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DETROIT PENSION FUND GAINS CONTROL OF GRAND TRAVERSE RESORT

 TRAVERSE CITY, Mich., April 22 /PRNewswire/ -- U.S. Bankruptcy Court Judge Jo Ann C. Stevenson today approved the plan of reorganization filed by the General Retirement System of the City of Detroit, the resort's main lender, allowing it to take over control and operation of the resort without waiting for the normal six-month foreclosure period to run.
 Grand Traverse Resort is considered one of the Midwest's premier resorts. It has hosted the Michigan PGA Open since 1981, and its championship golf course, The Bear, has been the home of the Open since its completion in 1985. The Bear was recently selected to host the Open for at least another three years.
 Michael S. Khoury, a partner with the law firm of Clark, Klein & Beaumont, the Detroit firm that has been acting as special counsel to the Retirement System during the proceedings, said that, "We are all very pleased that this case has finally been brought to a successful conclusion and that other creditors will receive substantially more than they might have otherwise received without our plan."
 "The Retirement System has publicly committed itself to providing the resources needed to ensure the resort's status as one of the country's finest resorts and as a major contributor to the local economy and to northern Michigan," he said.
 -0- 4/22/93
 /CONTACT: James W. Boyd of Clark, Klein & Beaumont, 616-938-2100; or Gabriel Werba of Gabriel Werba & Associates, 313-259-4947, for Grand Traverse Resort/


CO: Grand Traverse Resort; City of Detroit ST: Michigan IN: LEI SU: BCY

SB -- DE033 -- 9727 04/22/93 16:45 EDT
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Publication:PR Newswire
Date:Apr 22, 1993
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