BANK GROUP WAIVES FLORIDA STEEL DEADLINE
BANK GROUP WAIVES FLORIDA STEEL DEADLINE TAMPA, Fla., March 5 /PRNewswire/ -- FLS Holdings Inc.
(NASDAQ-NMS: FLSHP), parent company of Florida Steel Corporation, today announced that Florida Steel's bank group has waived a March 31, 1992 deadline for submitting a financial reorganization plan. "We believe this is a sign that our lenders have confidence in our operating capabilities and our ability to develop a sound financial plan to restructure the company," said Florida Steel Chairman Ed Flom.
The company is current on all of its obligations, including its trade payables. As previously reported, Florida Steel failed to meet certain financial covenants contained in its bank Credit Agreement and obtained an amendment to the Credit Agreement which waives compliance with the requirements of those covenants until May 1, 1992. The company is currently exploring a number of alternatives to refinance or restructure all or a portion of its indebtedness other than trade payables, which the company expects will remain unaffected by such restructuring. The company is currently involved in discussions with a number of third parties in this regard, including its bank group. Although the company believes that it is not likely to be able to consummate a financial restructuring prior to May 1, 1992, it intends to develop and implement, as soon as possible, a restructuring plan which is fair and acceptable to all affected parties. FLS Holdings Inc. owns all of the outstanding common stock of Florida Steel Corporation. Florida Steel Corporation is a Tampa-based steelmaker consisting of five electric steel mills, 15 reinforcing steel fabricating plants, two reinforcing steel epoxy coating facilities, a post-tension facility, a hollow metal door and hardware operation, a railroad track spike operation, a transportation division and a subsidiary producing welded wire fabric and nails. -0- 3/5/92 /CONTACT: Marvin F. Hill, chief financial officer of FLS Holdings, 813-251-8811/ (FLSHP) CO: FLS Holdings Inc. ST: Florida IN: SU:
SS-AW -- FL013 -- 5613 03/05/92 16:29 EST
|Printer friendly Cite/link Email Feedback|
|Date:||Mar 5, 1992|
|Previous Article:||CERNER AND BECKMAN JOINTLY ANNOUNCE POWERFUL COMBINATION OF INFORMATION SYSTEM SOFTWARE AND LABORATORY INSTRUMENTATION|
|Next Article:||PAINEWEBBER ADDS R.P. SCHERER TO ITS FOCUS LIST|