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APL CORPORATION COMPLETES SALE OF ASSETS OF SUBSIDIARY

 MIAMI, March 31 /PRNewswire/ -- APL Corporation announced today that it has completed the sale of substantially all of the assets of APL's subsidiary, Admiral Plastics Corporation, other than accounts receivable, for approximately $12.7 million in cash plus the buyer's assumption of trade payables and certain other specified liabilities of the business acquired. APL stated that of the net proceeds received at the closing of the sale (after deduction for holdbacks and escrow amounts) of approximately $11 million, approximately $1.4 million was being used to make certain past due payments to the Internal Revenue Service and approximately $6.7 million was being used to make required payments under APL's secured accounts receivable financing arrangements with its commercial lender. APL also reported that it intended to use the remainder of the proceeds to enable it to continue to conduct its remaining operations and to attempt to compromise certain past due obligations in an amount substantially in excess of the remaining net proceeds, including obligations on its 10 3/4 percent and 10 percent subordinated debentures which are currently in default but that it did not anticipate that any payments would be made on such debentures at this time.
 -0- 3/31/93
 /CONTACT: Chuck Nolan, vice president of APL Corporation, 305-866-7771/


CO: APL Corporation; Admiral Plastics Corporation ST: Florida IN: SU: TNM

AW-BN -- FL010 -- 1749 03/31/93 17:57 EST
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Publication:PR Newswire
Date:Mar 31, 1993
Words:231
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