNDER CHAPTER 11

 NEW YORK, Dec. 2 ~PRNewswire~ -- DRS Industries, Inc. (NASDAQ: DRSS, DRSSU), today announced that its C-B~Murray Corporation subsidiary, which filed for protection under Chapter 11 of the U.S. Bankruptcy Code on Nov. 18, 1992, had apparently lost its most significant customer, which represented more than 50 percent of its current revenues.
 In light of this development, DRS will abandon efforts to rehabilitate C-B~Murray and will instead pursue a Chapter 11 reorganization contemplating the orderly liquidation of C-B~Murray to maximize cash flow to repay creditors.
 According to a DRS spokesman, this customer is not an account of DRS' other distribution subsidiary, Texas-based Mandel-Kahn Industries, and DRS expects that the operations of Mandel-Kahn will not be adversely affected by the developments at C-B~Murray. As a result of this development, DRS will redirect its financial and management resources to building Mandel-Kahn.
 The spokesman added that such developments would not affect DRS' previously announced plans to acquire 88 percent of the stock of FBS Holdings, Inc., subject to various conditions. FBS Holdings owns and operates Family Bargain Center, an off-price apparel retailer headquartered in San Diego.
 -0- 12~2~92
 ~CONTACT: John A. Selzer of DRS Industries, 212-980-9670~
 (DRSS)


CO: DRS Industries, Inc.; C-B~Murray Corporation ST: New York IN: SU: BCY

GK-CK -- NY017 -- 2816 12~02~92 10:33 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 30, 1992
Words:222
Previous Article:REGULATORS APPROVE ACQUISITION BY BANCTEXAS GROUP INC.
Next Article:H.H. BROWN SHOE COMPANY, INC. SIGNS AGREEMENT TO BUY MORSE SHOE, INC.'S LOWELL SHOE MANUFACTURING DIVISION
Topics:


Related Articles
DRS INDUSTRIES, INC. ISSUES STATEMENT
DRS INDUSTRIES ANNOUNCES C-B/MURRAY SUBSIDIARY IN CHAPTER 11
DRS INDUSTRIES ANNOUNCES ADDITIONAL FUNDS FOR C-B/MURRAY
DRS INDUSTRIES SUBSIDIARY FILES VOLUNTARY CHAPTER 11 PETITION
DRS INDUSTRIES ANNOUNCES COURT RULING FOR SUBSIDIARY
DRS INDUSTRIES FILES FORM 10-Q
DRS INDUSTRIES STATEMENT ON COURT ACTION
DRS INDUSTRIES REPORTS ON GENERAL TEXTILES RESULTS, REORGANIZATION
DRS TO COMPLETE REORGANIZATION OF GENERAL TEXTILES

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters