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Non-Tech : Discovery Zone
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To: Chris Pensinger who wrote (40)7/29/1997 4:09:00 PM
From: Nate G   of 58
 
<h2>Discovery Zone emerges from bankruptcy</h2>

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<p>

FT. LAUDERDALE, Fla., July 29 (Reuter) - Discovery Zone

Inc, a provider of children's indoor entertainment, said it

emerged from Chapter 11 bankruptcy protection Tuesday.

<p>

A new ownership group, formed and led by the New York-based

investment firm Wellspring Associates LLC, raised $100 million

in private financing to implement Discovery Zone's new business

plan, the company said.

<p>

As part of the reorganization plan, Wellspring has acquired

majority control of Discovery Zone.

<p>

All Discovery Zone securities existing before the

bankruptcy have been extinguished or retired, it said.

<p>

Discovery Zone noted the securities offered in the private

financing have not been registered for trading in the U.S.
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