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                                                                    EXHIBIT 99.1


                                        For more information, contact:

                                        Lawrence J. Ramaekers
                                        Chief Executive Officer
                                        (225) 987-2760

                                        Release Date: June 8, 2000



UNITED COMPANIES FILES FIRST AMENDED PLAN OF REORGANIZATION AND DISCLOSURE
STATEMENT

BATON ROUGE, LA - United Companies Financial Corporation (OTC:UCFNQ) today
announced that it and certain of its subsidiaries filed an amended plan of
reorganization and a disclosure statement in connection with their chapter 11
cases which are pending in the United States Bankruptcy Court for the District
of Delaware in Wilmington. The amended plan of reorganization follows the
Company's announcement on May 30, 2000 that it had entered into definitive
purchase agreements with EMC Mortgage Corporation and EMC Mortgage Acquisition
Corp., subsidiaries of The Bear Stearns Companies, Inc., for the sale of
substantially all of its whole loan portfolio and REO properties, assets related
to its mortgage servicing operations, and its interest only and residual
interests. A hearing in the Bankruptcy Court on the disclosure statement is
scheduled for July 6, 2000.

      United Companies is a specialty finance company that services
non-traditional consumer loan products.

      The following is a "Safe Harbor" Statement under the Private Securities
Litigation Reform Act of 1995: The statements contained in this release that are
not historical facts are forward-looking statements based on the Company's
current expectations and beliefs concerning future developments and their
potential effects on the Company. There can be no assurance that future
developments affecting the Company will be those anticipated by the Company.
Actual results may differ from those projected in the forward-looking
statements. These forward-looking statements involve significant risks and
uncertainties (some of which are beyond the control of the Company) and are
subject to change based upon various factors, including but not limited to the
following risks and uncertainties: the developments in and outcome of the
Company's Chapter 11 reorganization proceedings; the ability to access loan
facilities in amounts necessary to fund the Company's operations; the successful
disposition of its existing loan portfolio and repossessed real estate
properties; the ability of the Company to successfully restructure its balance
sheet; the ability of the Company to retain an adequate number and mix of its
employees; the effect of the Company's policies including the amount of Company
expenses; actual prepayment rates and credit losses on loans sold as compared to
prepayment rates and credit losses assumed by the Company at the time of sale


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for purposes of its gain on sale computations; the quality of the Company's
owned and serviced loan portfolio including levels of delinquencies, customer
bankruptcies and charge-offs; adverse economic conditions; competition; various
legal, regulatory and litigation risks and other risks detailed from time to
time in the Company's Securities and Exchange Commission filings. The Company
undertakes no obligation to publicly update or revise any forward-looking
statements, whether as the result of new information, future events or
otherwise.


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