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FAIRCHILD INDUSTRIES ANNOUNCES SUCCESSFUL COMPLETION OF PREFERRED STOCK EXCHANGE OFFER

 FAIRCHILD INDUSTRIES ANNOUNCES SUCCESSFUL COMPLETION
 OF PREFERRED STOCK EXCHANGE OFFER
 CHANTILLY, Va., Aug. 20 /PRNewswire/ -- Fairchild Industries, Inc. ("Fairchild"), a subsidiary of the Fairchild Corporation (NYSE: FA), announced today that the exchange offer for its outstanding series A convertible preferred stock (the "Series A Preferred") expired on Aug. 19, 1992 in accordance with its terms and that Fairchild has received the minimum number of consents from holders of the series A preferred to permit consummation of the exchange offer.
 As of midnight, New York City time, on Aug. 19, 1992, valid and unrevoked consents of holders of approximately 53 percent of the shares of series A preferred currently outstanding had been received and approximately 526,000 shares of series A preferred had been validly tendered. Fairchild, today, accepted for exchange all shares of series A preferred validly tendered.
 Pursuant to the terms of the exchange offer, each validly tendered share of series A preferred will be exchanged for one share of Fairchild's newly issued series C cumulative preferred stock (the "Series C Preferred"), and the shares of series C preferred issued in exchange for series A preferred will rank equal in priority to the shares of the series A preferred not exchanged.
 Fairchild is a leading supplier of aerospace and industrial products and communications services.
 -0- 8/20/92 R
 /CONTACT: John D. Jackson, senior vice president and secretary of Fairchild Industries, 703-478-5856/
 (FA) CO: Fairchild Industries, Inc.; Fairchild Corporation ST: Virginia IN: ARO SU:


SH-OS -- NY017 -- 1756 08/20/92 13:55 EDT
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Publication:PR Newswire
Date:Aug 20, 1992
Words:254
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