Printer Friendly

SUPRADUR COMPANIES' CANADIAN SUBSIDIARY REACHES AGREEMENT WITH CREDITORS

SUPRADUR COMPANIES' CANADIAN SUBSIDIARY REACHES AGREEMENT WITH CREDITORS
 RYE, N.Y., May 19 /PRNewswire/ -- Supradur Companies, Inc. (NASDAQ: SUPD), today reported that final agreement has been reached between its wholly owned subsidiary Supradur Canada, Inc., and the majority of its Canadian creditors, who approved the compromise and arrangement under the Federal Company Creditors Act (C-36) filed in January 1991.
 The compromise provided for the forgiveness of approximately US$2.35 million of indebtedness, which resulted in extraordinary income (net of income taxes) of US$2.15 million or $2.38 per common share and a like increase in the company's book value per share.
 K. Fred Netter, president, commented that this agreement is the first phase in restructuring the debt of Supradur Canada. The subsidiary intends to continue to meet with the Canadian federal and provincial lenders with a view to restructuring their long-term obligations. Netter said Supradur is pleased that its creditors cooperated and supported the efforts and long-term interests of the business.
 During negotiations, Supradur Canada was able to continue manufacturing operations to meet customer demand. The company continues to be encouraged with the technical performance and market acceptance of the products and feels that Supradur Canada is positioned to take advantage of the increase in commercial and industrial building construction as the economy returns to normal activity.
 Supradur Companies, Inc. is a diversified company, with operating subsidiaries throughout the United States, Canada and Europe.
 -0- 5/19/92
 /CONTACT: D. M. Petulla, vice president and treasurer of Supradur Companies, 914-967-8230/
 (SUPD) CO: Supradur Companies, Inc.; Supradur Canada, Inc. ST: New York, Quebec IN: SU: FNC


GK-TS -- NY037 -- 1745 05/19/92 11:10 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:May 19, 1992
Words:277
Previous Article:EXPRESS TEL REPORTS A 76 PERCENT INCREASE IN FIRST QUARTER NEW SALES
Next Article:RHONE-POULENC INNOVATIONS SERVING AGRICULTURE ONE NEW PRODUCT PER YEAR FROM 1992 UNTIL THE YEAR 2000


Related Articles
SUPRADUR COMPANIES REPORTS EARNINGS
SUPRADUR COMPANIES REPORTS RESULTS
SUPRADUR COMPANIES REPORTS RESULTS
SUPRADUR COMPANIES TO CLOSE TWIN TOOL CO. IN OLATHE, KAN.
SUPRADUR COMPANIES REPORTS RESULTS
SUPRADUR COMPANIES REPORTS RESULTS
SUPRADUR COMPANIES REPORTS RESULTS
SUPRADUR RAISES $800,000 THROUGH PRIVATE PLACEMENT OF 8 PERCENT SUBORDINATED CONVERTIBLE DEBT
SUPRADUR COMPANIES, INC. ANNOUNCES IMPROVED RESULTS FOR THIRD QUARTER AND NINE MONTHS 1993
SUPRADUR ASSETS SOLD

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