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UGI'S AMERIGAS UNIT ACCEPTS WORKING CAPITAL STATEMENT IN PETROLANE ACQUISITION

 VALLEY FORGE, Pa., Aug. 25 /PRNewswire/ -- UGI Corp. (NYSE: UGI) today reported that its wholly owned subsidiary AmeriGas, Inc. will not seek post-closing adjustments to the audited statement of working capital of QFB Partners, the former owners of Petrolane Incorporated.
 As a result, there will be no adjustment in the $24.45 exercise price of 2.1 million put rights for shares of Petrolane's Class B common stock.
 The put rights were issued pursuant to a pre-packaged plan of reorganization for QFB, Petrolane and other related companies. After the plan was consummated on July 15, AmeriGas and the registered holders of Petrolane's 13-1/4 percent Senior Subordinated Debentures became the owners of Petrolane, one of the nation's two largest propane marketers.
 The put rights require AmeriGas, currently a 10 percent owner of Petrolane's equity, to purchase an additional 20 percent of Petrolane's equity.
 If all put rights are exercised, the aggregate AmeriGas purchase will be approximately $51,350,000. The put rights expire at 5 p.m., Dec. 2.
 /delval/
 -0- 8/25/93
 /CONTACT: Vince Testa of UGI, 215-337-1000/
 (UGI)


CO: UGI Corporation; AmeriGas, Inc.; QFB Partners; Petrolane
 Incorporated ST: Pennsylvania IN: UTI SU: TNM


JM-CC -- PH014 -- 0371 08/25/93 13:18 EDT
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Publication:PR Newswire
Date:Aug 25, 1993
Words:205
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