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PETER J. SCHMITT FILES PLAN OF REORGANIZATION

 BUFFALO, N.Y., Feb. 26 /PRNewswire/ -- Peter J. Schmitt Co. Inc., announced that it has filed a plan of reorganization and related disclosure statement with the U.S. Bankruptcy Court for the District of Delaware in Wilmington. A bankruptcy court hearing to consider approval of the disclosure statement has been scheduled for March 24, 1993. A hearing on confirmation of the plan of reorganization has been set for April 22, 1993.
 Among other things, the plan contemplates that certain of Schmitt's administrative expense priority creditors (i.e., employees and vendors holding post-petition claims) would receive payments in the full amount of their allowed claims. The plan contemplates that Schmitt's secured creditors (the revolver banks and the senior term lenders) will receive less than the full amount of their claims (and less than the amount to which they are otherwise entitled under the bankruptcy code). Unsecured creditors and reclamation vendors will share in the remaining assets of the estate after payment to the administrative priority claimants and secured lenders, with the reclamation claimants receiving the bulk of those assets.
 Schmitt has engaged in extensive negotiations regarding the plan with its secured creditors and the official unsecured creditors committee. Although it anticipates obtaining the consent of such parties, they have not yet agreed to all of the provisions of the plan.
 Schmitt also said that the bankruptcy court has set March 15, 1993, as the deadline for filing proofs of claim with respect to claims arising post-petition that are entitled to administrative priority. Information concerning the filing of administrative claims may be obtained by contacting Claudia King & Associates by telephone at 201-432-6615 between the hours of 9 a.m. and 4:30 p.m. (EST).
 -0- 2/26/93
 /CONTACT: Fredric J. Spar or Michael Freitag of Kekst and Company, 212-593-2655, for Peter J. Schmitt Co. Inc./


CO: Peter J. Schmitt Co. Inc. ST: New York IN: SU: BCY

TS -- NY040 -- 0898 02/26/93 13:31 EST
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Publication:PR Newswire
Date:Feb 26, 1993
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