TRENTON, N.J., July 30, 2002 (PRIMEZONE) -- Bankruptcy Creditors' Service, Inc., today announced publication of BUDGET GROUP BANKRUPTCY NEWS, tracking yesterday's chapter 11 filings in Wilmington, Delaware, by Budget Group, Inc. (OTCBB:BDGPA) and 48 of its affiliates, including Budget Rent a Car Corporation and Ryder TRS, Inc.
A free copy of the first issue of BUDGET GROUP BANKRUPTCY NEWS is available at http://www.bankrupt.com/budget.txt
"Our newsletters provide lawyers, creditors, competitors, and other parties-in-interest with an efficient and affordable way to sift through the mountains of court pleadings and seemingly random information delivered to the Bankruptcy Court," said Peter A. Chapman, President of Bankruptcy Creditors' Service, Inc. "Our editors are bankruptcy pros. They know how to quickly sort the wheat from the chaff. They bring order to chaos."
BUDGET GROUP BANKRUPTCY NEWS editors Danessa B. Alinsug and Frauline Sinson-Abangan relate that the first issue of BUDGET GROUP BANKRUPTCY NEWS includes:
-- background information about the Company's operations;
-- data extracted from the Debtors' bankruptcy petitions;
-- a comprehensive list of the Debtors' 50-largest creditors;
-- information about the U.S. Trustee's plans to form official
committees to represent creditors; and
-- a calendar of the key dates and deadlines in Budget's chapter
11 cases.
Mesdames Alinsug and Abangan say that the next edition, available later this week, will provide subscribers with detailed reviews of:
-- the Debtors' applications to employ Sidley Austin Brown & Wood as
their lead bankruptcy counsel and other professionals who'll help
management steer through the restructuring process;
-- the operational and financial impact of the handfuls of first-day
motions brought before the Court to maintain stability from
customers' and employees' perspectives; and
-- Budget's request for approval of the Team Fleet Financing deal to
keep 80,000 automobiles rolling from Ford Motor Company to Budget
each year; and
-- if delivered to the Bankruptcy Court, Budget's new $100 million
superpriority secured debtor-in-possession financing facility to
fund on-going working capital needs through the chapter 11
process.
BUDGET GROUP BANKRUPTCY NEWS is distributed on a subscription basis by e-mail for $45 per issue. New issues are published as significant activity occurs (generally every 10 to 20 days) in the company's chapter 11 cases.
Since 1990, BCSI has published similar newsletters tracking billion-dollar insolvency proceedings. Currently, BCSI provides similar coverage about the restructuring proceedings involving ANC Rental (competing with Budget under the Alamo and National Car nameplates), Federal-Mogul, Hayes Lemmerz, Exide Technologies, W.R. Grace & Co., Owens Corning, Armstrong World Industries, USG Corporation, Safety-Kleen, Laidlaw, The IT Group, Enron Corp., Covanta Energy Corp., Pacific Gas and Electric Company, WorldCom, XO Communications, Global Crossing, Williams Communications, FLAG Telecom, Adelphia Business Solutions and Adlephia Communications, Winstar, 360networks, ICG Communications, PSINet, Exodus Communications, Lernout & Hauspie and Dictaphone, Reliance Group Holdings & Reliance Financial, NationsRent, Burlington Industries, Polaroid Corporation, Lodgian, The FINOVA Group, Inc., Comdisco, Fruit of the Loom, Pillowtex, Warnaco, Kmart Corp., Ames Department Stores, Service Merchandise, Bridge Information Services, Imperial Sugar, The Loewen Group International, Inc., Vlasic Foods, Harnischfeger Industries, Inc., Vencor, Inc., Sun Healthcare Group, Inc., Mariner Post-Acute & Mariner Health, Genesis Health & Multicare, Integrated Health Services, National Steel, Bethlehem Steel, LTV, Wheeling-Pittsburgh, Kaiser Aluminum and Metals USA.
Additionally, BCSI co-publishes the Troubled Company Reporter -- a daily newsletter that provides news about more than 1,000 on-going troubled company situations. Go to http://www.bankrupt.com/periodicals/tcr/tcr.form.html to sign-up for a 30-day free trial subscription to the TCR.