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FURR'S/BISHOP'S MAKES ANNOUNCEMENT ABOUT INTEREST PAYMENT

       FURR'S/BISHOP'S MAKES ANNOUNCEMENT ABOUT INTEREST PAYMENT
    LUBBOCK, Texas, Nov. 6 /PRNewswire/ -- Furr's/Bishop's, Incorporated (NYSE: CHI) announced today that Cafeteria Operators, L.P., an indirect subsidiary of Furr's/Bishop's, continues to be in discussions with the noteholders with respect to an interest payment of approximately $7.9 million initially due on Sept. 30, 1991, on Cafeteria Operators' $60 million 10.25 percent Series A senior notes due 1997 and $90 million 10.75 percent Series B senior notes due 2007.
    As previously announced, 16 out of a total of 17 noteholders have agreed to grant Cafeteria Operators such waivers.  As a result of a 30- day waiver received on Sept. 30, 1991, the payment date on such interest payments was extended to Oct. 31, 1991.  Pursuant to the agreement governing the Series A senior notes and the Series B senior notes, Cafeteria Operators must receive the approval of all noteholders in order for such waivers to be effective.  Accordingly, an event of default has occurred under such agreement.
    Furr's/Bishop's is one of the largest operators of cafeterias in the United States with 123 cafeterias in 10 states in the Southwest, West and Midwest under the name "Furr's," 22 cafeterias in seven states in the Midwest under the name "Bishop" and seven specialty restaurants.
    -0-           11/6/91
    /CONTACT:  Alton Smith, CFO of Furr's/Bishop's, 806-792-7151/
    (CHI) CO:  Furr's/Bishop's Incorporated ST:  Texas IN:  LEI SU: CK -- NY035 -- 1622 11/06/91 10:55 EST
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Publication:PR Newswire
Date:Nov 6, 1991
Words:246
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