Printer Friendly

BESTWAY RENT-TO-OWN SHAREHOLDERS APPROVE CAPITAL RESTRUCTURING PLAN

 DALLAS, Sept. 3 /PRNewswire/ -- Brooks Reed, chairman, BESTWAY RENT- TO-OWN, today announced that shareholders had overwhelmingly approved the company's proposed capital restructuring plan. As a result of such restructure, approximately $5.4 million of the company's indebtedness has been exchanged for newly issued common shares. "With the improved operating results of existing stores achieved over the last few years and completion of the capital restructuring, the company is now in a position to move forward aggressively with its plans for growth," Reed commented.
 In addition, Reed announced that Bestway Rental, Inc. had secured a banking facility to provide for store expansion and acquisition. "Our new credit line will cover all of our working capital requirements and allow for sufficient growth during Fiscal 1994."
 Finally, Reed stated that the board recently had approved a slate of officers to include himself as chairman and CEO, Jack Morgan, president and COO, Elizabeth Durrett, vice president of controller and Teresa Sheffield, vice president of marketing.
 The company currently has 30 rent-to-own stores operating in the Nashville, Tenn., Huntsville, Ala. and St. Louis areas.
 -0- 9/3/93
 /CONTACT: Beth A. Durrett, vice president - controller of BESTWAY RENT-TO-OWN, 214-630-6655/


CO: BESTWAY RENT-TO-OWN ST: Texas IN: REA SU: RCN

MP -- NY013 -- 8741 09/03/93 10:01 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Sep 3, 1993
Words:212
Previous Article:CONNECTICUT $198 MIL. TRANS. RFD. BONDS RATED 'AA-' BY FITCH -- FITCH FINANCIAL WIRE --
Next Article:WEIRTON BOARD APPROVES PROPOSAL TO AMEND CERTIFICATE OF INCORPORATION
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters