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DELTONA OBTAINS FURTHER EXTENSION

 DELTONA OBTAINS FURTHER EXTENSION
 MIAMI, May 22 /PRNewswire/ -- The Deltona Corporation (NYSE: DLT)


announced today that the Division of Land Sales, Condominiums and Mobile Homes of the Florida Department of Business Regulation has agreed to an extension of the Court Order entered in the suit which it had filed against the company, delaying the effectiveness of the Order until June 15, 1992. The extension enables Deltona to complete its financing and debt reduction plans so as to obtain the funds needed to fulfill certain customer obligations for improvement work in its "Three Seasons" communities, pay its delinquent real estate taxes, and be in a position to stimulate the rebuilding of its housing and retail land sales business.
 The suit, filed last October, 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 such escrow requirements. The Division had agreed to a 60-day extension in March 1992 as financing negotiations progressed.
 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- 5/22/92
 /CONTACT: Michelle R. Garbis of The Deltona Corporation, 305-854-1111/
 (DLT) CO: The Deltona Corporation ST: Florida IN: CST SU:


SS-JB -- FL007 -- 3388 05/22/92 14:44 EDT
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Publication:PR Newswire
Date:May 22, 1992
Words:274
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