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NATWEST SEEKS PARTNERSHIP WITH NEDERLANDER ORGANIZATION OVER IBC

 NATWEST SEEKS PARTNERSHIP WITH NEDERLANDER ORGANIZATION OVER IBC
 NEW YORK, June 3 /PRNewswire/ -- National Westminster Bank USA (NatWest) proposed to enlist the support of an affiliate of the Nederlander Organization, the owner and operator of one of the world's largest chains of theaters, to manage International Broadcasting Corporation (IBC), the entertainment company, when it emerges from the protection of the U.S. Bankruptcy Court for the District of Minnesota.
 NatWest said today that it has agreed in principle to nominate three designees of NTC Holdings Inc., an affiliate of Nederlander Organization Inc., to sit as directors of IBC when it emerges from the Bankruptcy Court.
 Nederlander has agreed in principle to IBC with management supervision and to use a total of $3 million in connection with IBC- related transactions, including providing financing to IBC. Any such financing will be subordinate to IBC's ongoing obligations of NatWest and the rights of Class A preferred shareholders as provided in the plan of reorganization, to be confirmed by U.S. Bankruptcy Court.
 As part of this transaction, it is contemplated that Nederlander will acquire from NatWest the right to receive a significant percentage of IBC's Class B preferred shares representing a substantial share of post confirmation IBC's equity on a fully diluted basis. Consummation of this transaction is subject to various conditions, including negotiation and execution of definitive agreements providing for this transaction, completion of due diligence by Nederlander and approval of Nederlander's board of directors.
 The Nederlander Organization, Inc. operates one of the largest chains of theaters and outdoor amphitheaters in the world. A related company, Nederlander Television and Film Productions, Inc., has produced award-winning programs for cable and network television.
 IBC, the owner and operator of numerous family entertainment related enterprises, including the Harlem GlobeTrotters and Ice Capades, filed for protection under the U.S. Bankruptcy Code on Aug. 30, 1991.
 National Westminster Bank USA is a wholly owned subsidiary of National Westminster Bancorp (NYSE: NW), which has more than $22 billion in assets and operates some 260 branch offices in New York and New Jersey.
 -0- 6/3/92
 /CONTACT: Tim Connolly of NatWest, 201-547-7533/
 (NW) CO: National Westminster Bank USA (NatWest) ST: New York, Minnesota IN: FIN SU:


CK-TS -- NY032 -- 6587 06/03/92 11:09 EDT
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Publication:PR Newswire
Date:Jun 3, 1992
Words:378
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