CHARTER <CHR> COMPLETES REORGANIZATION
Charter Co said its
previously announced joint plan of reorganization has been
completed, which resulted in <American Financial Corp> owning
50.5 pct of Charter's common.
    The company said three American Financial executives have
been elected to its board, replacing three directors who
resigned, and American Financial Chairman Carl H. Lindner has
been elected Charter's chairman, succeeding Raymond K. Mason,
who continues as a director.
    The company said there were no changes in its management.
    In consummating the reorganization plan, Charter said, it
oissued 66.7 mln dlrs principal amount of 12 pct subordinated
sinking fund debentures due 1999, 60 mln dlrs principal amount
of 10.25 pct increasing rate senior notes due 1994 and
30,963,598 additional common shares.
    The company said American Financial also owns 9,000 Charter
preferred shares, 60.0 mln dlrs of its new senior notes.
    Additionally, American Financial has offered to buy up to
24.7 mln dlrs principal amount of Charter's new debentures from
creditors who received the debentures in payment of debt.
 Reuter
