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SUNSHINE-JR. STORES MAKES ANNOUNCEMENT

 PANAMA CITY, Fla., Nov. 19 /PRNewswire/ -- Sunshine-Jr. Stores, Inc. (AMEX: SJS) announced today that the official committee of unsecured creditors voted Thursday, Nov. 18, 1993 to support a revision of the company's plan of reorganization filed Aug. 27, 1993, in the United States Bankruptcy Court for the Middle District of Florida. The revision will be based upon negotiations between the committee and the company as expressed presently in a term sheet dated Oct. 21, 1993, and is subject to final documentation.
 This joint effort is expected to produce a plan that can be confirmed as expeditiously and economically as possible. The revisions are expected to be completed and filed well in advance of the disclosure statement hearing scheduled for Feb. 2, 1994. Following approval of the disclosure statement, the disclosure statement, plan and official ballot will be submitted to the company's creditors for their approval.
 The company has also reached agreement with its secured lenders regarding consensual amendment to their treatment in the plan. This agreement is also subject to documentation. It is anticipated that the results of these agreements with allow for plan confirmation without share dilution of the company's outstanding stock.
 Additionally, the United States District Court for the Middle District of Alabama, Southern Division, ruled today finding Sunshine-Jr. Stores, Inc. innocent in the lawsuit Coleman, et al. v., Cannon Oil Co., Inc. The court found no basis for the allegations of price fixing or conspiracy to fix prices and dismissed all of the plaintiffs' claims against the company.
 Sunshine-Jr. Stores, Inc. operates, as debtor in possession under Chapter 11 of the Bankruptcy Code, approximately 260 convenience stores located in Florida, Alabama, Mississippi, Georgia and Louisiana.
 -0- 11/19/93
 /CONTACT: Paul Martin of Sunshine-Jr. Stores, Inc., 813-347-8900/


CO: Sunshine-Jr. Stores, Inc. ST: Florida IN: REA SU:

RK-SS -- FL003 -- 6543 11/19/93 12:43 EST
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Publication:PR Newswire
Date:Nov 19, 1993
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