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REVCO EFFECTIVE DATE SET FOR JUNE 1

 REVCO EFFECTIVE DATE SET FOR JUNE 1
 TWINSBURG, Ohio, May 11 /PRNewswire/ -- Revco D.S., Inc., today


announced that the effective date for the Revco plan of reorganization has been set for June 1, 1992. All appeals to the orders approving confirmation of the plans of reorganization of Revco and its parent Anac Holding Corporation have been withdrawn, following bankruptcy- court approval of the April 16, 1992, modification to the Revco plan, and a settlement with former Revco officers Sidney Dworkin and William Edwards.
 Boake A. Sells, Revco chairman and chief executive officer, said, "With the setting of the effective date, less than a month remains for Revco in bankruptcy. We are eager to leave Chapter 11 and move Revco into the public marketplace."
 On the effective date cash payments and new debt securities will be issued to the holders of bank notes, sinking fund debentures and unsecured notes; cash payments and new common stock will be issued to trade creditors, subordinated debt holders and Anac equity holders.
 The plan results in a significant deleveraging of Revco, reducing long term debt to $436 million. In addition, to enhance its strong cash position and improved operating cash flow, the company has arranged a $100 million working capital facility, available to Revco as of the effective date.
 Rights to purchase additional shares of new common stock also will be offered to subordinated debt holders on the effective date. Further shares, plus shares in respect of any rights not exercised by the subordinated debt holders, will be purchased by Zell/Chilmark Fund, L.P., pursuant to a stand-by purchase agreement.
 Revco operates approximately 1,150 drug stores in nine contiguous eastern states. The privately held company, based in Twinsburg, Ohio, has annual sales in excess of $2 billion, filling more than 46 million prescriptions a year.
 -0- 5/11/92
 /CONTACT: Diana Lueptow of Revco D.S., Inc., 216-425-9811, ext. 6145; or direct 216-487-1060/ CO: Revco D.S., Inc. ST: Ohio IN: REA SU:


KK -- CL010 -- 8728 05/11/92 14:59 EDT
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Publication:PR Newswire
Date:May 11, 1992
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