<TWIN CITY BARGE> PROPOSES REORGANIZATION
Twin City Barge Inc said
it proposed a plan of reorganization to several of its largest
creditors.
    The company also said it expects to file a Chapter 11
petition in the U.S. Bankruptcy Court in the near future.
    If these creditors agree to the plan, Twin City Barge said
it would propose it to its other creditors and to its
shareholders. Under the plan, the company would issue new
common stock to unsecured creditors and to a group of investors
who would fund the reorganization.
    Twin City also said as a result of a judgment entered March
Three in Dakota County, Minnesota District Court, John Lambert,
its former chairman and chief executive officer, started
actions to draw against bank accounts and other assets of the
company for 409,000 dlrs in severence benefits.
 Reuter
