SALANT &lt;QSLT> FILES REORGANIZATION PLAN

  Salant Corp said it and its Thomson Co
  Inc and Obion Co Inc subsidiaries have filed a joint
  reorganization plan with the U.S. Bankruptcy Court and expect
  to emerge from Chapter 11 bankruptcy in the near future.
      The company said a hearing on the adequacy of the
  associated disclosure plan is scheduled for April Nine and
  completion of the plan is subject to approval by creditors,
  equity security holders and the bankruptcy court.
      Salant said it has reached agreement for Ray W. williams to
  continue as president and chief executive officer for five
  years from the effective date of the reorganization plan and
  has substantially concluded talks for a new 15 mln dlr
  unsecured credit, effective the same date.
      The company said the committee of its unsecured creditgors
  and the committee of its equity security holders have approved
  the terms of the plan.  As previously announced, creditors will
  receive 450 mln dlrs in cash, 500 dlrs of 13-1/4 pct senior
  subordinated debentures and four common shares for each 1,000
  dlrsd of allowed unsecured claims.
      Salant today reported earnings for the year ended November
  29 of 1,596,000 dlrs, after a 1,600,000 dlr pretax provision
  for loss on the sale of a subsidiary but before a 9,400,000 dlr
  post-tax charge attributable to costs and expenses of Chapter
  11 and the settlement of pre-Chapter 11 claims, as well as a
  2,712,000 dlr tax credit.
      A year before, it lost 8,084,000 dlrs after a 6,600,000 dlr
  pretax provision for plant closings.
  

