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GREAT AMERICAN COMMUNICATIONS COMPANY ANNOUNCES PROPOSED TERMS OF RESTRUCTURING

 CINCINNATI, Feb. 15 /PRNewswire/ -- Great American Communications Company (NASDAQ: GACC) ("GACC") announced today that, as part of a proposed comprehensive financial restructuring, it has filed a preliminary proxy statement with the Securities and Exchange Commission relating to the solicitation of acceptances of a proposed prepackaged plan of reorganization. The plan includes the financial restructuring of GACC and three of its non-operating subsidiaries: GACC Holding Company, New GACC Holdings, Inc., and Great American Broadcasting Company. GACC is also negotiating with its bank lenders the terms of a new credit facility. The operating subsidiaries of GACC, including Great American Television and Radio Company, Inc., which owns all of GACC's television and radio stations, would not be parties to the prepackaged plan and would continue to operate their businesses in the ordinary course.
 GACC indicated that the proposed terms of the prepackaged plan are the product of negotiations with unofficial committees representing the major classes of debt securityholders, certain institutional holders of its senior debt, and American Financial Corporation, GACC's largest shareholder and one of its major creditors. GACC is continuing negotiations with these committees and holders, but no assurance can be given that agreement on definitive terms will be reached with any or all of such parties.
 The comprehensive restructuring is designed to significantly reduce total outstanding debt of the holding companies (from approximately $625 million to $430 million) and reduce cash interest and dividend payments through the following components:
 -- Extended maturities and scheduled principal amortizations of senior debt through a new bank facility and the issuance of New 13 percent Senior Subordinated Notes of Great American Broadcasting Company.
 -- The issuance of reorganized GACC common stock and a new issue of 14 percent Notes in exchange for the 9-1/2 percent Senior Secured Notes of New GACC Holdings, Inc.
 -- The issuance of reorganized GACC common stock in exchange for all debt securities of GACC and GACC Holding Company and the preferred stock of GACC Holding Company.
 As a result of the issuance of common stock as proposed under the plan, the present outstanding shares of GACC common stock would be substantially diluted and would represent approximately 1.7 percent of the outstanding shares of reorganized GACC.
 GACC also announced that it will not have sufficient cash to make the principal payments due in March of 1993 to its bank lenders and 13 percent Senior Subordinated Noteholders but is negotiating agreements with such creditors relating to these payments. If such agreements are not obtained, creditors would have the right to declare an acceleration of substantially all the indebtedness of GACC and its subsidiaries. GACC also stated that it does not intend to make any further payments of principal or interest on holding company indebtedness. Interest payments and any renegotiated principal payments on secured loans of the operating companies will be made when due.
 The offering of common stock and 14 percent Notes will be made only by means of a prospectus.
 GACC and its subsidiaries own six network affiliated television stations and eleven FM and six AM radio stations in major markets throughout the country. GACC's Common Stock trades over-the-counter under the symbol GACC.
 -0- 2/15/93
 /CONTACT: Gregory C. Thomas of Great American Communications Company, 513-562-8007/
 (GACC)


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

SM -- CL009 -- 6566 02/15/93 14:39 EST
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Date:Feb 15, 1993
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