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UNSECURED CREDITORS ANNOUNCE SUPPORT FOR CENTRAL AND SOUTH WEST CORPORATION MERGER WITH EL PASO ELECTRIC COMPANY

 DALLAS, June 25 /PRNewswire/ -- Central and South West Corporation (NYSE: CSR) announced today that unsecured creditors of El Paso Electric Company (NASDAQ: ELPAQ) have committed to support El Paso Electric's reorganization plan, which would merge the bankrupt utility with Central and South West.
 The official committee of unsecured creditors filed a motion today in Austin in the U.S. Bankruptcy Court for the Western District of Texas supporting El Paso Electric's exclusive right to proceed with its reorganization plan, and urged that the plan be approved expeditiously.
 "This is a significant step forward in our attempts to complete the merger with El Paso Electric," said Dick Brooks, chairman, president and chief executive officer of Central and South West.
 "The bankruptcy process is complex, and every step toward moving this merger to a positive solution for all of the parties involved is great," Brooks said. "Certainly, Central and South West welcomes this added support. We are continuing to negotiate with the other creditor classes and expect that the rest of the issues can be addressed quickly and with an equally positive outcome. We believe this will happen in the very near future."
 The filing by the official committee of the unsecured creditors is a significant step toward confirmation of the El Paso Electric-Central and South West merger, Brooks said.
 The merger plan filed by El Paso Electric in May provides for El Paso Electric to become a wholly owned subsidiary of Central and South West.
 The creditors' committee agreed to support El Paso Electric's reorganization plan after negotiations with Central and South West and El Paso Electric that assured unsecured creditors would receive, upon completion of the proposed merger, 92.5 cents on the dollar for their claims, rather than 90 cents as proposed earlier.
 Central and South West Corporation, a Dallas-based public utility holding company, owns four electric subsidiary companies that provide service to portions of Texas, Oklahoma, Louisiana and Arkansas. It also owns an Oklahoma intrastate natural gas pipeline subsidiary and four other subsidiaries.
 -0- 6/25/93
 /CONTACT: Gerald R. Hunter, director-corporate communications of Central and South West Corp., 214-777-1165/
 (CSR ELPAQ)


CO: Central and South West Corp.; El Paso Electric Company ST: Texas IN: UTI OIL SU: TNM

TM -- NY054 -- 5944 06/25/93 18:56 EDT
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Publication:PR Newswire
Date:Jun 25, 1993
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