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FOR ADDITIONAL INFORMATION CONTACT:
DAVID MARGULIES/JIM LAWRENCE (214) 368-0909
COURT APPROVES AMERISERVE DIP FINANCING EXTENSION
DALLAS (October 3, 2000) - AmeriServe Food Distribution, Inc. announced
today that the United States Bankruptcy Court in Wilmington, Del., has approved
an extension of the maturity date of the DIP financing facility to and including
October 30, 2000. The court also authorized further DIP financing extensions
past October 30, 2000, that are agreed to in the future by AmeriServe and its
DIP lenders.
In addition, the Bankruptcy Court approved the bidding procedures and
protections in connection with the sale to McLane Company. The Court has set the
following initial schedule for the Plan of Reorganization filed by AmeriServe in
connection with the sale to McLane Company:
October 16, 2000 -- Hearing to Approve Plan of Reorganization
Disclosure Statement and Solicitation Procedures
October 26, 2000 -- Auction Date (if other bidders for AmeriServe)
November 17, 2000 -- Hearing to Approve Assumption/Assignment/
Rejection of Executory
Contracts and Leases
November 28, 2000 -- Hearing to Approve Plan of Reorganization
Confirmation
Hearing to Approve Sale to McLane (or higher
and better bidder)
Hearing to Resolve Administrative Claims
AmeriServe, headquartered in Addison, Texas, a suburb of Dallas, is one
of the nation's largest distributors specializing in chain restaurants, serving
leading quick service systems such as KFC, Long John Silver's, Pizza Hut and
Taco Bell.
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