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ANGELES CORP. FILES BANKRUPTCY

 LOS ANGELES, May 3 /PRNewswire/ -- Angeles Corp. today announced the voluntary filing of a Chapter 11 petition for reorganization under the federal bankruptcy laws. The filing was made in Los Angeles. The company has filed a Chapter 11 petition only for itself; as a result, its operating subsidiaries will continue to conduct their businesses outside of Chapter 11.
 Angeles stated that the Chapter 11 filing was prompted primarily by its default on interest payments on its outstanding debentures and certain other obligations, as well as ongoing cash flow problems. The company intends to emerge from Chapter 11 as quickly as practicable under the circumstances.
 William Tuthill, Angeles' chief executive officer, said: "The Chapter 11 process is an organized, effective method to accomplish the objectives of settling all outstanding claims against the company while maintaining normal business operations. Although we had hoped to achieve these objectives outside of Chapter 11, we will continue our efforts in this regard."
 The company has been actively engaged in restructuring discussions with its major creditors since March 1993.
 Since the company no longer meets the financial requirements for continued listing on the American Stock Exchange, there can be no assurance that the company will continue to be listed.
 -0- 5/3/93
 /CONTACT: Tamara Edwards, corporate counsel of Angeles, 310-284-3531/


CO: Angeles Corp. ST: California IN: FIN SU: BCY RCN

JB -- LA015 -- 3849 05/03/93 13:31 EDT
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Publication:PR Newswire
Date:May 3, 1993
Words:234
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