Printer Friendly

NVF COMPANY BONDHOLDERS' COMMITTEE FORMED; NVF TO PAY DEFAULTED INTEREST

 MIAMI, June 14 /PRNewswire/ -- NVF Company today announced that an unofficial bondholders' committee has been formed to represent the holders of its 5 percent subordinated debentures due Jan. 1, 1994 (the "5 percent debentures") and its 10 percent subordinated debentures due Nov. 15, 2003 (the "10 percent debentures"). On Jan. 1, 1993, NVF defaulted in the payment of interest and sinking fund on the approximately $48 million outstanding principal amount of the 5 percent debentures, and on May 15, 1993, NVF defaulted in the payment of interest on the approximately $11 million outstanding principal amount of the 10 percent debentures.
 NVF has agreed to present to the committee, for review and negotiation, a proposal to retire or restructure the indebtedness represented by the 5 percent debentures and the 10 percent debentures, which proposal will also address, among other things, the treatment of current equity, secured creditors and other debt. It is contemplated that such proposal, if acceptable to the committee, would form the basis of a consensual reorganization plan. There can be no assurance that NVF and the committee will reach agreement on any proposal.
 Pending the presentation of such approval, NVF has agreed to pay to the indenture trustees on or before June 11, 1993, the defaulted interest installments on both the 5 percent debentures and the 10 percent debentures, together with interest on such overdue interest installments. Such interest payments will be made by the trustees, as soon as practicable, to the holders of record on the day next preceding receipt of payment by the applicable indenture trustee. The sinking fund default on the 5 percent debenture will continue, and NVF does not anticipate making the interest payment on the 5 percent debentures due on July 1, 1993.
 NVF has also agreed, during the period of negotiations with the committee, to restrict compensation payments to certain of its officers and not to engage in certain types of transactions.
 The committee has retained LeBoeuf, Lamb, Leiby & MacRae as its counsel and Cold Spring Management, Inc. as its financial advisor.
 NVF is engaged in the manufacture and sale of vulcanized fibre and industrial laminated products, among other activities.
 -0- 6/14/93
 /CONTACT: Robert Flack of NVF Company, 305-866-7771/


CO: NVF Company ST: Florida IN: SU:

AW-JB -- FL004 -- 1609 06/14/93 11:36 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jun 14, 1993
Words:385
Previous Article:SUPERCONDUCTIVE COMPONENTS, INC., ANNOUNCES COMMON STOCK AND CONVERTIBLE DEBENTURE FINANCING
Next Article:NEW NISSAN SENTRA XE LIMITED EDITION OFFERS HIGHER LEVEL OF EQUIPMENT, BETTER VALUE
Topics:


Related Articles
NVF COMPANY REPORTS RESULTS
NVF COMPANY REPORTS EXPECTED RESULTS
NVF COMPANY ANNOUNCES RESULTS
NVF COMPANY ANNOUNCES RESULTS
NVF COMPANY REPORTS RESULTS
NVF COMPANY FILES CHAPTER 11 TO REORGANIZE UNDER THE BANKRUPTCY LAWS
NVF COMPANY RELEASES STATEMENT
NVF COMPANY SOLD

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