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ZELL/CHILMARK FUND EXPRESSES INTEREST IN REVCO

 ZELL/CHILMARK FUND EXPRESSES INTEREST IN REVCO
 NEW YORK, Jan. 7 /PRNewswire/ -- The Official Committee of Unsecured


Noteholders of Revco D.S., Inc. (the noteholders' committee) announced that during the course of a meeting today attended by representatives of the noteholders' committee and other of Revco's subordinated noteholders, Zell/Chilmark Fund, L.P. expressed interest in facilitating the confirmation of the Chapter 11 plan of reorganization proposed by the Noteholders' Committee and by Revco's Official Committee of Unsecured Trade Creditors and its Unofficial Committee of Secured Bank Lenders.
 Zell/Chilmark Fund, L.P. indicated that it would be interested in providing up to $160 million to enable certain of Revco's creditors who would otherwise receive common stock under the plan to receive cash. The expression of interest currently contemplates that Zell/Chilmark Fund, L.P. would make available $6.97 per share to holders of Revco's three classes of public subordinated notes and, if amounts remain available, to other recipients of common stock.
 The Noteholders' Committee noted that the terms contemplated in Zell/Chilmark Fund, L.P.'s expression of interest will be subject to the authorization and approval of the United States Bankruptcy Court for the Northern District of Ohio, and to the negotiation of definitive documentation. It also noted that Chilmark Partners, an affiliate of Zell/Chilmark Fund, L.P., serves as financial advisor to the Noteholders' Committee. The Noteholders' Committee welcomes Zell/Chilmark Fund, L.P.'s interest and regards it as in the best interests of creditors and a positive step towards confirmation of a plan of reorganization.
 -0- 1/7/92
 /CONTACT: Fred Garcia or Susan Loewe of Clark & Weinstock, 212-953-2550, for Zell/Chilmark/ CO: Zell/Chilmark Fund, L.P.; ST: New York IN: SU:


PS -- NY082 -- 7530 01/07/92 18:44 EST
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Publication:PR Newswire
Date:Jan 7, 1992
Words:299
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