Brooke Group subsidiary, BGLS Inc., extends expiration date of exchange offer for outstanding debt.MIAMI--(BUSINESS WIRE)--January 9, 1996--Brooke Group Ltd. (NYSE NYSE See: New York Stock Exchange :BGL BGL The pre-July 1999 ISO 4217 currency code for Bulgarian Lev. ) announced today that its subsidiary, BGLS BGLS Bisexual and Gay and Lesbian Students Inc., has extended the expiration date of its previously announced offer to exchange a total of up to $231,869,000 principal amount of BGLS's new five-year 15.75% Senior Secured Notes for all its outstanding 13.75% Series 2 Senior Secured Notes due 1997, 16.125% Senior Subordinated Reset Notes due 1997 and 14.500% Subordinated Debentures due 1998. The Exchange Offer, initially scheduled to expire at 5:00 p.m., New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. time, on January 9, 1996, will expire at 5:00 p.m., New York City time, on Wednesday, January 24, 1996. Fleet National Bank of Massachusetts The Bank of Massachusetts, founded in 1784 in Boston, Massachusetts, was the second-oldest bank in the United States. It is a predecessor to the modern Bank of America (merged 2005), through Bank of Boston (1903), BankBoston (1996) and FleetBoston Financial (1999). is acting as the Exchange Agent on the offer. As of January 9, 1996, holders of the Series 2 Notes have tendered approximately $91,079,000 principal amount of such notes; holders of the Senior Subordinated Reset Notes have tendered approximately $555,000 principal amount of such notes; and holders of the Debentures have tendered approximately $124,305,000 principal amount of such debentures. Brooke Group is a holding company which controls Liggett Group Inc., tobacco and real estate operations in the former Soviet Union and has a substantial equity interest in New Valley Corporation. CONTACT: Sard Verbinnen & Co. George Sard/Anna Cordasco/Paul Caminiti 212/687-8080 |
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