Printer Friendly

INTERMARK AND TRITON OBTAIN ADDITIONAL STANDSTILL AGREEMENT FROM CREDITOR WHILE NEGOTIATIONS WITH BONDHOLDER GROUPS CONTINUE

INTERMARK AND TRITON OBTAIN ADDITIONAL STANDSTILL AGREEMENT FROM
 CREDITOR WHILE NEGOTIATIONS WITH BONDHOLDER GROUPS CONTINUE
 LA JOLLA, Calif., July 30 /PRNewswire/ -- Intermark Inc. (AMEX: IMI) announced today that it and its wholly owned subsidiary Triton Group Ltd. have secured an extension of the forebearance and standstill agreement with its major secured creditor, Fuqua Industries Inc. (NYSE: FQA). This agreement, which now expires on Sept. 29, 1992, was entered into in an effort to provide additional time to reach agreement on a prepackaged or pre-arranged plan of reorganization under Chapter 11 for Intermark and Triton.
 Intermark announced on June 30, 1992, that Triton elected not to make the $9.1 million interest payments which were then due, resulting in defaults on its $50 million of 14 3/8 percent subordinated notes due 1995 and $75 million of 14 5/8 percent subordinated debentures due 2000. These defaults also resulted in a default of Triton's $32 million loan from Fuqua Industries, which loan is secured by Triton's ownership of 4.3 million shares of Fuqua's common stock, approximately 26 percent of Fuqua's outstanding shares.
 Discussions with committees representing Intermark and Triton bondholders are continuing in an effort to reach agreement on plans of reorganization for the two companies.
 -0- 7/30/92
 /CONTACT: John C. Stiska, president, or Michael M. Earley, senior VP and CFO, of Intermark, 619-456-1000/
 (IMI FQA) CO: Intermark Inc.; Triton Group Ltd.; Fuqua Industries Inc. ST: California IN: SU:


JL -- SD001 -- 5324 07/30/92 17:30 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 30, 1992
Words:250
Previous Article:TRACOR REPORTS SECOND QUARTER RESULTS
Next Article:AMBAC INC. ANNOUNCES SECOND QUARTER EARNINGS OF $30.7 MILLION; EARNINGS INCREASE 10.4 PERCENT
Topics:


Related Articles
INTERMARK ELECTS TO WITHHOLD INTEREST PAYMENT AND NEGOTIATES WITH BONDHOLDERS
INTERMARK AND TRITON OBTAIN STANDSTILL AGREEMENTS FROM CREDITORS AND TRITON ELECTS NOT TO MAKE BOND INTEREST PAYMENT
INTERMARK AND TRITON OBTAIN STANDSTILL AGREEMENTS FROM CREDITORS AND TRITON ELECTS NOT TO MAKE BOND INTEREST PAYMENT
INTERMARK AND TRITON OBTAIN ADDITIONAL STANDSTILL AGREEMENT FROM CREDITOR
INTERMARK INC. AND TRITON GROUP LTD. DISCLOSURE STATEMENT APPROVED
INTERMARK INC. AND TRITON GROUP LTD. DISCLOSURE STATEMENT DISTRIBUTED TO CREDITORS
INTERMARK INC. AND TRITON GROUP LTD.ANNOUNCE CONFIRMATION OF PLAN OF REORGANIZATION
INTERMARK INC. AND TRITON GROUP LTD. EXPECT CONFIRMATION OF PLAN OF REORGANIZATION
INTERMARK AND TRITON GROUP LTD. ANNOUNCE RECORD DATE FOR DISTRIBUTION OF NEW EQUITY SECURITIES PURSUANT TO JOINT PLAN OF REORGANIZATION
INTERMARK AND TRITON GROUP ANNOUNCE THE MERGER OF INTERMARK INTO TRITON, LISTING OF THE NEW TRITON COMMON STOCK, THE EMERGENCE FROM BANKRUPTCY

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters