Beverly Hills Fan Co. corrects and replaces news release issued Saturday, March 2.WOODLAND HILLS, Calif.--(BUSINESS WIRE)--March 4, 1996--Beverly Hills Fan Company (Nasdaq:BHFC BHFC Backward Horizontal F Code ) announced that its secured lender, Capital Factors, would no longer continue financing the company and foreclosed on the company assets. Shelley Greenberg, president of BHFC, stated that the debt load had become impossible to service and the company has been unsuccessful in its attempt to restructure secured loans from Capital Factors, the SBA SBA abbr. Small Business Administration Noun 1. SBA - an independent agency of the United States government that protects the interests of small businesses and ensures that they receive a fair share of government and the FDIC FDIC See: Federal Deposit Insurance Corporation FDIC See Federal Deposit Insurance Corporation (FDIC). . Greenberg also stated the foreclosure foreclosure Legal proceeding by which a borrower's rights to a mortgaged property may be extinguished if the borrower fails to live up to the obligations agreed to in the loan contract. eliminated any chance the company has of repaying secured or unsecured creditors. Fiscal 1995 2nd and 3rd quarter results will reflect a substantial drop in revenues and a continuation of heavy losses. Greenberg also stated that the company filed a Form 15 with the Securities and Exchange Commission to terminate the company's registration under the Securities and Exchange Act of 1934. As a result of these events, along with the company's dire financial condition effective February 28th, 1996, Greenberg resigned as president and director of Beverly Hills Beverly Hills, city (1990 pop. 31,971), Los Angeles co., S Calif., completely surrounded by the city of Los Angeles; inc. 1914. The largely residential city is home to many motion-picture and television personalities. Fan Company. CONTACT: Beverly Hills Fan Company Hoyne Greenberg, chairman, 818/992-3267 818/992-5562 (fax) |
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