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KEVIN MAXWELL CHAIRS CHAPTER 11 REORGANIZATION PLAN MEETING

     KEVIN MAXWELL CHAIRS CHAPTER 11 REORGANIZATION PLAN MEETING
    NEW YORK, Dec. 19 /PRNewswire/ -- The committee to plan the reorganization of the Daily News under Chapter 11 met for the second time today.
     The committee heard the following reports from the company's management:
    -- An updated projection of cash flow shows continued strength into the new year, with $6 million on hand and $8 million projected by the end of December.
     -- Review of vendor contracts, leases and other supplier costs have been nearly completed with significant cost savings identified.
    -- Advertising continues to hold firm, with revenues of $3.4 million for the week of Dec. 15.
    -- Pension Funds.  The committee reviewed the status of pension funds and group insurance and they were satisfied all was in order. (See below).
    The committee will meet again on Monday, Dec. 30, 1991.  News management will meet on the same date with the newly formed committee of Daily News creditors to report on the status of the reorganization.
    Attending the meeting were:  Kevin Maxwell, Larry Bloom, James Willse, Jay Swardenski, Marshall Genger, William Coakley, Richard Tilton, Eugene Keilin, Edward Timmes, David Boland and Wilbur Ross.
    The following letter is a status of the pension funds and group insurance:
    In response to your recent request, the Nov. 30, 1991, market value of the assets held by the Bank of New York as trustee of the plans set forth below are:
    The Maxwell Newspapers, Inc.         11/30/91 Market Value
    Retirement Plan                      $83,015,203.40
    The Maxwell Newspapers, Inc.         11/30/91 Market Value
    Savings Incentive Plan for           $21,187,739.04
    Hourly Employees
    The Maxwell Newspapers, Inc.-        11/30/91 Market Value
    Mailers' Savings Incentive Plan      $2,018,424.44
    The Maxwell Newspapers, Inc.-        11/30/91 Market Value
    Savings Incentive Plan for           $213,744.07
    Salaried Employees
    The market values cited above are as of the latest valuation available.  No assets have been transferred from the trust except those made in accordance with committee direction to pay benefits and expenses.
    -0-                    12/19/91
    /CONTACT:  John Campi of the Daily News, 212-210-1925/ CO:  The Daily News ST:  New York IN:  PUB SU:  BCY PS -- NY089 -- 4165 12/19/91 18:44 EST
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Copyright 1991 Gale, Cengage Learning. All rights reserved.

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Date:Dec 19, 1991
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