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MARCADE GROUP CONCLUDES AN EXTENSION OF THE FORBEARANCE PERIOD UNDER ITS DEFINITIVE RESTRUCTURING AGREEMENT

 MARCADE GROUP CONCLUDES AN EXTENSION OF THE FORBEARANCE PERIOD
 UNDER ITS DEFINITIVE RESTRUCTURING AGREEMENT
 NEW YORK, March 6 /PRNewswire/ -- The Marcade Group, Inc. (NYSE: MAR) announced today that it had successfully concluded an extension of the forbearance period (to May 31, 1992) under its definitive restructuring agreement with its senior lender, Heller Financial, Inc. This will enable Marcade to continue to pursue the sale of an operating subsidiary or other restructuring plans, assisted by its financial consultants, Bear Stearn & Co., in order to consummate a restructuring of Marcade's debt. Marcade also obtained an extension for a similar period from BNY Financial Corporation, relating to Marcade's guaranty to BNY of the obligations of RJMJ, Inc., Marcade's subsidiary.
 Charles S. Ramat, Marcade's chairman and chief executive officer, stated, "We are continuing to work on the restructuring of Marcade's debt utilizing the values and earnings generated by Marcade's remaining subsidiaries, Europe Craft Imports, Inc. (Members Only), Perry Manufacturing and Above-The-Belt. We are hopeful that such a restructuring can be concluded over the next several months and that Marcade will continue as a viable and profitable enterprise."
 -0- 3/6/92
 /CONTACT: Charles S. Ramat of Marcade Group, 212-935-8484/
 (MAR) CO: Marcade Group Inc.; Heller Financial Inc. ST: New York IN: REA SU: FNC


SH-OS -- NY011 -- 5767 03/06/92 10:06 EST
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Publication:PR Newswire
Date:Mar 6, 1992
Words:219
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