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FNN RECEIVES COURT APPROVAL OF DISCLOSURE STATEMENT FOR REORGANIZATION PLAN; AMENDED PLAN OF REORGANIZATION SET FOR VOTE

 FNN RECEIVES COURT APPROVAL OF DISCLOSURE STATEMENT FOR


REORGANIZATION PLAN; AMENDED PLAN OF REORGANIZATION SET FOR VOTE
 NEW YORK, March 9 /PRNewswire/ -- Financial News Network Inc. (NASDAQ: FNNIQ) announced that Judge Francis G. Conrad of the United States Bankruptcy Court for the Southern District of New York has approved the amended disclosure statement for FNN's plan of reorganization.
 The amended plan is now being printed and will be circulated among and voted upon by creditors and shareholders. FNN anticipates a favorable vote on the amended plan since it is the result of extensive negotiations with FNN's principal creditor groups and provides for a significant equity participation for FNN's existing shareholders.
 The court has set a date of April 29 for a hearing on confirmation of the reorganization plan.
 FNN co-chief executives, Alan J. Hirschfield and Allan R. Tessler, said: "We are confident in FNN's reorganization plan. When confirmed, the plan will generate significant returns on the claims of FNN creditors and enable the equity holders to participate significantly in the reorganized company."
 "Following confirmation of FNN's plan, we look forward to building a leading market data service business," added Tessler and Hirschfield.
 -0- 3/9/92
 /CONTACT: Amber Gordon of Financial News Network, 703-359-6236/
 (FNNIQ) CO: Financial News Network Inc. ST: New York IN: PUB SU:


DC -- DC008 -- 6309 03/09/92 10:31 EST
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Mar 9, 1992
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