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U.S. COURT APPROVES MCC HARMONIZATION PROPOSALS

 U.S. COURT APPROVES MCC HARMONIZATION PROPOSALS
 NEW YORK, Jan. 3 /PRNewswire/ -- The U.S. Court today provisionally


approved arrangements agreed between Price Waterhouse, as the joint administrators of Maxwell Communication Corporation PLC, and the U.S. Examiner for harmonizing the U.K. and U.S. insolvency proceedings. The U.S. Court order, which follows a similar approval by the U.K. Court earlier in the week, recognizes the joint administrators, three Price Waterhouse partners, as the "corporate governance" of MCC, with the examiner assisting in the harmonization process and fulfilling a monitoring role with certain of the administrators' actions being subject to approval by the examiner or the U.S. Court.
 As a result of the arrangements which have been agreed, it is recognized in proceedings in both jurisdictions that the executive powers of the MCC directors are suspended. Peter Laister remains as chairman for the time being, but in a non-executive capacity. Directors Ron Woods and Lord Rippon of Hexham have resigned. The group finance director, Basil Brookes, will continue to assist the joint administrators. David Shaffer will remain as chairman of Macmillan and Official Airline Guides (OAG), MCC's principal U.S. subsidiaries.
 The joint administrators will be discussing strategy with creditors committees in both proceedings. One approach that will be explored is the disposal of peripheral activities coupled with a financial reconstruction of the remaining core business which is likely to be centered on Macmillan and OAG in the U.S.A.
 One of the Price Waterhouse Administrators, Mark Homan, said, "The arrangements approved by the courts will help to stabilize the situation and provide a sensible framework for achieving a constructive reorganization of MCC. Over the next few weeks we will be seeking to promote a consensus over the proposed strategy."
 -0- 1/3/92
 /NOTE TO EDITORS: The U.S. Court approval is provisional at this stage in order to allow time to give sufficient time to give proper notice to creditors who may wish to make representations to the court./
 /CONTACT: Price Waterhouse public relations, 212-819-5000/ CO: Price Waterhouse; Maxwell Communication Corporation PLC ST: New York IN: SU:


PS -- NY048 -- 6649 01/03/92 19:36 EST
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Publication:PR Newswire
Date:Jan 3, 1992
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