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DRS INDUSTRIES ANNOUNCES C-B/MURRAY SUBSIDIARY IN CHAPTER 11

 DRS INDUSTRIES ANNOUNCES C-B/MURRAY SUBSIDIARY IN CHAPTER 11
 NEW YORK, Nov. 9 /PRNewswire/ -- DRS Industries, Inc. (NASDAQ: DRSS, DRSSU) announced today that as a result of the discovery of unexpected losses at one of its subsidiaries, C-B/Murray Corporation, DRS has elected to place and operate C-B/Murray in Chapter 11. Current information indicates that the combination of losses and other reserves related to the restructuring at C-B/Murray are not expected to be more than $3,000,000 pre-tax for the quarter ending Oct. 31, 1992.
 John A. Selzer, chief executive officer, stated that approximately $3,000,000 will be required to normalize the operations of C-B/Murray and that the company is in the process of arranging the financing. C-B/Murray's senior lender has indicated its willingness to continue to provide working capital. Mr. Selzer also pointed out that the results of C-B/Murray are not expected to affect the operations at DRS' other independent subsidiaries.
 As reported earlier, Mr. Bill Wootton, who has managed Mandel-Kahn Industries, Inc. has been additionally put in charge of C-B/Murray.
 DRS' Board of Directors is investigating the unexpected losses at C-B/Murray.
 -0- 11/9/92
 /CONTACT: John A. Selzer of DRS Industries, Inc., 212-980-9670/
 (DRSS) CO: DRS Industries, Inc.; C-B/Murray Corporation ST: New York IN: SU: BCY


KD -- NY102 -- 8884 11/09/92 16:22 EST
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Publication:PR Newswire
Date:Nov 9, 1992
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