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ANGELES CORP. SUSPENDS SEMIANNUAL DISTRIBUTION ON UNITS

 LOS ANGELES, March 8 /PRNewswire/ -- Angeles Corp. (AMEX: ANG) has announced that it has suspended the semiannual distribution on its Angeles Corp. Unit (AMEX: ANG.E) which comprises one-half share of Angeles common stock and one-fiftieth of a $1,000 Angeles 12 1/2 percent subordinated debenture maturing in 2005. Angeles said it is currently unable to determine or predict when distributions can resume.
 On Feb. 19, 1993, Angeles announced continuing liquidity problems that would require it to initiate discussions with its major creditors and holders of its contingent liabilities with a view toward restructuring its major liabilities.
 Angeles attributed its liquidity problems to its inability to complete sales or refinancings of real estate assets and the failure of real estate partnerships formerly affiliated with Angeles to service fully, if at all, their debt obligations to Angeles.
 -0- 3/8/93
 /CONTACT: Steve Leach of Angeles Corp., 800-421-4374, ext. 598, or 310-284-3598/
 (ANG ANG.E)


CO: Angeles Corp. ST: California IN: SU: DIV

LS-JB -- LA027 -- 4172 03/08/93 15:46 EST
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Publication:PR Newswire
Date:Mar 8, 1993
Words:172
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