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STANDARD BRANDS PAINT CO. GETS APPROVAL FOR $14 MILLION FINANCING

 STANDARD BRANDS PAINT CO. GETS APPROVAL FOR $14 MILLION FINANCING
 TORRANCE, Calif., March 5 /PRNewswire/ -- Standard Brands Paint Co. (NYSE: SBP), a leading retailer in the West of paint and home decorating products, announced today the approval of additional Debtor-In- Possession (DIP) financing. On March 3, 1992, U.S. Bankruptcy Judge Kathleen March granted approval of an additional $3.35 million DIP financing bringing the total court approval to $14 million. Approval of the financing was supported in court by the company's unsecured creditors committee and secured creditors.
 On Feb. 14, three days after Standard Brands Paint Co. filed for Chapter 11, the court approved an interim $10.65 million in DIP financing provided by Foothill Capital Corp. Stuart D. Buchalter, chief executive officer and chairman of the board, stated that "the $14 million financing will enable us to further strengthen our competitive retail presence in the marketplace while a plan of restructuring our finances is assembled."
 Standard Brands Paint Co. voluntarily filed Chapter 11 for reorganization under the federal bankruptcy laws on Feb. 11, 1992, reporting consolidated assets of $280 million and consolidated liabilities of $185 million. The filing came as a result of an 11-month effort to restructure its long-term debt which included negotiations with its bank and senior debt holders and several potential equity investors. "Our progress and the support given by our vendors in this short period of time following our filing has reinforced our belief that reorganizing under Chapter 11 was the best alternative," stated Carl A. Bellini, chief operating officer. "Standard Brands has a strong position in the retail paint industry and, as in the past, is quite capable of retaining a leading market share in our primary markets."
 Standard Brands Paint Co. is a leading manufacturer, distributor and retailer of paint. The company operates 135 paint stores serving the do-it-yourself market in the West.
 -0- 3/5/92 R
 /CONTACT: Craig Walker of Standard Brands Paint Co., 310-214-2411, ext. 2391/
 (SBP) CO: Standard Brands Paint Company ST: California IN: REA SU:


EH -- LA009 -- 5268 03/05/92 08:38 EST
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Publication:PR Newswire
Date:Mar 5, 1992
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