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MEI DIVERSIFIED MAKES ANNOUNCEMENT

 MINNEAPOLIS, Jan. 6 /PRNewswire/ -- MEI Diversified Inc., which filed for bankruptcy protection under Chapter 11 on Feb. 23, 1993, said today that it is in the process of drafting a plan of reorganization which it hopes to complete within the next few weeks. MEI also said that, in light of the recent sale of its salon business, the settlement of certain litigation against Regis Corporation and others, and the amount of outstanding claims and debts on file with the bankruptcy court, it is unlikely that there will be any significant recovery, if any recovery at all, by the current holders of the company's equity securities.
 -0- 1/6/94
 /CONTACT: Donald E. Benson or James A. Cesario of MEI Diversified, 612-339-8853/


CO: MEI Diversified Inc. ST: Minnesota IN: SU:

DB-CP -- MN019 -- 9963 01/06/94 18:20 EST
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Publication:PR Newswire
Date:Jan 6, 1994
Words:138
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