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LEASEWAY TO EXIT FROM CHAPTER 11

 CLEVELAND, July 29 /PRNewswire/ -- Leaseway Transportation announced today that all of the voting classes of creditors accepted its amended Plan of Reorganization and the Plan has been confirmed by the United States Bankruptcy Court for the Southern District of New York.
 The confirmation of the Plan means that Leaseway Transportation will emerge from Chapter 11 in approximately one month. The initial issuance of cash and exchange of securities with creditors will take place at that time. In accordance with the Plan, Leaseway Holdings, Inc. will be merged into Leaseway Transportation Corp.
 Richard A. Damsel, chairman and chief executive officer, said: "We are very pleased that the Court has confirmed the Plan and we are eagerly awaiting Leaseway's imminent emergence from Chapter 11.
 "The efforts of the people of Leaseway Transportation, with the support of our customers, suppliers and advisors, have brought about this significant achievement," added Damsel. "We are excited about our enhanced financial condition and the enormous opportunities now available to the Company."
 Damsel continued, "While we would have preferred to avoid a Chapter 11 filing last December, we are very gratified that the parties involved were able to reach agreement in this unusually short period of time."
 Leaseway Transportation is a group of companies which provides customized transportation and logistics support services to manufacturers, distributors and retailers.
 -0- 7/29/93
 /CONTACT: Karen L. Beier of Leaseway Transportation Corp., 216-765-5340/


CO: Leaseway Transportation Corp. ST: Ohio IN: TRN SU: BCY

AR -- CL015 -- 7482 07/29/93 11:46 EDT
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Publication:PR Newswire
Date:Jul 29, 1993
Words:251
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