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RUSS TOGS ANNOUNCES NON-COMPLIANCE WITH CREDIT AGREEMENT

       RUSS TOGS ANNOUNCES NON-COMPLIANCE WITH CREDIT AGREEMENT
    NEW YORK, Nov. 1 /PRNewswire/ -- Russ Togs, Inc. (NYSE: RTS) today announced that it is not in compliance with certain covenants contained in its credit agreement with its banks relating to the maximum amount of permitted borrowings as at the end of October.  As a result, the company is not entitled to effect further borrowings from its banks and they are entitled to declare the amount owed the banks to be current, due and payable.
    The company stated that it is currently discussing waivers and/or amendments to these credit agreements.  The company is also reviewing other alternatives including other sources of financings or a reorganization under the bankruptcy laws.
    -0-        11/1/91
    /CONTACT:  Bob Perilla Associates, 212-581-5775, for Russ Togs/
    (RTS) CO:  Russ Togs, Inc. ST:  New York IN:  TEX SU:  FNC JT-CK -- NY073 -- 0380 11/01/91 16:26 EST
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Publication:PR Newswire
Date:Nov 1, 1991
Words:150
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