OTHER NEWS - May 4, 1993

Angeles Corp. Files for Bankruptcy: The real estate management company said it has filed a bankruptcy reorganization petition only for itself, and that its operating subsidiaries will continue to conduct their businesses outside of Chapter 11. The Los Angeles-based firm, which owns three factory outlet malls and 15 “congregate care” facilities for the elderly nationwide, said the filing was prompted by its default on interest owed on outstanding debentures and by worsening cash flow problems. The long-troubled company has been actively engaged in restructuring discussions with major creditors since March. Angeles’ stock last traded on the American Stock Exchange last Thursday, quoted at 25 cents a share.