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CHROMCRAFT REVINGTON FILES TO GO PUBLIC

 CHROMCRAFT REVINGTON FILES TO GO PUBLIC
 FAIRFAX, Va., March 11 /PRNewswire/ -- Mohasco Corp. today released


a press release on Chromcraft Revington, Inc., and provided the following summary:
 Mohasco Corp., a privately held manufacturer of upholstered furniture, dining room and occasional furniture, contract and institutional seating and furniture mechanisms headquartered in Fairfax, is proposing to recapitalize its furniture businesses, and as part of such a financial restructuring, Chromcraft and Peters-Revington, two of the subsidiary companies, would be formed into a separate management buyout that would go public. Under the plan, this new company would have a debt-to-equity ratio of 1 to 1. Once the proposed new company obtains certain approvals, its implementation will be finalized and a further announcement will be made.
 When the refinancing is completed, Mohasco Corp. and its remaining subsidiary furniture businesses, Stratford, Avon, Barcalounger, and Super Sagless Corp., will benefit from a reduction in long-term debt of approximately 39 percent. Mohasco Corp. has arranged for long-term loan agreements with its current lender whether the restructuring program is completed or not.
 The complete release follows:
 Chromcraft Revington, Inc., a combination of two Mohasco Corp. furniture company subsidiaries, is filing to go public as Mohasco Corp. restructures its debt.
 Chromcraft Revington, Inc., a new company that will combine two Mohasco Corp. furniture companies, and Mohasco jointly announced a partial return to the public marketplace today. Chromcraft Revington, Inc., a newly formed company, has applied for listing of its common stock on the NASDAQ national market system under the trading symbol CROM. Chromcraft Revington, Inc., will bring together, in one entity, Chromcraft Furniture of Senatobia, Miss., a manufacturer of casual dining and commercial office and institutional seating, with Peters- Revington of Delphi, Ind., a maker of occasional wood furniture including tables, modular wall units, bookcases, entertainment centers, and curio cabinets.
 Chromcraft Revington, Inc. ("CRI"), outlined a significant recapitalization program that will include a planned $37 to $44 million initial public offering of common stock amounting to 51 percent to 53 percent of total equity with the balance to be held by an investing management group and an institutional investor. CRI's bank debt is expected to consist of a new $25 million term loan and an available $5 million revolving credit facility. CRI will have an equity-to-debt ratio of approximately 1 to 1.
 CRI has filed a registration statement with the Securities and Exchange Commission relating to the proposed public offering of up to 2,900,000 shares of common stock to be offered at a proposed initial offering price of $13 to $15 per share.
 The initital public offering will be managed by Robinson-Humphrey of Atlanta and A.G. Edwards of St. Louis. The underwriters will be granted an over-allotment option by the institutional investor for up to 435,000 additional shares of common stock. CRI has obtained a commitment for its new term loan and credit facility. The proceeds of the offer will be used to reduce indebtedness and to pay a portion of the acquisition cost of Chromcraft and Peters-Revington, together with related fees and expenses.
 CRI designs, manufactures and sells residential and commercial furniture throughout the United States under the "Chromcraft" and "Peters-Revington" brand names. With 1991 sales in excess of $117 million, these product lines form an established and well-balanced business which competes in three distinct market segments: casual dining furniture, occasional furniture, and commercial furniture. Chromcraft has a significant share of the overall casual dining market in the United States, particularly in the higher-priced segments of that market. Peters-Revington has a reputation within the furniture industry for producing high-quality wood furniture that provides consumers excellent value at moderate price points.
 Mohasco and its remaining furniture manufacturing companies, Stratford and Avon of New Albany, Miss.; Barcalounger of Rocky Mount, N.C.; and Super Sagless Corp. of Tupelo, Miss., will benefit by approximately a 39 percent reduction of long-term debt and interest cost. Additionally, Mohasco and its current lender have completed an extension and update of Mohasco's long-term loan agreement through January 1994.
 A registration statement relating to these new securities has been filed with the Securities and Exchange Commission, but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time such registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sales of these securities in any state in which said offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such state.
 -0- 3/11/92
 /CONTACT: Len Brodsky of L.A. Brodsky Adv., 312-664-9732, for Mohasco; or John B. Sganga of Mohasco, 703-968-8015/ CO: Chromcraft Revington, Inc.; Mohasco Corp. ST: Virginia, Mississippi, Indiana IN: HOU SU: OFR


GK -- NY051 -- 7344 03/11/92 14:21 EST
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Date:Mar 11, 1992
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