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URGENT NOTICE TO HOLDERS OF ST. PAUL PORT AUTHORITY RESOLUTION 876 COMMON REVENUE BOND FUND BONDS Re: Proposed Withdrawal of Restructuring Petition

URGENT NOTICE TO HOLDERS OF ST. PAUL PORT AUTHORITY RESOLUTION 876
 COMMON REVENUE BOND FUND BONDS
 Re: Proposed Withdrawal of Restructuring Petition
 ST. PAUL, Minn., Nov. 9 /PRNewswire/ -- The Port Authority of St. Paul (Authority) and First Trust, N.A. (trustee) have announced the filing of a motion to withdraw the trustee's petition for a court hearing pertaining to the proposed financial restructuring of the Authority's Basic Resolution 876 Common Revenue Bond Fund program.
 On Oct. 13, 1992, the trustee filed a petition with the Ramsey County (Minn.) District Court, seeking the court's approval for a restructuring of the payment terms of the 876 program bonds maturing after Dec. 31, 1999. A hearing had been scheduled for Nov. 23 and 24, 1992, and notice of this process had been previously mailed to affected bondholders.
 Since filing the petition, the trustee and the Authority have spoken to or met with a number of institutional bondholders. While some bondholders have been supportive of the restructuring proposal, others have raised concerns about the nature of the proceeding and have asked for the opportunity to discuss the restructuring further with the Authority.
 As a direct result of these conversations, and at the direction of persons holding or representing more than one-half of the $258 million of bonds maturing after Dec. 31, 1999, the trustee filed a motion on Nov. 5, 1992 to withdraw the petition and terminate the court proceeding. A hearing on this motion is anticipated for later this month. Whether or not the trustee's motion is granted, the hearing on the restructuring petition originally scheduled for Nov. 23 and 24 has been delayed until at least Jan. 25, 1993.
 The Port Authority continues to believe that a restructuring of the 876 program is desirable and in the best interests of bondholders. Because of that belief, the Authority has sought the participation of its 876 bondholders for much of the past year, and continues to welcome that participation. The Port Authority believes, however, that further discussions between the Authority and its bondholders can best continue outside of the court proceeding. The Authority therefore intends to concur in the trustee's motion to withdraw the petition.
 Questions concerning this decision can be directed to the trustee at 612-244-0123.
 -0- 11/9/92
 /CONTACT: Mike Strand of the St. Paul Port Authority, 612-224-5686/ CO: St. Paul Port Authority ST: Minnesota IN: SU:


KH -- MN015 -- 8878 11/09/92 16:17 EST
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Publication:PR Newswire
Date:Nov 9, 1992
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