CFP Holdings Inc. Announces That it Will Not Make Interest Payment.Business Editors PHILADELPHIA--(BUSINESS WIRE)--Jan. 16, 2001 CFP 1. CFP - Constraint Functional Programming. 2. CFP - Communicating Functional Processes. 3. CFP - Call For Papers (for a conference). Holdings Inc. (the "Company"), today announced that it will not make the Jan. 16, 2001 semi-annual interest payment of approximately $6.7 million on its 11 5/8 percent Senior Guaranteed Notes due 2004. The Company has a 30-day grace period to make such payment. The failure to make the required payment on the Senior Guaranteed Notes will require obtaining certain waivers under the Company's revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facility. The Company is currently in discussions with its lender regarding such waivers. The Company further announced the termination of its chief executive officer, William G. Del Chiaro, and the appointment of Eric W. Ek, executive vice president, to the additional office of chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. . The Company emphasizes that it is continuing to pay its vendors and operate in the ordinary course of business. CFP Holdings Inc. is a leading developer, manufacturer and marketer of value-added meat and poultry poultry, domesticated fowl kept primarily for meat and eggs; including birds of the order Galliformes, e.g., the chicken, turkey, guinea fowl, pheasant, quail, and peacock; and natatorial (swimming) birds, e.g., the duck and goose. products sold to the food service industry and manufacturers of packaged foods. This news release includes "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. Important factors that could cause actual results to differ materially from the Company's expectations ("Cautionary Statements") are disclosed in the Company's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and other reports filed with the Securities and Exchange Commission and in this statement. All subsequent written and oral forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety The whole, in contradistinction to a moiety or part only. When land is conveyed to Husband and Wife, they do not take by moieties, but both are seised of the entirety. by the Cautionary Statements. |
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