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ADIENCE TO RESTRUCTURE DEBT

 PITTSBURGH, Feb. 17 /PRNewswire/ -- Adience, Inc. ("Adience") announced today that it will file a prepackaged plan of reorganization under Chapter 11 of the Bankruptcy Code.
 The plan will incorporate the previously disclosed agreement between Adience and the informal committee of the holders of $66 million of Adience's 15 percent Senior Subordinated Reset Notes. The holders of those notes will exchange them for $45 million of new 11 percent notes, plus common stock representing 55 percent of the equity of Adience. Under the plan, the claims of all other creditors will not be affected. According to Adience Chairman Fletcher L. Byrom, "The ability to use prepackaged reorganization indicates the confidence among our major investors that Adience's business is fundamentally sound and that financial concerns can be resolved within a short period of time, incurring reasonable administrative and legal costs. The restructuring significantly reduces the debt burden on Adience to increase our financial strength and will permit us to dedicate more of our cash flow to the operating units."
 Adience's prepetition solicitation of votes for the prepackaged plan of reorganization has been completed. Holders of the notes, representing 97 percent of the total issue outstanding, voted in favor of the plan. Holders of Adience's common stock, representing over 99.8 percent of the total issue outstanding, voted in favor of the plan.
 The outstanding notes are guaranteed by Adience's 80 percent owned subsidiary, Information Display Technology, Inc. (IDT) (AMEX: IDT) and Adience's wholly owned subsidiary, Adience Canada, Inc. All of the noteholders who have voted in favor of the plan have agreed to release both of those guarantees. Neither IDT nor Adience Canada, Inc. will be involved in the bankruptcy proceeding. These companies will not guarantee the new notes.
 Byrom added that, "We are experiencing renewed confidence among Adience employees, customers and stockholders, and we anticipate emerging from the reorganization with a solid, healthy, strongly positioned company."
 During the course of the restructuring, which should be completed within 45 days, Adience, IDT and Adience Canada, Inc. expect to make scheduled payments in full to all trade creditors and to continue to operate in all respects in the ordinary course of business.
 -0- 2/17/93
 /CONTACT: Robert O'Gara for Adience, Inc., 412-561-0462/


CO: Adience, Inc.; Information Display Technology, Inc.;
 Adience Canada, Inc. ST: Pennsylvania IN: SU:


KC-CD -- PG007 -- 7478 02/17/93 16:01 EST
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Publication:PR Newswire
Date:Feb 17, 1993
Words:393
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