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BUSY BEAVER GETS READY FOR SPRING BY TAKING 'NEXT-TO-LAST STEP' TO END BANKRUPTCY

 BUSY BEAVER GETS READY FOR SPRING
 BY TAKING 'NEXT-TO-LAST STEP' TO END BANKRUPTCY
 PITTSBURGH, Feb. 24 /PRNewswire/ -- With spring just a few weeks off, Busy Beaver Building Centers, Inc., has taken the "next-to-last" step toward emerging from Chapter 11 bankruptcy on April 1 by sending an "Amended Plan of Reorganization" to its creditors and stockholders, it was announced today.
 A confirmation hearing before the U.S. Bankruptcy Court is scheduled for March 31, and the company said it expects to come out of bankruptcy the next day.
 "We are very excited about finally having a consensual plan that is supported by all parties, including the bank," said Charles C. Bender, president and chief executive officer. "This is the next-to-last step in our long journey back to normal operations.
 "Our stores are bursting with stock, we've been generating double-digit sales increases in recent months, and everyone is enthusiastic about finally shaking off the cloud of bankruptcy.
 "We are ready for spring! And we fully expect to come out of Chapter 11 officially on April 1, immediately after the confirmation hearing," he said.
 Busy Beaver is a leading regional retailer of lumber, building materials and hardward for the "do-it-yourself" (DIY) market. It filed for Chapter 11 protection in December 1990, in order to restructure some $21 million in debt.
 A disclosure statement describing the company's original Plan of Reorganization was sent to creditors in December 1991. In a Feb. 21 letter to creditors and stockholders, Bender explained the need for the amended plan.
 "Our original Plan of Reorganization provided that a lawsuit brought on our behalf by the Official Committee of Unsecured Creditors would continue," he said. "The Creditors' Committee and Busy Beaver requested that creditors vote in favor of the plan. We were delighted that our trade creditors overwhelmingly voted in favor of the plan and that we received over the required two-thirds favorable vote from all unsecured creditors who voted.
 "After the balloting was completed, the parties involved in the Creditors' Committee lawsuit reached agreement on a settlement. In order to provide for the settlement prior to confirmation of our plan, it was necessary to amend our plan."
 He said the Creditors' Committee supports the amended plan and "Busy Beaver believes it is in the best interests of all of its creditors and stockholders." No further voting is required.
 "We are grateful for the support and encouragement we received from our creditors and shareholders during the pendency of our bankruptcy case," Bender said, "and we are looking forward to a swift emergence from bankruptcy."
 -0- 2/24/92
 /CONTACT: Charles C. Bender, president & CEO of Busy Beaver Building Centers, 412-828-2323, or Jack Maddigan of Maddigan Communications, Inc., 412-391-9360, for Busy Beaver/ CO: Busy Beaver Building Centers, Inc. ST: Pennsylvania IN: CST REA SU: BCY


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Publication:PR Newswire
Date:Feb 24, 1992
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