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PACESETTER BUSINESS PROPERTIES FILES CHAPTER 11

 NEWPORT BEACH, Calif., March 12 /PRNewswire/ -- Pacesetter Business Properties filed for protection under Chapter 11 of the Bankruptcy Code on March 11, 1993. The purpose of the filing by Pacesetter Business Properties is to restructure the operations of the company, including changing the focus of the company from commercial property development to investment and property management. The bankruptcy filing will have no effect on the current operations, assets or management of the company, but will facilitate the restructuring of the company to take a meaningful position in the real estate industry of the 1990s.
 -0- 3/12/93
 /CONTACT: Steven Srauss of Pacesetter Business Properties, 714-852-8600/


CO: Pacesetter Business Properties ST: California IN: SU: BCY

KJ-EH -- LA017 -- 5665 03/12/93 17:07 EST
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Publication:PR Newswire
Date:Mar 12, 1993
Words:124
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