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DELTONA ANNOUNCES NEGOTIATIONS ON SALE OF BANK DEBT STALLED

 DELTONA ANNOUNCES NEGOTIATIONS ON SALE OF BANK DEBT STALLED
 MIAMI, Nov. 12 /PRNewswire/ -- The Deltona Corporation (NYSE: DLT) announced today that, for a variety of reasons, the transactions approved by its board of directors last week, which would have virtually eliminated the company's bank debt and resulted in a substantial increase in stockholders' equity, will not proceed as announced. Discussions between Deltona, Deltona's principal lending banks, and an affiliate of Selex, which holds 39.2 percent of Deltona's common stock, will continue.
 Deltona is the developer of nine planned communities, extending from the Florida Panhandle through the state's gulf coast and encompassing approximately 100,000 acres.
 -0- 11/12/92
 /CONTACT: Michelle R. Garbis of The Deltona Corporation, 305-854-1111/
 (DLT) CO: The Deltona Corporation ST: Florida IN: CST SU:


JB-AW -- FL011 -- 0413 11/12/92 17:19 EST
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Publication:PR Newswire
Date:Nov 12, 1992
Words:138
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