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WEAN INCORPORATED ANNOUNCES CHAPTER 11 HEARINGS RESULTS

 PITTSBURGH, July 27 /PRNewswire/ -- The first hearings in the Chapter 11 case of Wean Incorporated (NYSE: WID) were held on Friday, July 23, 1993, before the Honorable Judith K. Fitzgerald, bankruptcy judge for the Bankruptcy Court for the Western District of Pennsylvania.
 Wean's Chapter 11 case was filed on July 20, 1993.
 Pursuant to requests of Wean, Fitzgerald approved the use of $4.0 million of cash on hand to enable Wean to conduct its business. A hearing is scheduled for Sept. 1, 1993, on Wean's request for the approval of debtor-in-possession financing which has been committed to the company by CIT Group/Credit Finance, Inc.
 Fitzgerald also approved the company's request to pay the wages and welfare benefits of its employees and retirees in accordance with bankruptcy law which had accrued prior to the Chapter 11 filing, but which had not been paid at the time of the filing. It is anticipated that these payments will be made during the week of July 26, 1993.
 The effect of these approvals is that Wean Incorporated has been authorized by the Bankruptcy Court to conduct business as usual during its Chapter 11 case, to continue to serve its customers and to pay its suppliers and employees.
 As an additional matter, Fitzgerald has set Aug. 31, 1993, as the scheduled date for a hearing on the approval of Wean's proposed sale of substantially all of its Youngstown, Ohio, engineering and manufacturing assets to its licensee, Danieli & C. S.p.A., an Italian-based supplier of equipment for the metals industry worldwide.
 /delval/
 -0- 7/27/93
 /CONTACT: R.J. Wean III of Wean Incorporated, 412-456-5300/
 (WID)


CO: Wean Incorporated; CIT Group/Credit Finance, Inc.;
 Danieli & C. S.p.A. ST: Pennsylvania, Ohio IN: MNG SU: BCY


KC-MK -- PG018 -- 6264 07/27/93 13:07 EDT
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Date:Jul 27, 1993
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