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E-II HOLDINGS ANNOUNCES POSITIVE DEVELOPMENTS VOTING TRUST AGREEMENT HAS BEEN EXTENDED

 NEW YORK, Nov. 25 ~PRNewswire~ -- Management of E-II Holdings Inc. announced today several developments in the restructuring process of E-II Holdings.
 E-II Holdings' management said that the reorganization process continues to move forward. Last week, the court-appointed examiner said in his preliminary report that the current creditors committee adequately represents the interests of the subordinated debtholders.
 Steven Green, chairman and CEO of E-II Holdings, said, "If the final report, due on Dec. 14, 1992, is consistent with the preliminary report, E-II expects to commence solicitation of acceptances shortly thereafter of its reorganization plan and emerge from bankruptcy."
 In a separate matter, E-II Holdings has negotiated a six-month extension to the Voting Trust Agreement between SG Corp. and McGregor Holding Corp. The extension allows voting and operational control to remain with existing E-II Holdings' management until July 17, 1993. The original Voting Trust Agreement was scheduled to expire on Dec. 21, 1992.
 Consistent with the extension, the period during which E-II has the right to rescind the sale of stock of each of McCrory Corp. and McCrory Parent Corp. to Riklis Holding Corp., which occurred in 1990, has been modified from the 60-day period following Dec. 5, 1992, to the 60-day period following July 1, 1993.
 The extension modification will become effective upon entry of a final order of the U.S. Bankruptcy Court of the Southern District of New York. E-II expects the order shortly.
 Green stated that, "The extension will enable our reorganization progress to continue without distraction and is another positive step in our reorganization efforts."
 Green expects the plan to be confirmed early in 1993 and, he said, "In the meantime, we continue to build value for customers, employees and our bondholders in our independent operating companies."
 E-II Holdings Inc. is the parent company of subsidiaries engaged in manufacturing and distributing of consumer products throughout the world. E-II's core businesses include: Samsonite, luggage; Culligan, water treatment equipment; 500 Fashion Group, men's suits; Anvil, t-shirts; Global Licensing, trademark licensing; and Pet Specialties, pet food.
 -0- 11~25~92
 ~CONTACT: Michael Kempner or Diana L. Tomb both for E-II Holdings, 201-342-9500~


CO: E-II Holdings, Inc. ST: New York IN: HOU SU:

LR -- NY030 -- 1510 11~25~92 12:36 EST
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Date:Nov 25, 1992
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