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INSIGNIA FINANCIAL GROUP WINS PLAN TO SAVE INVESTORS

 GREENVILLE, S.C., July 22 /PRNewswire/ -- The United States Bankruptcy Court for the District of South Carolina today confirmed a plan of reorganization under Chapter 11 filed on April 23, 1993 by U.S. Realty Partners Limited Partnership, a real estate limited partnership headquartered in Greenville, S.C. Under the plan, the claims of all creditors, including approximately $23,000,000 in mortgage debt to Continental Casualty Company, will be repaid in full. The debt to Continental, which is now in default, has been restructured under the plan in order to allow the partnership to continue to operate its properties to protect the equity interest of its limited partners by permitting the Partnership to hold its assets for longer term appreciation.
 Approval by the court followed an overwhelming vote in favor of the plan by all classes of creditors and partners.
 The plan was developed by the asset management division of Insignia Financial Group, a real estate merchant bank in Greenville, S.C. that manages approximately 130,000 apartment units and 20,000,000 square feet of commercial space throughout the United States.
 U.S. Realty is a public partnership with approximately 2,600 limited partners. It was established in 1986. The Partnership owns two apartment buildings and two shopping centers. It was not until 1991, after U.S. Realty had become financially distressed, that Insignia began property and asset management services and efforts to develop and implement restructuring strategies to preserve the limited partners' equity.
 "We are greatly pleased at this show of confidence," commented Jeffrey Goldberg, Insignia's Managing Director of Asset Management, after the hearing on the plan, "especially because the confirmation occurred in what we believe is near record time."
 The successful confirmation of the plan signals U.S. Realty's emergence from bankruptcy with a debt structure that will permit the partnership to retain ownership of all of the assets, and with more favorable debt service requirements. Goldberg added, "I believe the plan has clearly enhanced the value of the limited partners' equity while simultaneously precluding any loss to the partnership's lenders."
 -0- 7/22/93
 /CONTACT: Jeffrey L. Goldberg, Managing Director-Asset Management, Insignia Financial Group, Inc., 803-239-1693/


CO: Insignia Financial Group, Inc. ST: South Carolina IN: FIN SU:

MM -- CH005 -- 4456 07/22/93 10:53 EDT
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Publication:PR Newswire
Date:Jul 22, 1993
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