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ROBERTSON-CECO TO RESTRUCTURE SUBORDINATED DEBENTURES

 ROBERTSON-CECO TO RESTRUCTURE SUBORDINATED DEBENTURES
 PITTSBURGH, March 25 /PRNewswire/ -- Robertson-Ceco Corporation


(NYSE: RHH) announced today that it is working with its financial advisor, the Argosy Group L.P., to prepare a restructuring plan for its outstanding 15.5 percent discount subordinated debentures due in the year 2000.
 As of Dec. 31, 1991, the accreted value of the debentures on Robertson-Ceco's financial statements was approximately $63 million. Cash interest payments on the debentures are due to commence in May 1992. The debentures are currently rated CCC+ by Standard & Poors and have been placed on credit watch, with negative implications.
 As of March 18, 1992, the corporation's unrestricted cash balance was approximately $15 million. Robertson-Ceco management anticipates that a substantial amount of cash will be required in the near future to fund anticipated operating losses, to satisfy contingent liabilities, to support necessary letters of credit, and to implement its operational restructuring program.
 According to John J. O'Malley, president and chief executive officer, Robertson-Ceco is considering its alternatives with respect to restructuring the indebtedness evidenced by the debentures, including one or more offers to exchange equity or other securities of the company for the debentures.
 "The restructuring of this debt is a critical component of our overall turnaround plan," O'Malley said. "Our management will be initiating discussions with holders of the debentures in the near future to accomplish our mutual objectives."
 Robertson-Ceco Corporation provides products and services to the construction industry worldwide.
 -0- 3/25/92
 /CONTACT: Jay R. Bloom, managing director, the Argosy Group, L.P., 212-644-5500/
 (RHH) CO: Robertson-Ceco Corporation ST: Pennsylvania IN: CST SU: RCN


DM-JH -- PG008 -- 1644 03/25/92 16:02 EST
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Publication:PR Newswire
Date:Mar 25, 1992
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