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INTERMARK INC. AND TRITON GROUP LTD. EXPECT CONFIRMATION OF PLAN OF REORGANIZATION

 SAN DIEGO, June 1 /PRNewswire/ -- Intermark Inc. (AMEX: IMI) and its wholly owned subsidiary, Triton Group Ltd., today announced the filing of the official balloting on their Plan of Reorganization under Chapter 11 showing overwhelming acceptance by creditors and equity holders.
 The plan received the affirmative votes of holders of more than $180 million of claims and interests, representing more than 90 percent of those actually voting on the plan and 75 percent of the entire amount of unsecured debt.
 Intermark and Triton filed their voluntary petitions under Chapter 11 of the Bankruptcy Code on Oct. 19, 1992. These filings were the culmination of more than eight months of arms-length negotiations among the companies and their major creditors to effect a consensual financial restructuring.
 The plan's basic concepts are straightforward:
 1. Intermark and Triton are to be merged into a single surviving entity, which will be Triton Group Ltd.
 2. The unsecured debt of Intermark and Triton (of which approximately 95 percent is owed to holders of subordinated notes and debentures) will be converted into common stock of the new Triton Group.
 3. The holders of unsecured debt will receive 99 percent of the new Triton Group common stock with the remaining 1 percent to be distributed to the current equity holders of Intermark.
 4. Cash on hand and cash received from the operations of Triton Group's operating companies during the four-year period following confirmation will be used to make payments on secured debt totaling approximately $35 million.
 5. Prior to maturity of the secured debt, new Triton Group will, if necessary, make strategic sales of assets or arrange refinancing in order to make principal payments.
 In January 1993 Intermark and Triton and the Creditors Committee for each company jointly filed the Plan of Reorganization and Disclosure Statement. After negotiations with several creditors, the Disclosure Statement was approved by the United States Bankruptcy Court, Southern District of California, Judge Peter W. Bowie presiding, on March 26, 1993.
 On April 19 the Disclosure Statement and ballots were mailed to creditors and equity holders with a voting deadline of May 21. Final tabulation of the voting was certified and filed with the court on May 28. With the overwhelming acceptance by creditors and equity holders, the companies and creditors committees expect the plan to be confirmed by Judge Bowie at the Confirmation Hearing on June 4.
 -0- 6/1/93
 /CONTACT: John C. Stiska, president, or Michael M. Earley, senior VP and CFO, of Intermark, 619-231-1818/
 (IMI)


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

JB-JL -- SD004 -- 4206 06/01/93 19:34 EDT
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Publication:PR Newswire
Date:Jun 1, 1993
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