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NVR L.P. AGREES TO MODIFY SECOND AMENDED JOINT PLAN OF REORGANIZATION

 MCLEAN, Va., July 12 /PRNewswire/ -- NVR L.P. (AMEX: NVR) today announced that, following discussions with certain holders of its subordinated notes and debentures, it has agreed to modify its Second Amended Joint Plan of Reorganization dated June 9, 1993, in order to provide for an additional distribution of warrants to purchase common equity to the holders of the subordinated notes and debentures. The holders of the notes (Class 4), in addition to the common equity they are currently receiving under the plan, will receive a total of 1.2 million warrants, or approximately 5.4 warrants for each $1,000 of claims (6.9 warrants per $1,000 face amount of notes), and the holders of debentures (Class 5) will receive a total of 600,000 warrants, or approximately 16.4 warrants for each $1,000 of claims (19.6 warrants per $1,000 face amount). Each warrant will have an exercise price of $8.80, will be exercisable six months after the effective date of the plan and will expire three years after the effective date. The foregoing change does not affect the distributions to any other creditors or interest holders of NVR.
 The court-appointed Unsecured Creditors' Committee, which represents all of NVR's unsecured creditors (including the holders of its subordinated bonds), has informed NVR that the committee supports the revisions to the plan.
 The voting deadline for the plan is 5 p.m. EDT, Tuesday, July 13, 1993. For inquiries concerning voting on the plan, contact Georgeson & Company Inc. at 800-223-2064. The confirmation hearing is scheduled for July 22, 1993.
 -0- 7/12/93
 /CONTACT: Doug Poretz for NVR L.P., 703-506-1778, or after hours, 703-448-1312/
 (NVR)


CO: NVR L.P. ST: Virginia IN: CST SU: RCN

MH-DS -- DC005 -- 0268 07/12/93 09:08 EDT
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Publication:PR Newswire
Date:Jul 12, 1993
Words:299
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