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E-II HOLDINGS INC. EMERGES FROM BANKRUPTCY AND PROCEEDS TO CONSUMMATE PLAN; ICAHN'S APPEAL REBUFFED

 NEW YORK, June 8 /PRNewswire/ -- E-II Holdings Inc., recently renamed Astrum International Corp. ("Astrum"), announced today that the U.S. District Court for the Southern District of New York denied an application by entities affiliated with Carl Icahn to stay E-II's plan of reorganization.
 Astrum stated that in light of this favorable ruling it would declare today as the effective date under its plan and complete all steps necessary to consummate the plan and effectuate the distributions to holders of its 12.85 percent senior subordinated notes due 1997 and 13.05 percent subordinated debentures due 1999. Additionally, Astrum stated that, pursuant to the Plan, the previously disclosed new board of directors of Astrum will be in place as of today.
 Steven J. Green, chairman of the board and president, stated that "now is the time to go back to basics, back to the real business of Astrum's operating entities. After more than two years of the reorganization process, our full attention can now be directed toward maximizing shareholder value and providing a thriving environment for customers, suppliers and employees." Mr. Green further acknowledged the loyalty of all the employees of the operating entities throughout this long and arduous period.
 Astrum International Corp. is a holding company with subsidiaries engaged in the manufacture and sale of a variety of consumer products throughout the world. Astrum's core businesses are: Samsonite luggage; Culligan water treatment equipment; McGregor, including The 500 Fashion Group, men's tailored clothing; Anvil, T-Shirts; Global Licensing, licensing trademarks; and Pet Specialties, pet food.
 -0- 6/8/93!
 /CONTACT: Michael Levine, or Michael W. Kempner, public relations, MWW/Strategic Communications, Inc., 201-342-9500, for E-II Holdings/


CO: E-II Holdings Inc.; Astrum International Corp. ST: New York IN: SU: BCY

LD -- NY084 -- 6728 06/08/93 17:12 EDT
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Publication:PR Newswire
Date:Jun 8, 1993
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