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FURR'S/BISHOP'S, INCORPORATED ANNOUNCES RECEIPT OF WAIVER

 LUBBOCK, Texas, Oct. 11 /PRNewswire/ -- Furr's/Bishop's, Incorporated (NYSE: CHI) today announced that it has received a waiver to the $9.5 million bank credit agreement of its subsidiary Cavalcade Foods, Inc. providing that no default under the bank credit agreement will result from the $5.4 million arbitration award against Furr's/Bishop's Cafeterias, L.P. announced on Oct. 4, 1993, or the enforcement of such award. Kevin E. Lewis, chairman of the board of Furr's/Bishop's, Incorporated, stated that as a result of the waiver no default will result under any of the approximately $200 million outstanding debt of Furr's/Bishop's and its subsidiaries as a result of the arbitrators' award. Lewis stated that the company is continuing to explore with General Electric Pension Trust alternatives to resolve the arbitrators' award.
 Furr's/Bishop's also stated that it is continuing to pursue a refinancing of all or a portion of Cafeteria Operators, L.P.'s $192.9 million outstanding principal amount of senior secured notes and is continuing to investigate potential transactions involving its equity structure.
 Furr's/Bishop's is one of the largest operators of cafeterias and buffets in the United States operating 145 cafeterias, buffets and specialty restaurants in 16 states in the Southwest, West and Midwest under the names "Furr's," "Bishop's," "Zoo-Kini's" and "El Paso Bar-B- Que."
 -0- 10/11/93
 /CONTACT: Joe W. Conner, chief financial officer of Furr's/Bishop's, 806-792-7151/
 (CHI)


CO: Furr's/Bishop's, Incorporated ST: Texas IN: LEI SU:

LG -- NY040 -- 0758 10/11/93 15:45 EDT
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Publication:PR Newswire
Date:Oct 11, 1993
Words:253
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