Holly Products Inc. is granted extension to close on $5,000,000 financing of casino property.
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, 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, as well as a hotel complex.
CONTACT: Martin E. Janis & Co. Inc., Chicago
Elliott Jacobson, 312/943-1100