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THE HALLWOOD GROUP ANNOUNCES EXTENSION OF EXCHANGE OFFER AND OFFER TO PURCHASE

 DALLAS, Feb. 23 /PRNewswire/ -- The Hallwood Group Incorporated (NYSE: HWG) today announced that it had extended the expiration date relating to its exchange offer for its original 13.5 percent subordinated debentures due July 31, 2009 (original series), and its offer to purchase for cash its 13.5 percent subordinated debentures due July 31, 2009 (1991 series and 1992 series), issued in 1991 and 1992, as payment of interest in kind on the original series debentures.
 The exchange offer, offer to purchase and withdrawal rights will expire at 5:00 p.m., New York time, on March 1,1993.
 The company estimates that, as of 5:00 p.m., New York time, on Feb. 22, 1993, approximately $26,664,811 in outstanding principal amount of the original series debentures, $3,596,379 in outstanding principal amount of the 1991 series debentures and $4,284,672 in outstanding principal amount of the 1992 series debentures had been properly tendered for exchange or purchase and not withdrawn. As of such time, Fidelity Management and Research Corp ($8,343,000), Interallianz Bank Zurich A.G. ($6,662,700), Hallwood Energy Corporation ($2,438,900) and the Dessaur Asset Managed Accounts ($1,000,000) had tendered for exchange or purchase and not withdrawn.
 -0- 2/23/93
 /CONTACT: Mary Doyle, investor relations of The Hallwood Group, 800-225-0135, or 214-528-5588/


CO: Hallwood Group ST: Texas IN: FIN SU: OFF

TM-LD -- NY009 -- 9267 02/23/93 09:01 EST
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Date:Feb 23, 1993
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