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TRANSCISCO INDUSTRIES ANNOUNCES AGREEMENT WITH CREDITORS COMMITTEE TO RESOLVE CHAPTER 11 BANKRUPTCY

 SAN FRANCISCO, April 21 /PRNewswire/ -- Transcisco Industries Inc. (AMEX: TNIA, TNIB) today announced that an agreement has been reached with the Official Unsecured Creditors Committee to resolve the company's Chapter 11 bankruptcy. Under the agreement, the company will pay its unsecured creditors up to $20 million over a period of up to seven years, while one creditor (AMTRAK) will compromise its claim and be paid off in full at the date the plan is confirmed. Under the arrangement, the unsecured creditors will also receive up to 10 percent of Transcisco's stock as compensation for the 20-percent reduction they have agreed to take in their claims.
 Earlier, on March 8th, the company had announced its agreement in principal with other of its creditors to exchange its 3,367,367 shares of PLM International (AMEX: PLM) stock and $3 million of its $5 million note receivable from PLM for $16.3 million of subordinated debentures (bonds) that were in default.
 These arrangements, together with the recent agreements to resolve the two major lawsuits (Megeath and Daniels) that have hung over the company and the bankruptcy case, pave the way for filing a consensual plan with the bankruptcy court in the coming weeks that should allow the company to emerge from the bankruptcy. It is expected that the formal process for reviewing, voting on and approving the consensual plan should be completed by the end of July.
 Transcisco Industries operates railcar maintenance and retrofitting operations through its subsidiary, Transcisco Rail Services, and operates a railcar leasing business through its subsidiary, Transcisco Leasing. Its subsidiary, Transcisco Trading, owns 20 percent of SOVFINAMTRANS (SFAT), a successful Russian railcar leasing joint venture that operates approximately 3,000 tank cars in Russia, of which 1,000 utilize Transcisco's proprietary "Unitemp" heating technology.
 -0- 4/22/93
 /CONTACT: Robert W. Laversin, vice president and chief financial officer of Transcisco, 415-477-9700/
 (TNIA TNIB PLM)


CO: Transisco Industries Inc.; PLM International ST: California IN: TRN SU:

ML-TM -- SF006 -- 9523 04/22/93 13:37 EDT
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Publication:PR Newswire
Date:Apr 22, 1993
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