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DELTONA OBTAINS FURTHER EXTENSION AS FINANCING NEGOTIATIONS PROGRESS

DELTONA OBTAINS FURTHER EXTENSION AS FINANCING NEGOTIATIONS PROGRESS
 MIAMI, March 23 /PRNewswire/ -- The Deltona Corporation (NYSE: DLT) announced today that the Circuit Court in Marion County, Florida has granted a further extension of its order in the suit filed against the company by the Division of Florida Land Sales, Condominiums and Mobile Homes of the Florida Department of Business Regulation, delaying the effectiveness of the order for an additional 60 days. The suit alleged that Deltona had been in breach, since April 1991, of an agreement with the division to fund an improvement escrow account to assure the completion of improvements in the company's "Three Seasons" communities.
 In January 1992, the court entered an order granting the division's requested injunction, but delayed the effectiveness of its order for 60 days to enable Deltona to proceed with its financing and debt reduction plans so as to obtain the funds needed to meet the escrow requirements of its agreement with the division, fulfill certain customer obligations for improvement work in the company's "Three Seasons" communities, and be in a position to stimulate the rebuilding of its retail land sales business. The division agreed to the further extension based on the substantial progress made by the company in securing the needed new financing and restructuring its bank debt.
 Deltona also stated that it did no anticipate being in a position to issue its 1991 fourth quarter and year-end results until negotiations to secure such new financing, restructure its bank debt and resolve the division lawsuit are concluded. Deltona's 1991 Annual Report to Stockholders would be available shortly thereafter. In light of these delays, Deltona has rescheduled its 1992 Annual Meeting of Stockholders to be held on Thursday, June 25, 1992 in Miami.
 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- 3/23/92
 /CONTACT: Michelle R. Garbis of The Deltona Corporation, 305-854-1111/
 (DLT) CO: The Deltona Corporation ST: Florida IN: CST SU:


AW-JJ -- FL008 -- 0555 03/23/92 11:56 EST
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Publication:PR Newswire
Date:Mar 23, 1992
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