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DAILY NEWS RETAINS SALOMON BROTHERS AS FINANCIAL ADVISOR

 DAILY NEWS RETAINS SALOMON BROTHERS AS FINANCIAL ADVISOR
 NEW YORK, Jan. 9 /PRNewswire/ -- The Daily News announced today that it has retained the investment banking firm of Salomon Brothers Inc. as its financial advisor.
 "We are delighted to have Salomon Brothers as our financial advisor," said Editor and Publisher James Willse. "Among the strengths of the firm as particular expertise in both corporate restructuring and in the world of media."
 Salomon Brothers will assist the news in preparation of a business plan for the short- and long-term future of the newspaper. At the same time, it will review expressions of interest from potential investors and report to management and creditors.
 The selection of Salomon, which is subject to court approval, was among the items reported today by news management to its Creditors Committee and to the Planning Committee which is working with the news on the company's plan for reorganization under Chapter 11 bankruptcy protection.
 At both meetings, management also reported the following:
 -- The company's cash position as of Jan. 5 was $8.9 million. Financial projections through March 1, 1992, show adequate cash flow to sustain operations; projections beyond March 1 are currently being developed.
 -- The company is conducting active negotiations to obtain debtor- in-possession financing and expects to announce plans for such financing in the near future.
 -- Cost containment efforts initiated in December continue, and so far have yielded annual savings of approximately $8 million. These cost reductions have already had a positive impact on the company's cash flow.
 The next meeting of the Reorganization Planning Committee is scheduled for Jan. 23.
 -0- 1/9/92
 /CONTACT: John Campi of the Daily News, 212-210-1925/ CO: Daily News ST: New York IN: PUB SU:


PS -- NY092 -- 8464 01/09/92 18:34 EST
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Publication:PR Newswire
Date:Jan 9, 1992
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