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COURT APPROVES CHANNEL HOME CENTERS EMERGENCE FROM CHAPTER 11

 COURT APPROVES CHANNEL HOME CENTERS EMERGENCE FROM CHAPTER 11
 WHIPPANY, N.J., March 19 /PRNewswire/ -- Bankruptcy Court Judge Honorable William F. Touhey, U.S. Bankruptcy Court for the District of New Jersey, approved Channel Home Center's emergence from Chapter 11 of the U.S. Bankruptcy code.
 The approval brings to an end the 14 month action filed by Channel, Jan. 14, 1991, brought about by expenses associated with vacant real estate holdings and interest payments from a management led buy out in 1986.
 Ninety-one percent of Channel unsecured creditors voted overwhelmingly to accept the plan of reorganization. Under the approved plan, Channel's debt is reduced from $330 million to $90 million.
 The newly emerged company operates 52 stores, predominately in New Jersey and Philadelphia, with a new store scheduled for opening in June and 16 more planned over the next three years.
 -0- 3/19/92
 /CONTACT: Marc F. Hettinger of Channel Home Centers, 201-887-7000/ CO: Channel Home Centers ST: New Jersey IN: HOU SU: BCY


SM-AH -- NY074 -- 9781 03/19/92 15:13 EST
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Publication:PR Newswire
Date:Mar 19, 1992
Words:175
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