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ANGELES CORP. ANNOUNCES CONTINUING LIQUIDITY PROBLEMS

 LOS ANGELES, Feb. 19 /PRNewswire/ -- Angeles Corp. (AMEX: ANG) reported today that Angeles Mortgage Investment Trust ("ANM"), a real estate investment trust for which an Angeles subsidiary serves as advisor, had announced that it was facing liquidity problems caused by the inability of its borrowers to fully service outstanding debt obligations. Angeles has provided certain guarantees to ANM and has informed ANM that it is presently unable to fulfill such guarantees.
 The liquidity problems facing certain of the real estate partnerships formerly affiliated with Angeles have also resulted in their inability to service fully, if at all, indebtedness to Angeles that was created during the period in which Angeles subsidiaries served as general partners for such partnerships. Such failures have significantly and adversely affected the ability of Angeles to meet its obligations currently. In addition, Angeles' liquidity problems have also worsened as a result of its inability to complete sales or refinancings of real estate assets and to fully realize asset value in a continuing sluggish and depressed market.
 Despite the sales by Angeles of its traditional real estate portfolio business on Nov. 24, 1992, and a mature factory outlet mall in Osage Beach, Mo., on Jan. 28, 1993, Angeles has determined that its current cash needs, together with the problems facing ANM which also affect Angeles, will necessitate initiating discussions with all of its major debt holders with a view toward restructuring all of its major debt obligations. These include an outstanding $10 million credit facility from ANM, 12 1/2 percent senior subordinated debentures due 1995 approximating $18 million in face amount and 12 1/2 percent subordinated debentures approximating $30 million in face amount that are included within Angeles (AMEX: ANGE) Units.
 Preliminary discussions have commenced with ANM and the real estate partnerships that are borrowers of ANM with respect to a prospective restructuring of the obligations among the parties. Angeles has requested ANM to consider a standstill agreement during such negotiations. Discussions with other major creditors will be initiated by Angeles shortly.
 Angeles will report a significant loss in its fiscal quarter ended Dec. 31, 1992, for which its quarterly report on Form 10-Q is expected to be filed on Monday, Feb. 22, 1993. Prior to completing its Form 10-Q, Angeles is completing an evaluation of the collectibility of receivables owed to it by the real estate partnerships and expects to increase the related reserves substantially.
 -0- 2/19/93
 /CONTACT: Steve Leach of Angeles Corp., 800-421-4374, ext. 598, or 310-284-3598/
 (ANG ANGE)


CO: Angeles Corp.; Angeles Mortgage Investment Trust ST: California IN: FIN SU:

LS-JB -- LA030 -- 8546 02/19/93 16:54 EST
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Publication:PR Newswire
Date:Feb 19, 1993
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