Holly Products Inc. is granted extension to close on $5,000,000 financing of casino property.
BALA CYNWYD, Pa.--(BUSINESS WIRE)--May 23, 1996--Holly Products Inc. (NASDAQ NASDAQ
in full National Association of Securities Dealers Automated Quotations
U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :HOPR, HOPRW, AND HOPRR; BSE See Bombay Stock Exchange.
See Boston Stock Exchange (BSE). :HOP, HOPP HOPP Human Oncology and Pathogenesis Program (Memorial Sloan-Kettering Cancer Center; New York, NY) ) announced today that the U.S. Bankruptcy Court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. , District of Colorado, has granted the company's subsidiary, Country World Casino Inc.'s motion to extend the time to close on its previously approved $5,000,000 financing package.
The court gave Country World until June 17, 1996 to close on the financing and resolve all disputes concerning prior secured and unsecured debt.
The purpose for the extension was to allow Country World the necessary time to resolve certain title issues and to replace one of the lenders associated with the financing.
Holly Products' chairman has committed over $2,000,000 of his personal funds to replace such lenders. Accordingly, the chairman's loan, combined with the loan from Kennedy Funding Inc. will be sufficient to complete the court approved financing on a timely basis. Closing is scheduled for early June.
William Patrowicz, president of Holly Products Inc. stated, "Again, our chairman has stepped up to the plate to do what is best for the company. His support at this crucial time will ensure a speedy resolve to the bankruptcy issues and allow us to get on with the building of the casino."
Holly Products Inc. headquartered in Bala Cynwyd, Pa., has a wholly owned subsidiary Wholly Owned Subsidiary
A subsidiary whose parent company owns 100% of its common stock.
In other words, the parent company owns the company outright and there are no minority owners. , Navtech Industries Inc. of Blanding, Utah, and a majority owned subsidiary, Country World Casinos Inc., of Denver. Navtech is a manufacturer and tester of electronic components for casino equipment, hotel equipment, and signage. Country World Casinos Inc. is a development corporation, whose plan is to construct a casino in Black Hawk, Colorado For other uses of Blackhawk/Black Hawk, see Black Hawk.
The historic City of Black Hawk is a Home Rule Municipality in Gilpin County, Colorado, United States. The city population was 118 at U.S. Census 2000, making Black Hawk the least populous city in Colorado. , as well as a hotel complex.
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