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BANKRUPTCY COURT REJECTS ICAHN'S ATTEMPT TO FILE ALTERNATIVE PLAN FOR E- II HOLDINGS; COMPANY TO SOLICIT APPROVAL FOR REORGANIZATION PLAN

 NEW YORK, Jan. 29 /PRNewswire/ -- E-II Holdings Inc. announced today that the United States Bankruptcy Court rejected an attempt by Carl Icahn to file an alternative plan in E-II's Chapter 11 case. The court authorized E-II Holdings to commence the process of soliciting votes from its creditors for approval of the current management's reorganization plan.
 The court's action marks the second positive development in E-II's Chapter 11 proceedings in less than a week. Last week, the court appointed examiner issued his final report concluding that the Settlement Trust under E-II's plan does not release claims relating to E-II's 1990 internal restructuring, but rather represents an "adequately funded", "bona fide" mechanism for pursuing E-II's claims.
 Also, the examiner concluded, as he had in his preliminary report issued in November 1992, that the existing creditors committee adequately represents the interests of E-II senior note and subordinated debenture holders.
 A brief description of Icahn's alternative plan and a summary of the examiner's report will be included in E-II's disclosure statement which is expected to be distributed to E-II claim holders in February.
 E-II Chairman, President and CEO Steven J. Green, said, "E-II management recognizes that the value of E-II rests in the continued growth of its independent operating subsidiaries and the protection of its employees. The recent action by the court gives E-II the opportunity to proceed with a reorganization plan that accomplishes these goals.
 "As current E-II management continues to build Samsonite, Culligan and McGregor into industry leaders, we recognize that our success in increased sales, market share and international expansion would not have been possible without thousands of dedicated employees," he said.
 E-II's subsidiaries, including its Samsonite, Culligan and McGregor divisions, are not in bankruptcy and their operations have not been affected by E-II's Chapter 11 proceedings.
 E-II Holdings Inc. is a holding company with subsidiaries engaged in the manufacturing and distribution of a variety of consumer products marketed throughout the world. E-II's core businesses are: Samsonite (luggage); Culligan (water treatment equipment); McGregor (including: The 500 Fashion Group, men's tailored clothing; Anvil, T-shirts; and Global Licensing, licensing trademarks); and Pet Specialties (pet food).
 -0- 1/29/93
 /CONTACT: Michael Kempner or Laurie Terry, 201-342-9500, both of MWW/Strategic Communications, for E-II Holdings/


CO: E-II Holdings Inc. ST: New York IN: TEX SU:

WB -- NY026 -- 0676 01/29/93 10:29 EST
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Publication:PR Newswire
Date:Jan 29, 1993
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