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INTERMARK INC. AND TRITON GROUP LTD. DISCLOSURE STATEMENT APPROVED

 SAN DIEGO, March 26 /PRNewswire/ -- Intermark Inc. (AMEX: IMI) and its wholly owned subsidiary Triton Group Ltd. today announced that the U.S. Bankruptcy Court (Southern District of California -- San Diego) has approved its second amended disclosure statement and second amended plan of reorganization for dissemination to creditors and shareholders. The plan is being jointly proposed by Intermark, Triton, and the separate Official Creditors Committees of both companies. The plan essentially provides that unsecured creditors of Intermark and Triton would receive 99 percent of the common stock of the company, eliminating approximately $240 million of debt, and that existing Intermark shareholders would receive 1 percent of the stock, as well as and warrants to purchase additional shares of the reorganized company.
 March 29, 1993, has been set as the record date for shareholders and bondholders entitled to vote on the plan. The company expects to mail the plan and disclosure statement, along with ballots to vote on the plan, to creditors and shareholders on or before April 19, 1993. Creditors and shareholders will then have until May 21, 1993, to submit their ballots and file any objections to the plan with the Bankruptcy Court.
 A hearing to consider confirmation of the plan has been scheduled for June 4, 1993, at 9 a.m. in San Diego before the Hon. Peter W. Bowie, U.S. bankruptcy judge. If the plan is confirmed, creditors and shareholders would receive distributions thereafter in accordance with the terms of the plan.
 As announced earlier, on Oct. 19, 1992, Intermark and Triton filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code, after agreeing on principle terms of the reorganization with an unofficial committee representing its major bondholders.
 -0- 3/26/93
 /CONTACT: John C. Stiska, president of Intermark, 619-231-1818/
 (IMI)


CO: Intermark Inc.; Triton Group Ltd. ST: California IN: SU: RCN

MS-JB -- SD001 -- 0191 03/26/93 17:30 EST
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Publication:PR Newswire
Date:Mar 26, 1993
Words:319
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