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IN-STORE ADVERTISING REACHES RESTRUCTURING AGREEMENT WITH SECURED CREDITORS AND FILES PREPACKAGED CHAPTER 11 TO PERFECT AGREEMENT

 GREENWICH, Conn., July 8 /PRNewswire/ -- In-Store Advertising, Inc. (NASDAQ: ISAN) today announced it has reached agreement with its long term secured creditors to restructure the company's $17 million of secured debt and has filed a prepackaged Chapter 11 plan to effect the terms of the agreement.
 Under the proposed plan, these secured creditors would exchange their $17 million of secured debt for equity with a face value of $8 million. As a part of the restructuring, the company's existing common stock would be canceled and the securities litigation currently pending against the company would be discharged as against the company with no cost to the company. Details of the restructuring are contained in the disclosure statement, plan of reorganization and other documents filed with the court.
 The company said it has already received unanimous support for the plan from its secured lessors, the only creditors entitled to vote on the plan and expects to remain in Chapter 11 for only a brief time. The plan would render the company virtually debt free and the company believes it will have more than sufficient cash flow to compete aggressively in its markets. The confirmation hearing has been scheduled for Aug. 6, 1993, at which time the company expects to emerge from Chapter 11. The company also announced that Messrs. Bruce Maggin, Jeffrey Walker and Cowsy Wadia have resigned as directors effective June 29.
 In-Store Advertising, Inc. delivers advertising and promotional messages from consumer product companies at the point of purchase through its nationwide computerized network of electronic signs, reaching 80 million shoppers weekly.
 -0- 7/8/93
 /CONTACT: Stephen C. Kahler, chief executive officer of In-Store Advertisers, 203-861-5773/
 (ISAN)


CO: In-Store Advertising, Inc. ST: Connecticut IN: ADV SU: RCN

SM -- NY076 -- 9576 07/08/93 14:30 EDT
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Publication:PR Newswire
Date:Jul 8, 1993
Words:296
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