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WORKINGMENS CORPORATION ANNOUNCES FILING A PETITION UNDER CHAPTER 7 OF THE FEDERAL BANKRUPTCY CODE

 WORKINGMENS CORPORATION ANNOUNCES FILING A PETITION
 UNDER CHAPTER 7 OF THE FEDERAL BANKRUPTCY CODE
 BOSTON, June 1 /PRNewswire/ -- Workingmens Corporation (the "company") announced today that, on May 29, 1992, the Massachusetts Commissioner of Banks took possession of the company's sole subsidiary, Workingmens Co-operative Bank (the "bank"), having made a determination that the bank's capital was impaired and that the bank was in an unsound and unsafe condition, and appointed the Federal Deposit Insurance Corporation ("FDIC") as liquidating agent of the bank pursuant to Massachusetts law. As a result of the bank being placed into FDIC receivership, the company has effectively ceased all business operations and has filed on this day a voluntary petition under Chapter 7 of the federal Bankruptcy Code in federal court in Boston, Mass.
 In a Chapter 7 proceeding, a court-appointed trustee will oversee the liquidation of the company. It is not expected that there will be any assets of the company remaining for distribution to shareholders in connection with the company's liquidation.
 -0- 6/1/92
 /CONTACT: Kevin J. McGillicuddy, vice president of Workingmens Corporation, 617-451-1000/ CO: Workingmens Corporation ST: Massachusetts IN: FIN SU: BCY


PB -- NE011 -- 5749 06/01/92 13:41 EDT
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Publication:PR Newswire
Date:Jun 1, 1992
Words:198
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