1
 Leaseway Transportation Corp. said 
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it will restructure $192.5 million of certain subordinated debentures 
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to reduce its debt obligations and interest expense.
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 The 13.25% subordinated debentures due 2002 were issued in August 1987 as part of the $690 million financing for a leveraged buy-out of the company.
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 Leaseway provides transportation services for manufacturers, distributors and retailers.
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 Leaseway said 
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it has begun discussions with certain institutional debt holders 
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to review the proposed private placement transaction, 
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which would exchange the debt for new subordinated debt instruments and equity securities.
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 Specific terms are subject to review and a final agreement with debt holders, 
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the company said.
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 But the proposed transaction calls for an exchange of the debt for new debentures of lower face value and reduced cash interest.
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 Also, debt holders would be offered an equity position in Leaseway, 
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which in total would represent a controlling interest in the company.
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 Drexel Burnham Lambert Inc. is the adviser on the transaction.
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 Company officials said 
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Leaseway fulfilled payment requirements of its debt obligations since the leveraged buy-out, 
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but our performance since the {buy-out} makes it imperative to implement actions 
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that will further improve our cash flow. 
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