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DRS INDUSTRIES SUBSIDIARY FILES VOLUNTARY CHAPTER 11 PETITION

 NEW YORK, Nov. 19 ~PRNewswire~ -- DRS Industries, Inc. (NASDAQ: DRSS DRSSU) today announced that one of its subsidiaries, C-B~Murray Corporation, and C-B~Murray's intermediate parent, C~B Camelot Acquisition Corp., have filed voluntary petitions under Chapter 11 of the bankruptcy code. As previously disclosed, the Chapter 11 cases were commenced as a result of unexpected losses at C-B~Murray.
 DRS has arranged debtor-in-possession financing for C-B~Murray and on Nov. 18 the bankruptcy court approved, and DRS today funded, emergency financing pending a preliminary hearing which is scheduled for Friday, Nov. 20. A final hearing for the approval of the financing package is scheduled for Dec. 8, 1992.
 -0- 11~19~92
 ~CONTACT: John A. Selzer of Selzer Group, 212-980-9760, for DRS Industries, Inc.~
 (DRSS)


CO: DRS Industries, Inc.; C-B~Murray Corporation ST: New York IN: SU: BCY

LR-TS -- NY073 -- 2922 11~19~92 12:54 EST
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Publication:PR Newswire
Date:Nov 19, 1992
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