PRESTON COMPLETES NEGOTIATIONS WITH LENDERS
PRESTON COMPLETES NEGOTIATIONS WITH LENDERS PRESTON, Md., Dec. 17 /PRNewswire/ -- Preston Corporation
(NASDAQ: PTRK) reported today that it has completed its negotiations with its major lenders and, in exchange for granting liens on certain of its assets, was successful in modifying its various loan and letter of credit facilities to, among other things, extend maturity dates, amend financial covenants and provide for renewal or replacement of letters of credit. The letter of credit facilities support industrial development bonds and collateral requirements of Preston Corporation's self- insurance programs.
William B. Potter, chairman of the board and president stated, "We are pleased to have concluded our credit agreements which will offer us the financial flexibility to continue our efforts to provide the highest-quality customer service. We are also gratified by the confidence and support of our lenders." Preston Corporation is a holding company which, through its subsidiaries, transports freight by truck for a wide range of manufacturers, wholesalers and retailers. The subsidiaries include Preston Trucking Company, Inc. of Preston, Md.; Saia Motor Freight Line, Inc. of Houma, La.; and Smalley Transportation Company of Tampa, Fla. -0- 12/17/91 /CONTACT: William B. Potter, chairman and president of Preston Corporation, 301-673-7151/ (PTRK) CO: Preston Corporation ST: Maryland IN: TRN SU: FNC FC -- NY086 -- 3149 12/17/91 17:18 EST
|Printer friendly Cite/link Email Feedback|
|Date:||Dec 17, 1991|
|Previous Article:||DELAWARE INSURANCE COMMISSIONER ISSUES STATEMENT|
|Next Article:||GREAT AMERICAN BROADCASTING COMPANY PROMOTES STEVE MAULDIN TO PRESIDENT AND GENERAL MANAGER OF WTSP-TV|