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CHAMBERS ANNOUNCES INTERCREDITOR AGREEMENT

 PITTSBURGH, March 10 /PRNewswire/ -- Chambers Development Company, Inc., (AMEX: CDVA, CDVB) announced today that its bonding company and creditor groups have executed an intercreditor agreement which is an important step in finalizing a long-term financial relationship with all of these parties.
 This intercreditor agreement also assures Chambers of a continuing relationship with its performance and bid bonding company.
 In addition, the company has executed an extension of the Dec. 23, 1992, waiver agreements with its three principal lender groups until June 1, 1993. The waivers had expired on March 1, 1993. Chambers has made all of its payments under the agreements in a timely manner.
 The parties will, during this extension period, be working to finalize long-term amendments to the loan and credit agreements.
 The credit agreements involved include a bank agreement under which Chambers has approximately $153 million in letters of credit outstanding and $180 million and $24 million of outstanding senior notes which were originally issued in 1990 and 1988, respectively.
 Chambers Development Company, Inc., headquartered in Pittsburgh, is a leading environmental firm offering services in landfill and transfer station development, and recycling, as well as the collection, transportation and disposal of residential, commercial, non-hazardous industrial and medical solid wastes.
 -0- 3/10/93
 /CONTACT: Jim Leonard, media, 412-244-7560, or Lew Nevins, financial, 412-244-6195, both of Chambers Development Company/
 (CDV)


CO: Chambers Development Company, Inc. ST: Pennsylvania IN: ENV SU:

CD-MK -- PG005 -- 4725 03/10/93 13:36 EST
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Publication:PR Newswire
Date:Mar 10, 1993
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