Printer Friendly

BARTON INDUSTRIES DEFAULTS ON LOANS

 BARTON INDUSTRIES DEFAULTS ON LOANS
 SHAWNEE, Okla., Aug. 18 /PRNewswire/ -- Barton Industries, Inc.


(NASDAQ: BART) recently announced that it is currently in default under certain promissory notes held by American Bank and Trust Co. of Tulsa, Okla., the Oklahoma Industrial Finance Authority, and the American National Bank of Shawnee, Okla.
 Barton is in the process of negotiating a moratorium on payment of principal and interest with each of the three lenders. None of Barton's lenders has initiated proceedings against the company in connection with the described defaults, nor are any such proceedings anticipated absent a breakdown in moratorium discussions. Barton expects that a moratorium will be consummated within the next 45 days and that it will begin making payments to amortize the amounts deferred by the moratorium.
 Since the confirmation of its Chapter 11 Reorganization in early 1992, Barton has experienced an approximate 40 percent reduction in projected sales and cash flow substantially attributable to the depressed nature of the domestic oil and gas industry. In response to depressed sales, and pending improvement of its cash flow, Barton has implemented drastic cost-containment measures. Such measures include a temporary 50 percent salary deferment by executive management, partial lay-off of employees, the closing of certain out-of-state sales offices, a temporary suspension of the company's independent outside audit, and continued minimization of all discretionary expenses.
 Barton Industries, Inc. is an Oklahoma corporation that manufactures a diversified selection of oil field equipment.
 -0- 8/18/92
 /CONTACT: Larry D. Kalka, treasurer and chief financial officer of Barton Industries, 405-273-7660/
 (BART) CO: Barton Industries, Inc. ST: Oklahoma IN: SU:


PS -- NY073 -- 1096 08/18/92 16:41 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:Aug 18, 1992
Words:273
Previous Article:AMEX'S JAPAN INDEX OPTIONS TOP 9,000 CONTRACT MARK BY DAY'S CLOSE; REFLECTS NIKKEI STOCK AVERAGE SIX POINT DROP OVERNIGHT
Next Article:CV REIT REPORTS SECOND QUARTER, SIX MONTHS EARNINGS
Topics:


Related Articles
BARTON INDUSTRIES STILL IN DEFAULT UNDER LOAN AGREEMENTS
BARTON INDUSTRIES, INC. SEEKS BUYER; ANNOUNCES CREDIT AGREEMENT
Surgical operation needed to salvage financial system.
ALLTEL to Acquire Default Management Network Solutions; Offer Default Management Services to Mortgage Industry
TCC Industries: Request for Extension for Filing Form 10-K.
ALLTEL Launches Comprehensive Default Services Processing System; Desktop System Increases Communications, Cuts Time, Costs.
Arvest Bank.
Credit-Card defaults expected to increase as tax refunds wane.

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