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FIRST EXECUTIVE, CREDITORS FILE REORGANIZATION PLAN

 FIRST EXECUTIVE, CREDITORS FILE REORGANIZATION PLAN
 NEW YORK CITY, LOS ANGELES, May 12 /PRNewswire/ -- First Executive Corporation and the Official Creditors' Committee of First Executive today announced that they had filed a Joint Plan of Reorganization for the company. The Committee and First Executive are joint proponents of the plan.
 The plan incorporates a number of agreements with the Office of the Insurance Commissioner of California, John Garamendi, Rehabilitator for Executive Life Insurance Company, including an agreement to create a trust that will be used to enhance the recoveries of policyholders of Executive Life. The recoveries for policyholders are a result, according to Martin Oliner, co-chairperson of the Creditors' Committee, of the "significant efforts of Mr. Garamendi's representatives to resolve complex issues between First Executive, Executive Life, the Creditors' Committee and First Executive." John Garamendi was represented by Stephen L. Hubbard and others of Rubinstein & Perry.
 Oliner went on to explain that the plan resolves the numerous claims against First Executive as well as claims of policyholders of Executive Life and Executive Life-New York, the other insurance company of First Executive.
 Other members of the committee include Marie Collins, co- chairperson of the committee, Sam Westover, from Blue Cross and Blue Shield of California, Charles Golden, from State Street Bank & Trust Co., Bert von Stuelpnagel, from Bayerische Landesbank International, Donovan Reiner, from the Yasuda Trust & Banking Co., and Yasuo Hiroya, from Japan Leasing (U.S.A.). Oliner represents Saudi British Bank.
 The plan is subject to a vote of creditors as well as Bankruptcy Court approval.
 The Committee was represented by Richard M. Pachulski and Dean A. Ziehl of Pachulski, Stang & Ziehl and Shawn M. Riley and Thomas Larson of Jones, Day, Reavis & Pogue. First Executive was represented by Tom Dobson, Kirk Lundberg and others of Latham & Watkins and Lee Bogdanoff of Stutman, Treister & Glatt.
 -0- 5/12/92
 /CONTACT: Marty Oliner, 516-239-1418/


LC -- CL026 -- 9336 05/12/92 16:47 EDT
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Publication:PR Newswire
Date:May 12, 1992
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