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GACC ANNOUNCES SOLICITATION FOR VOTES FOR REORGANIZATION PLAN

 CINCINNATI, Oct. 4 /PRNewswire/ -- Great American Communications Company ("GACC") (NASDAQ: GACC) announced today that it has commenced a solicitation for votes to accept a prepackaged plan of reorganization (the "Plan") involving GACC and two of its non-operating subsidiaries, GACC Holding Company and New GACC Holdings, Inc. GACC's principal operating subsidiary, Great American Television and Radio Company, Inc. ("GATR"), which runs all GACC's television and radio stations, is not a party to the Plan, will not commence a chapter 11 case and will continue to operate its business in the ordinary course and to pay its creditors in full.
 The solicitation for votes to accept the Plan is scheduled to expire at 5:00 p.m., Eastern Time, Nov. 3, 1993.
 The terms of the Plan have been developed through management negotiations with, and have the support of, unofficial committees of noteholders, several institutional noteholders, American Financial Corporation and Carl H. Lindner, which parties represent in the aggregate approximately (i) 100 percent of the outstanding principal amount of New GACC Holdings, Inc. 9-1/2 percent Senior Secured Notes due 2000, (ii) 78 percent of the combined outstanding principal amount of GACC Holding Company's 14-1/8 percent Senior Notes due 1996 and 20-1/2 percent Senior Extendable Reset Notes due 1995, (iii) 68 percent of GACC's 14-3/8 percent Senior Subordinated Debentures due 1999, (iv) at least two/thirds in the amount of the outstanding Preferred Stock of GACC Holding Company, and (v) approximately 58.6 percent of the issued and outstanding Common Stock of GACC.
 As part of a comprehensive restructuring of the company and all of its subsidiaries, GACC and its subsidiaries have reached agreements to restructure out of court GATR's bank credit facility and Great American Broadcasting Company's 13 percent Senior Subordinated Notes and to defer principal payments on the bank debt and principal and interest payments on the 13 percent Notes for a period of time sufficient to allow GACC to complete the Plan.
 GACC and its subsidiaries own six network affiliated television stations and 11 FM and five AM radio stations in major markets throughout the country.
 Any questions or requests for assistance or copies of the Disclosure Statement relating to the Plan should be directed to the Solicitation Agent, Hill and Knowlton, Inc., 420 Lexington Avenue, New York, N.Y., 10017, 212-210-8850.
 -0- 10/4/93
 /CONTACT: Gregory C. Thomas of Great American Communications Company, 513-562-8000/
 (GACC)


CO: Great American Communications Company ST: Ohio IN: ENT SU:

KL -- CL016 -- 8253 10/04/93 10:19 EDT
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Publication:PR Newswire
Date:Oct 4, 1993
Words:420
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