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AMERICAN PACESETTER FILES CHAPTER 11

 NEWPORT BEACH, Calif., March 12 /PRNewswire/ -- American Pacesetter filed for protection under Chapter 11 of the Bankruptcy Code on March 11, 1993. American Pacesetter was the parent company of San Clemente Savings Bank, which is now under the supervision of the Resolution Trust Corp. The purpose of the filing by American Pacesetter is to restructure the operations of the company, including changing the focus of the company from financial services to land development and investment. The bankruptcy filing will have no effect on the current operations, assets, or management of the company, but will facilitate the restructuring of the company to take a meaningful position in the real estate industry of the 1990s.
 -0- 3/12/93
 /CONTACT: John Klug of American Pacesetter, 714-852-8600/


CO: American Pacesetter ST: California IN: SU: BCY

EH-KJ -- LA018 -- 5664 03/12/93 17:06 EST
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Publication:PR Newswire
Date:Mar 12, 1993
Words:141
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