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TRANSCISCO CHAPTER 11 BANKRUPTCY PLAN IS CONFIRMED

 SAN FRANCISCO, July 29 /PRNewswire/ -- Transcisco Industries Inc. (AMEX: TNIA, TNIB) announced that at the confirmation hearing earlier today, the U.S. Bankruptcy Court stated its intention to confirm its plan of reorganization. The company said that the voting of the various classes of claimants was overwhelmingly positive with every major creditor group voting in favor of the plan as well as 93 percent of the votes received from shareholders. Transcisco originally sought Chapter 11 protection in July 1991, and for the past two years has been working with the various creditor groups to resolve numerous disputes and develop a consensual plan of reorganization.
 The company anticipates its emergence from bankruptcy within the next 45 days.
 Steven L. Pease, president and chief executive officer, was quoted as saying, "The Bankruptcy Court's decision marks the end of a very long and expensive two-year process to achieve a consensual plan. The agreed-upon plan will allow Transcisco to emerge from Bankruptcy with a reasonable debt repayment schedule while, at the same time, preserving the bulk of the equity for existing shareholders. Throughout this period, our core operating companies have performed in excellent fashion. They have achieved record earnings, and we are very enthusiastic about their future prospects."
 Transcisco Industries operates railcar maintenance facilities through its subsidiary, Transcisco Rail Services, railcar leasing operations through its subsidiary, Transcisco Leasing Co., and through its subsidiary, Transcisco Trading Co., owns 20 percent of SOVFINAMTRANS, a Russian leasing company that operates 4,000 tank cars (1,000 of which utilize Transcisco's proprietary Uni-temp heating system).
 -0- 7/29/93
 /CONTACT: Robert W. Laversin, vice president and chief financial officer of Transcisco, 415-477-9788/
 (TNIA TNIB)


CO: Transcisco Industries Inc.; Transcisco Rail Services;
 Transcisco Trading Co. ST: California IN: TRN SU:


GT-TB -- SF019 -- 7534 07/29/93 20:03 EDT
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Publication:PR Newswire
Date:Jul 29, 1993
Words:300
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