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

 SAN DIEGO, June 4 /PRNewswire/ -- Intermark Inc. (AMEX: IMI) and its wholly owned subsidiary, Triton Group Ltd. today announced confirmation of their plan of reorganization under Chapter 11 by Judge Peter W. Bowie. The plan is expected to become effective before June 30.
 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, on March 26, 1993.
 Triton Group Ltd. will emerge from bankruptcy owning controlling interests in six operating subsidiaries with current annual revenues in excess of $200 million. In addition, Triton owns approximately 26 percent of the common stock of Fuqua Industries Inc., a NYSE company with annual sales exceeding $1 billion.
 -0- 6/4/93
 /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: REA SU: TNM RCN

BP-JB -- SD003 -- 5488 06/04/93 13:51 EDT
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Publication:PR Newswire
Date:Jun 4, 1993
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