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INTERMARK ELECTS TO WITHHOLD INTEREST PAYMENT AND NEGOTIATES WITH BONDHOLDERS

 INTERMARK ELECTS TO WITHHOLD INTEREST PAYMENT
 AND NEGOTIATES WITH BONDHOLDERS
 LA JOLLA, Calif., June 1 /PRNewswire/ -- Intermark Inc. (AMEX: IMI) announced today that its wholly owned subsidiary Triton Group Ltd. would not at this time make payment of approximately $9 million of semi-annual interest payments due on June 1, 1992, on two series of subordinated debt. The interest payments relate to Triton's $75 million principal amount of 14 5/8 percent subordinated debentures due 2000 and $50 million principal amount of 14 3/8 percent subordinated notes due 1995.
 The company is continuing to negotiate with its bondholders concerning the plan which was announced in March to reorganize Intermark and Triton pursuant to Chapter 11 of the Bankruptcy Code. It anticipates commencing solicitation of its plan as soon as those negotiations are completed and regulatory approvals are obtained.
 Intermark is an operating/holding company whose business is to acquire a controlling interest in, operate through and add value to well-established, successful, mid-sized American growth companies in broadly diverse industries.
 -0- 6/1/92
 /CONTACT: John C. Stiska, president, or Michael M. Earley, senior VP & CFO, 619-456-1000, both of Intermark Inc./
 (IMI) CO: Intermark Inc; Triton Group Ltd. ST: California IN: SU:


SD-AL -- SD004 -- 5748 06/01/92 13:37 EDT
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Publication:PR Newswire
Date:Jun 1, 1992
Words:210
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