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ENVIROFIL IN DEFAULT ON CERTAIN DEBT OBLIGATIONS, ANNOUNCES PROPOSED FINANCIAL RESTRUCTURING

 ENVIROFIL IN DEFAULT ON CERTAIN DEBT OBLIGATIONS,
 ANNOUNCES PROPOSED FINANCIAL RESTRUCTURING
 Engages Investment Banker to Complete Private Placement
 ST. DAVIDS, Pa., Oct. 7 /PRNewswire/ -- Envirofil, Inc. (NASDAQ: EFILC) said today that it has not made its scheduled interest and principal payments which were due on Sept. 1, 1992, pursuant to the company's outstanding 10 percent Convertible Subordinated Notes due Sept. 1, 1996.
 As a result, Envirofil is in default on the notes as well as certain other debt obligations. The company's failure to make scheduled debt service payments is due to current cash insufficiency.
 In addition, Envirofil announced today that it has retained Sanders Morris Mundy Inc., Houston, as its placement agent in connection with a $3.6 million private placement of the company's common stock. The proposed financial restructuring will include and is conditioned upon new senior management including a chief executive officer, the conversion of the company's outstanding Convertible Subordinated Notes and the restructuring of certain other financial obligations prior to or concurrent with the close of the private placement.
 /delval/
 -0- 10/7/92
 /CONTACT: Charles M. Hallinan, president of Envirofil, 215-254-4510/
 (EFIL) CO: Envirofil, Inc. ST: Pennsylvania IN: SU: RCN


JS-CC -- PH016 -- 7472 10/07/92 12:49 EDT
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Publication:PR Newswire
Date:Oct 7, 1992
Words:203
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