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EVEREST & JENNINGS INTERNATIONAL LTD. ANNOUNCES DEBT RECAPITALIZATION AND APPOINTMENT OF NEW CHIEF EXECUTIVE

 SAINT LOUIS, Sept. 23 /PRNewswire/ -- Everest & Jennings International Ltd. (AMEX: EJ.A; EJ.B) Chairman Robert G. Sutherland announced that the company's principle stockholder, Brierly Investments Ltd., had agreed in principle to convert approximately $75 million of existing short-term debt into new equity. Of such debt, $55 million will be converted into common stock and $20 million will be converted into a new class of preferred stock, carrying a 7 percent dividend. Additionally, BIL has agreed to lend the company up to $10 million in working capital. Subsequent to the conversion of debt to equity, BIL will hold approximately 94 percent of the equity in the company. The transaction is subject to final documentation and stockholder approval.
 The company also announced that its Plan of Reclassification, which was approved by stockholders on March 17, 1992 will become effective shortly as all conditions precedent to its effectiveness have occurred. The plan calls for the replacement of the company's class A common stock and class B common stock with a new single class common stock.
 The company also announced today that C. Richard Piazza had been appointed president and chief executive officer of Everest & Jennings International Ltd. With a master's degree in economics and extensive marketing and operational experience in the healthcare industry, Piazza will be responsible for all day-to-day management of the company with particular emphasis on re-establishing market credibility. Piazza has held senior management appointments at a number of companies in related fields: Marquest; Smith & Nephew SoloPak; Biolectron; Radius Health Systems; Stimetics and Stryker Corp.
 Commenting on the appointment, Sutherland said that the company had made significant progress in its turnaround and after an extensive search, E&J was pleased to attract an experienced executive who could lead the company through the balance of the 1990s. E&J is extremely grateful for the ongoing customer support that has been evident.
 Everest & Jennings International Ltd. is engaged in the design and manufacture of wheelchairs, homecare beds, hospital and nursing home beds and furniture, oxygen concentrators and other durable medical equipment.
 -0- 9/23/93
 /CONTACT: Ralph Wolf, executive VP and CFO, 314-569-3515/
 (EJ.A EJ.B)


CO: Everest & Jennings International Ltd.; Brierly Investments Ltd. ST: Missouri IN: HEA SU: PER

NY-MF -- LA027 -- 5216 09/23/93 18:20 EDT
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Publication:PR Newswire
Date:Sep 23, 1993
Words:378
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