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STANDARD BRANDS PAINT CO. POSTPONES ANNUAL MEETING

 STANDARD BRANDS PAINT CO. POSTPONES ANNUAL MEETING
 TORRANCE, Calif., Nov. 5 /PRNewswire/ -- The board of directors


of Standard Brands Paint Co. (NYSE: SBP) announced today the postponement of the company's annual meeting of stockholders. The date had previously been set for Friday, Nov. 20, 1992.
 Company Chairman and Chief Executive Officer Stuart Buchalter stated that "in deference to the company's recently filed plan of reorganization which calls for an annual meeting of stockholders within 12 months upon emergence from Chapter 11 and the selection of directors representative of the company's various post-bankruptcy constituencies, the board has suspended the meeting to a future date." Buchalter added that "in consideration of the company's evolving negotiations with its creditors and equity interest holders, it is necessary and prudent to devote management attention to these negotiations, restructuring our operations, and achieving a successful emergence from Chapter 11 as a viable, healthy concern." In keeping with that focus, Standard Brands Paint Co.'s board of directors also announced the formation and appointment of an Executive Committee to streamline and replace the current five-member Plan of Reorganization Committee. Effective immediately, the Executive Committee will oversee the day-to-day responsibilities of all of the company's Chapter 11 reorganization affairs, including negotiations with the Creditor's Committee and other entities. The Executive Committee consists of three directors: Richard Loeffler, Pat Curran and Marvin Wager. Curran will serve as chairman of the Executive Committee.
 Standard Brands Paint Co., which filed for voluntary Chapter 11 on Feb. 11, 1992, is operating as debtor-in-possession and filed its plan of reorganization on Oct. 1, 1992, with amendments filed on Oct. 16, 1992.
 Founded in 1939, Standard Brands Paint Co., is a leading retailer, manufacturer and distributor of paint, and operates 123 paint stores and 10 art stores serving the do-it-yourself consumer throughout eight western states.
 -0- 11/5/92
 /CONTACT: Kathy Rosin of Standard Brands Paint, 310-214-2411/
 (SBP) CO: Standard Brands Paint Co. ST: California IN: HOU REA SU:


BP-JL -- LA031 -- 7922 11/05/92 16:31 EST
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Publication:PR Newswire
Date:Nov 5, 1992
Words:334
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