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KEENE FILES FOR BANKRUPTCY PROTECTION

 NEW YORK, Dec. 3 /PRNewswire/ -- Keene Corporation (NASDAQ: KEEN) reported that it had filed for protection under Chapter 11 of the federal bankruptcy laws today.
 Stuart E. Rickerson, Keene's general counsel, said that "Keene was forced to conclude that a filing for bankruptcy protection was the most prudent course of action in light of the recent demands for execution against Keene's assets. The decision of the United States Court of Appeals for the Second Circuit vacating U.S. District Judge Jack B. Weinstein's July 1, 1993 preliminary injunction and dismissing Keene's limited fund, mandatory settlement class action lawsuit opened the door for these demands to be made."
 Keene's autonomous wholly owned subsidiary, Reinhold Industries, Inc., will not be effected by the bankruptcy and will continue to conduct normal business operations.
 -0- 12/3/93
 /CONTACT: Stuart E. Rickerson, vice president - general counsel of Keene Corporation, 212-486-3200 ext. 235/
 (KEEN)


CO: Keene Corporation ST: New York IN: CPR SU: BCY

LD -- NY072 -- 0413 12/03/93 17:30 EST
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Publication:PR Newswire
Date:Dec 3, 1993
Words:168
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