Printer Friendly

ROCKEFELLER CENTER PROPERTIES ANNOUNCES AGREEMENT IN LITIGATION

 ROCKEFELLER CENTER PROPERTIES ANNOUNCES AGREEMENT IN LITIGATION
 NEW YORK, June 1 /PRNewswire/ -- Rockefeller Center Properties, Inc. (NYSE: RCP) announced today that it and the other defendants have reached an agreement with the plaintiff in Pruitt v. Rockefeller Center Properties, Inc., et. al., a class action litigation relating to the original RCPI public offering. RCPI's principal asset is a loan, which is currently secured by a mortgage and additional collateral in the form of a letter of credit. Under the agreement, the additional collateral will be increased from $126 million to $200 million by the borrowers by supplying further letters of credit or other collateral, and the collateral will be maintained at a minimum of $150 million through December 31, 1994. As further security for the loan, 100,000 sq. ft. of development rights associated with Rockefeller Center will be added to the mortgage.
 In addition, RCPI will issue non-transferable warrants for 3 million of its common shares to the members of the plaintiff's class. The warrants will be exercisable during the 30-day period after they are issued at the average composite closing price at which RCPI's common stock traded over the past 30-day period. The offering of the common shares issuable upon exercise of the warrants will be made only by means of a prospectus.
 The agreement is subject to approval by the court, RCPI's board of directors, and all other defendants.
 RCPI's management believes that, although the plaintiff would not have prevailed in the litigation, the agreement is in the best interest of the company's shareholders because the increased credit support enhances RCPI's overall financial profile, and because, by removing an uncertainty surrounding the lawsuit, the settlement increases RCPI's financial flexibility.
 -0- 6/1/92
 /CONTACT: Leslie Uyeda of Kekst and Company, 212-593-2655, for Rockefeller Center Properties/
 (RCP) CO: Rockefeller Center Properties Inc. ST: New York IN: FIN SU:


SB -- NY019 -- 5544 06/01/92 09:31 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jun 1, 1992
Words:319
Previous Article:BUSINESSWEEK NAMES STATE OF THE ART INC. NO. 16 AMONG THE NATION'S TOP 100 BEST SMALL GROWTH COMPANIES
Next Article:IBM/PITTSBURGH PIRATES STUDENT PENNANT RACE
Topics:


Related Articles
ROCKEFELLER CENTER PROPERTIES, INC. ANNOUNCES RESULTS OF OPERATIONS FOR THE YEAR END AND FOURTH QUARTER, 1991
ROCKEFELLER CENTER PROPERTIES DECLARES 48 CENTS DIVIDEND FOR FIRST QUARTER
ROCKEFELLER CENTER PROPERTIES, INC. DECLARES 48 CENTS DIVIDEND FOR SECOND QUARTER
ROCKEFELLER CENTER PROPERTIES ANNOUNCES RESULTS OF OPERATIONS FOR THE SECOND QUARTER AND SIX MONTHS ENDED JUNE 30, 1992
ROCKEFELLER CENTER PROPERTIES TO ADJUST EXERCISE PRICE FOR WARRANT
ROCKEFELLER CENTER PROPERTIES, INC. DECLARES 48 CENTS DIVIDEND FOR THIRD QUARTER
ROCKEFELLER CENTER PROPERTIES, INC. ANNOUNCES RESULTS OF OPERATIONS FOR THE THIRD QUARTER AND NINE MONTHS ENDED SEPT. 30, 1992
REORGANIZATION AND $1.235 BILLION RECAPITALIZATION PROPOSED BY TISHMAN SPEYER AND ROCKEFELLER GROUP, INC.
Boston Properties Signs Binding Agreement to Acquire Embarcadero Center In San Francisco, California.
Boston Properties, Inc. Completes First Phase of Acquisition Of Embarcadero Center in San Francisco, Calif.

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