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NATIONAL GYPSUM COMPANY ANNOUNCES VOTING RESULTS

 NEW YORK, Nov. 24 ~PRNewswire~ -- The statutory Bond & Trade Committee of National Gypsum Company announced today that based on preliminary tabulation of voting on the competing Chapter 11 plans, the committee's plan was accepted by classes representing approximately half the total bond and trade debt. The committee believes its plan should be confirmed over the rejection of the other classes. Similarly, the company's plan was accepted by some classes and rejected by others. The committee strongly opposes confirmation of the company's plan proposed by the committee and the debtor.
 Wilbur L. Ross, Jr., senior managing director of Rothschild Inc., said, "We are gratified that far more bond and trade creditors voted a preference for the committee plan than for the debtor's plan." On the debtor ballots 3,566 creditors preferred the committee plan and 2,533 the debtor's plan. On the committee ballots 4,270 preferred the committee plan and only 527 the debtor's plan. As expected, the few large holders of the 11-3~8 percent and 14-1~2 percent issues who had previously announced their support of the debtor's plan voted for it, thereby delivering those classes in favor of the debtor's plan. The 15- 1~2 percent bonds, representing approximately $535 million of debt, strongly favored and accepted the committee's plan. Significantly more holders of the 11-3~8 percent bonds voted for the committee's plan than the debtor's plan.
 -0- 11~24~92
 ~CONTACT: Wilbur L. Ross, Jr., senior managing director of Rothschild Inc., 212-757-6000, for National Gypsum Co.~


CO: National Gypsum Company; Rothschild Inc. ST: New York IN: SU:

TM-LD -- NY086 -- 1327 11~24~92 19:54 EST
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Publication:PR Newswire
Date:Nov 24, 1992
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