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REXENE CORPORATION ANNOUNCES RESCHEDULED HEARING, MANAGEMENT CHANGES

REXENE CORPORATION ANNOUNCES RESCHEDULED HEARING, MANAGEMENT CHANGES
 DALLAS, March 2 /PRNewswire/ -- Rexene Corporation (NYSE: RXN) announced today that it is rescheduling a Bankruptcy Court hearing to approve the disclosure statement (as it may be modified for mid to late March 1992. The company said it is continuing to work closely with its Official Committee of Unsecured Creditors to complete the documentation necessary to implement the Agreement-in-Principle it reached with its unofficial noteholders' committee last fall.
 Michael Grad, managing director at Wertheim Schroder, the committee's financial advisor, stated, "The committee has made substantial progress with the company on the plan documentation and hopes to complete it soon. We expect the company to complete its restructuring and emerge from the Chapter 11 proceedings in May or June 1992." As previously announced, the agreement-in-principle provides for the restructuring of the company's $403 million in outstanding senior and senior subordinated notes through a prenegotiated reorganization plan implemented under Chapter 11 of the United States Bankruptcy Code.
 Rexene Corporation also announced that William J. Gilliam has resigned as the company's chairman, chief executive officer and as a director effective immediately. Subject to Bankruptcy Court approval, Gilliam will receive stock options for one percent of the company's common stock (after giving effect to the shares issued under the plan of reorganization) at an exercise price of $1.00 per share and a cash payment of $500,000.
 In addition, the company announced that Arthur L. Goeschel, a former Rexene director, has been elected to serve as chairman of the board and a director. Goeschel was formerly executive vice president, Merck & Co., Inc. and president of Calgon Corporation, a then Merck & Co. subsidiary. He is presently on the boards of Calgon Carbon Corporation, Tetra Corporation and The Luarel Mutual Funds.
 Gilliam stated that his role as chief executive officer had been viewed as an interim one and that this transition would allow him to devote his full-time attention to his New York and Charleston based merchant banking firm, New Charleston Capital, Inc., of which Gilliam is chairman, and to his private investments, including those in the specialty chemical, plastics, financial services, money management and franchising industries.
 In commenting on the appointment of Goeschel, Gilliam stated, "I have worked for and with Art Goeschel during my entire professional life and I am convinced that we are indeed fortunate to have an individual with his intelligence, knowledge and energy working on the Rexene team."
 Goeschel said, "I am looking forward with enthusiasm to working with Rexene and its board of directors and management team. Rexene began a difficult transition to a more specialized product line following its 1988 leveraged buyout. I am pleased to note the progress that has been achieved in many areas and I look forward to helping to continue the transition."
 Dr. Lavon N. Anderson, president and chief operating officer commented, "Following our 1988 leveraged buyout, Bill Gilliam was instrumental in changing the culture of Rexene. Today we are a more competitive and effective supplier and employer due to the many strategic decisions originated and implemented during the past several years. After the retirement of most of our senior executives in 1988, Bill Gilliam helped us recruit and promote many of our current top executives. We thank Bill Gilliam for his dedication and perseverance during his tenure as chairman."
 Antony DeMonte, senior vice president of Household Commercial Financial Services, the company's largest bondholder, stated, "We thank Bill for his valuable role in Rexene. He has been a tremendous asset to the company; his insight and innovative thinking have repositioned Rexene's strategic direction."
 Rexene Corporation, through its principal operating subsidiary, Rexene Products Company, manufactures thermoplastic resins and petrochemical products including polyethylene and polypropylene resins and plastic film. Rexene, headquartered in Dallas, has manufacturing facilities in Texas, Wisconsin, Georgia, Delaware and Utah.
 -0- 3/2/92
 /CONTACT: Neil J. Devroy of Rexene, 214-450-9101/
 (RXN) CO: Rexene Corporation ST: Texas IN: OIL SU:


KD -- NY051 -- 4003 03/02/92 13:05 EST
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Date:Mar 2, 1992
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