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NVF COMPANY FILES CHAPTER 11 TO REORGANIZE UNDER THE BANKRUPTCY LAWS

 MIAMI BEACH, Fla., Aug. 27 /PRNewswire/ -- NVF Company today announced that it had filed a voluntary petition in the United States Bankruptcy Court for the Southern District of Florida to reorganize under Chapter 11 of the Federal Bankruptcy laws. NVF has requested prompt court approval of the relief which it requires to continue uninterrupted operations.
 NVF's filing provides it with the opportunity to proceed with its financial restructuring in a stable disciplined environment. NVF's filing is the latest step in a series of actions taken by NVF to financially restructure its operations.
 Since June, when an unofficial Bondholder's Committee was formed to represent the interests of NVF's bondholders, NVF and the Committee have been engaged in negotiations over the formulation of a consensual plan of reorganization. "Despite all of our efforts to reach consensus, the negotiations faltered," said Donald Glazer, an attorney for the company. "Although we regret that not agreement was reached with the committee, we will continue to cooperate and work with the creditors and it is our hope that we will ultimately find common ground," Glazer noted.
 "This action is our least favored option as we work to preserve value and discharge our responsibilities to our creditors, employees and customers," said John McNaboe, chief operating officer. "The effects of the recession and an unfavorable debt structure, combined with the actions of certain of our creditors, have prevented us from restructuring without resorting to a Chapter 11 filing," said McNaboe.
 "These circumstances taken together have compelled us to pursue reorganization under the bankruptcy laws. We greatly regret having to take this step, but it is the prudent course and, in our judgment, the only course which will enable NVF to continue operations and restructure its finances in an orderly way."
 NVF intends to reestablish itself as a strong, financially viable organization. NVF counts among its strengths a solid identity and loyal customer base in the laminated plastic and fibre market and the dedication of its over 700 employees.
 -0- 8/27/93
 /CONTACT: Donald Glazer or Robert Flack of NVF Company, 305-866-7272/


CO: NVF Company ST: Florida IN: SU: BCY

JB-AW -- FL005 -- 6787 08/27/93 17:30 EDT
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Publication:PR Newswire
Date:Aug 27, 1993
Words:361
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