LVI GROUP SUBSIDIARY CEASES OPERATIONS
LVI GROUP SUBSIDIARY CEASES OPERATIONS NEW YORK, Dec. 6 /PRNewswire/ -- The LVI Group (NYSE: LVI) today
announced that, in connection with its previously announced intention to withdraw form the interior construction business, its United Kingdom subsidiary, Nico Construction PLC, has ceased the active conduct of business and has appointed Alan R. Bloom a partner of Ernst & Young as a liquidator of that subsidiary's assets and business in accordance with applicable U.K. law. The liquidation of the U.K. subsidiary should not have any material impact on the continuation of LVI's remaining businesses in the United States. The appointment does, however, result in an automatic acceleration of LVI's outstanding senior secured notes (approximately $26 million principal amount outstanding). To the knowledge of LVI, the senior notes are held by approximately 20 holders who also own approximately 90 percent of LVI's issued and outstanding common stock. LVI is soliciting a waiver from those holders which, if granted, would rescind the acceleration of the maturity of the notes.
-0- 12/6/91 /CONTACT: Burton T. Fried, president of the LVI Group, 212-951-3660/ (LVI) CO: LVI Group Inc. ST: New York IN: SU: SM-TS -- NY037 -- 0101 12/06/91 12:16 EST
|Printer friendly Cite/link Email Feedback|
|Date:||Dec 6, 1991|
|Previous Article:||ALCO INTERNATIONAL GROUP ANNOUNCES REVERSE STOCK SPLIT|
|Next Article:||PIEDMONT'S FOURTH QUARTER EARNINGS UP WARM WEATHER AFFECTS FISCAL YEAR|