Avatex Corporation Announces Purchase of Notes

Apr 24, 2001, 01:00 ET from Avatex Corporation

    DALLAS, April 24 /PRNewswire Interactive News Release/ -- Avatex
 Corporation (OTC Bulletin Board:   AVAT) today announced that it has purchased
 approximately $11,744,000 principal amount of 6.75% Notes due December 2002
 issued by Avatex's wholly-owned subsidiary, Avatex Funding, Inc.  The Notes
 are also guaranteed by Avatex.  Avatex purchased the Notes from certain third
 parties for approximately $7,337,000.  The purchase will result in an
 extraordinary gain on extinguishment of debt of approximately $2,480,000.
     Avatex also announced that the National Intergroup, Inc. Retirement
 Program and the Davenport, Inc. Pension Plan have separately purchased a total
 of approximately $5,256,000 principal amount of Notes.  The Plans purchased
 the Notes from the same third parties for approximately $3,280,000.  Avatex
 was formerly known as National Intergroup, Inc. and Davenport, Inc. is a
 wholly-owned subsidiary of Avatex.
     Avatex is a holding company that, along with its subsidiaries, owns
 interests in other corporations and partnerships.  Through Phar-Mor, Inc., its
 47% owned subsidiary, Avatex is involved in operating a chain of retail
 discount drug stores devoted to the sale of prescription and over-the-counter
 drugs, health and beauty aids and other general merchandise.
 
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SOURCE Avatex Corporation
    DALLAS, April 24 /PRNewswire Interactive News Release/ -- Avatex
 Corporation (OTC Bulletin Board:   AVAT) today announced that it has purchased
 approximately $11,744,000 principal amount of 6.75% Notes due December 2002
 issued by Avatex's wholly-owned subsidiary, Avatex Funding, Inc.  The Notes
 are also guaranteed by Avatex.  Avatex purchased the Notes from certain third
 parties for approximately $7,337,000.  The purchase will result in an
 extraordinary gain on extinguishment of debt of approximately $2,480,000.
     Avatex also announced that the National Intergroup, Inc. Retirement
 Program and the Davenport, Inc. Pension Plan have separately purchased a total
 of approximately $5,256,000 principal amount of Notes.  The Plans purchased
 the Notes from the same third parties for approximately $3,280,000.  Avatex
 was formerly known as National Intergroup, Inc. and Davenport, Inc. is a
 wholly-owned subsidiary of Avatex.
     Avatex is a holding company that, along with its subsidiaries, owns
 interests in other corporations and partnerships.  Through Phar-Mor, Inc., its
 47% owned subsidiary, Avatex is involved in operating a chain of retail
 discount drug stores devoted to the sale of prescription and over-the-counter
 drugs, health and beauty aids and other general merchandise.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X95206545
 
 SOURCE  Avatex Corporation