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EDISTO RESOURCES CORPORATION EMERGES FROM CHAPTER 11

 DALLAS, June 29 /PRnewswire/ -- Edisto Resources Corporation (AMEX: EDS) today announced that its Plan of Reorganization has become effective and that, as a result, Edisto has emerged from chapter 11 bankruptcy proceedings.
 Major provisions of Edisto's Plan of Reorganization which were implemented include:
 (i) a 1-for-20 reverse split of Edisto's common stock, with the
 holders of common stock prior to the effective date of the Plan of
 Reorganization retaining 10 percent of the shares outstanding post-
 split. Holders of Edisto's common stock prior to the effective date
 will also receive warrants with a three-year term for the purchase
 of Edisto's common stock at an exercise price of $9.74 per share
 (post-split). If fully exercised, the warrants would result in
 holders of common stock prior to the effective date owning
 approximately 22 percent of Edisto's outstanding shares of common
 stock;
 (ii) issuance to holders of NRM Energy Company, L.P.'s 13-7/8
 percent Notes due 1999 (which claims amounted to approximately $113
 million in principal and accrued interest) of common stock in the
 amount of 112.7402 shares for each $1,000 in principal face amount
 of Notes, which in the aggregate will represent 90 percent of the
 shares of common stock outstanding on the effective date;
 (iii) the redemption in cash of Edisto's remaining $2.60 Senior
 Cumulative Convertible Preferred Stock outstanding for $21.5048 per
 share;
 (iv) the consolidation and restructuring of Edisto's outstanding
 loans of approximately $22.6 million with Chemical Bank; and
 (v) the consolidation of Edisto's domestic oil and gas operations
 into a newly formed subsidiary, Edisto Exploration & Production
 Company.
 As a result of the reorganization, Edisto will have outstanding a maximum of 12,853,008 shares of common stock (post-split) and a maximum of 1,977,386 warrants. (Actual amounts will be slightly lower as a result of cashing out fractional shares of common stock and warrants). Both the new common stock and the warrants will begin trading on the American Stock Exchange at 9:30 a.m. EDT, Wednesday, June 30, 1993 (Common Stock Symbol EDS; Warrants Symbol EDS.WS).
 In connection with the reorganization, all directors of Edisto, except for James R. McNab, Jr., Edisto's chairman and chief executive officer, resigned, and four new directors were named to Edisto's five member board: Vernon T. Jones, Sr., the retired President of the Williams Cos. of Tulsa, Oklahoma, Joseph E. Reid, an oil and gas consultant, John G. Graham, senior vice president and chief financial officer of General Public Utilities Corporation and Timothy J. Andrews, vice president of the Trust Company of the West.
 Edisto Resources Corporation's consolidated activities include the production of oil and gas, the exploration and development of oil and gas reserves and natural gas marketing and transportation.
 -0- 6/29/93
 /CONTACT: Gary L. Pittman, Vice President - Financial Services, Edisto Resources Corporation, 214-880-0243.
 (EDS) CO: Edistro Resources Corporation ST: Texas IN: OIL SU: BCY


LD-MG -- NY083 -- 6881 06/29/93 16:51 EDT
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Publication:PR Newswire
Date:Jun 29, 1993
Words:494
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