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PRELIMINARY VOTING RESULTS ISSUED IN NATIONAL GYPSUM REORGANIZATION PLAN ELECTION

 CHARLOTTE, N.C., Nov. 24 ~PRNewswire~ -- Preliminary voting results indicate that National Gypsum Company's plan of reorganization appears to have received the approval of six of the nine classes voting on the Company's plan of reorganization including senior classes holding the Company's 11 3~8 percent Priority Senior Notes and trade claims, it was announced today by Peter C. Browning, chairman and chief executive officer.
 Also, according to preliminary results of the solicitation period which ended at 5:00 p.m. EST on Friday, November 20, a competing plan of reorganization proposed by the National Gypsum Company Statutory Committee of Bond and Trade Creditors appears to have been approved by only one of seven classes voting on the Committee's plan comprised of holders of the company's 15 1~2 percent Redeemable Discount Debentures.
 The preliminary results, released to the parties by The Corporation Trust Company, independent tabulators for the election, includes ballots received by the voting deadline. The results do not include ballots received by the November 20 deadline via electronic facsimile for which an original ballot has not yet been received. The deadline for receipt of original ballots, if transmitted by facsimile before the November 20 deadline, is November 27. Furthermore, all voting results are subject to Bankruptcy Court approval.
 In order for a plan of reorganization to be eligible for confirmation by the Bankruptcy Court, it must be approved by at least one class of impaired creditors. Approval by a class requires that over one-half of the claims voted and two-thirds of the amount of claims voted be in favor of the plan.
 "We are delighted that the preliminary voting results show a majority of creditor classes supporting the Company's plan of reorganization," Browning said. "Most importantly, the conclusion of creditor voting will permit our case to progress to the next major phase in the Chapter 11 process, the commencement of confirmation hearings, scheduled to begin December 7, 1992," Browning concluded.
 National Gypsum Company filed for protection under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the northern district of Texas, Dallas, on October 28, 1990. The Company is engaged principally in the manufacture, sale and distribution of Gold Bond brand gypsum wallboard and related products serving the residential, commercial, industrial, and repair and remodeling markets.
 -0- 11~24~92
 ~CONTACT: Allan V. Cecil, Vice President-Corporate Communications and Investor Relations, National Gypsum Company, 704-365-7227~


CO: National Gypsum Company ST: North Carolina IN: CST SU: BCY

KD-SB -- CH004 -- 1091 11~24~92 13:17 EST
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Publication:PR Newswire
Date:Nov 24, 1992
Words:423
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