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JOURNEY'S END NUMBER ONE MASTER AND COMPANY, LIMITED PARTNERSHIP

    BELLEVILLE, Ont., Nov. 16 ~CNW~ - Through its general partner, Journey's End Number One Master and Company, Limited Partnership (the "Partnership") announces a proposed reorganization involving its Carlingview Suites Hotel (the "Hotel"), located near Pearson International Airport in Toronto, Ontario.
    The proposed reorganization is intended to address the Hotel's ongoing cash-flow deficiencies which have heretofore been subsidized by periodic loans from Journey's End Motel Incorporated ("JEM"), manager of the Hotel, and the Partnership's Quebec properties.
    Under the proposed reorganization:
    1. The limited partners will be asked to approve the sale of the
       Hotel, currently held through Carlingview Suites
       Partnership, to Carlingview (1992) Partnership, a new Ontario
       limited partnership.
    2. The limited partners will be invited to capitalize the
       acquisition vehicle by subscribing for up to 24,000 new
       partnership units. A minimum subscription of 14,084 units is
       needed. JEM has agreed to "top up" the subscriptions to the
       minimum level if limited partners subscribe for no fewer than
       12,000 units in the new partnership.
    3. The Partnership's debt relating to the Hotel will, pursuant
       to an arrangement now being negotiated with Barclays Bank and
       conditional upon an agreement being reached, be restructured
       to provide cash flow relief and confirmation of exclusive
       recourse to the Hotel by Barclays Bank in the event of non-
       payment. The only exception to such limited recourse will be
       the Partnership's obligations in connection with a new loan
       for $975,000, which will be collaterally secured against the
       Partnership's Quebec properties.
    4. Assuming the minimum subscription is met, to provide
       additional cash flow relief, JEM has agreed to defer a
       portion of its management fees and repayment of the
       deficiency loans advanced by it to date.
    5. New partnership capital and proceeds of the new loan will,
       after payment of issue costs, be used to finance the
       operations of the Hotel.
    It is hoped that the transaction, which will be considered by the limited partners on November 24, 1992, if approved, will close on or before the Partnership's fiscal year end of November 30, 1992.
    For further information: Rick Dainard - (613) 966-8020
    -0-             11~16~92


CO: JOURNEY'S END NUMBER ONE MASTER AND COMPANY, LIMITED
                        PARTNERSHIP


IN: LEI ST:

-- XX1539 -- X142 11~16~92
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Publication:PR Newswire
Date:Nov 16, 1992
Words:369
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