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COURT FINDS EFFECTIVE DATE VALUE OF $350 MILLION FOR NEW NATIONAL GYPSUM COMPANY

 DALLAS, Texas, Jan. 4 /PRNewswire/ -- The United States Bankruptcy Court for the Northern District of Texas, Dallas, has determined an effective date value of $350 million for the new National Gypsum Company, assuming asbestos litigation protection for purposes of confirmation of the Company's plan, the Company announced Monday.
 The Court's finding is the same value espoused by the Company's financial advisors during the recent valuation phase of its Chapter 11 confirmation hearings. In making its finding, the Court said that it accorded a greater weight to (the Company's) evidence of the value of new National Gypsum Company than to the Bond and Trade Committee's evidence.
 The Court also said that the Company's proposed modifications to its plan of reorganization to provide a full return to its Class 3 claimants did not adversely change the treatment of any claim of any creditor. The Court said that as modified, National Gypsum's Class 3 is unimpaired.
 The Court further found that the Company's impaired Classes 4a, 5, 6, 8, 9 and 10 have accepted the Company's plan and denied the Bond and Trade Committee motion to disqualify votes in favor of the Company's plan.
 -0- 1/4/93
 /CONTACT: Allan V. Cecil, VP-Corporate Communications and Investor Relations, National Gypsum Company, 704-365-7227/


CO: National Gypsum Company ST: Texas IN: CST SU:

MM -- CH006 -- 1397 01/04/93 15:41 EST
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Publication:PR Newswire
Date:Jan 4, 1993
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