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CF INCOME PARTNERS L.P. ANNOUNCES AMERICAN CONTINENTAL PROPERTIES PROPOSES REVISED TERMS FOR ORIGINALLY ANNOUNCED ASSET SALE

 LOS ANGELES, Nov. 1 /PRNewswire/ -- CF Income Partners L.P. (NYSE: CFI), a Los Angeles-based master limited partnership, announced today that on Friday, Oct. 29, and Sunday, Oct. 31, it received letters from the American Continental Properties Group proposing revised terms for the partnership's previously announced agreement in principle to sell its portfolio of investment properties. The partnership stated that American Continental's proposals were materially different than the previously announced agreement in principle for this transaction. After its first announcement about this possible transaction, the partnership had announced additional agreements in principle to settle certain litigation and obtain certain debt concessions from California Federal Bank, its principal lender, and the partnership's intention to make a $1.00 per unit liquidating distribution to its unitholders, provided all announced agreements in principle were completed, the litigations were settled and the transaction with American Continental and the dissolution of the partnership were approved by unitholders and ultimately consummated.
 The partnership stated that it was continuing to discuss the property sale transaction with American Continental but did not know how long those discussions would continue or whether those discussions would result in a definitive agreement and a completed transaction. The partnership also stated that it was in discussion with its principal lender, California Federal Bank, about this transaction. In light of the uncertainty about completing a transaction with American Continental that would be acceptable to the partnership and California Federal Bank, the partnership stated there could be no assurance that a transaction would be completed or that a liquidating distribution would be made to its unitholders.
 The partnership also referred to its prior public disclosures in which it had stated that as a result of the impending maturities of its indebtedness during 1993 it was imperative that there be a prompt arrangement to restructure or repay its existing indebtedness and that absent such an arrangement, the partnership might be forced to liquidate at unfavorable prices, or lose by foreclosure, each of its assets as the related mortgage debt matures or it may be forced to seek protection under the Federal bankruptcy laws.
 CF Income Partners L.P. is a publicly traded master limited partnership which has invested in income-producing multifamily residential, commercial and industrial properties.
 -0- 11/1/93
 /CONTACT: Barbara J. Pape of CF Income Partners, 213-930-6246/
 (CFI)


CO: CF Income Partners L.P. ST: California IN: FIN SU: TNM

EH -- LA020 -- 8973 11/01/93 08:52 EST
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Publication:PR Newswire
Date:Nov 1, 1993
Words:406
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