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GLENFED CONFIRMS PREVIOUS ANNOUNCEMENTS THAT HOLDING COMPANY WILL MISS DEBENTURE INTEREST PAYMENT

 GLENDALE, Calif., March 12 /PRNewswire/ -- GLENFED Inc. (NYSE: GLN) today confirmed its previous statements that the holding company will not make the annual interest payment due March 15, 1993, to holders of its 7.75 percent convertible subordinated debentures due 2001.
 The holding company has been in contact with an informal steering committee consisting of certain major holders of the debentures and their financial and legal advisors to discuss possible actions that might be taken, although no substantive agreement has been reached.
 -0- 3/12/93
 /CONTACT: Judy Cunningham, 818-500-2274, or Jeff Misakian, 818-500-2824, both of GLENFED/
 (GLN)


CO: GLENFED Inc. ST: California IN: FIN SU:

JL-LS -- LA021 -- 5719 03/12/93 19:21 EST
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Publication:PR Newswire
Date:Mar 12, 1993
Words:115
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