Printer Friendly

BIRD CORPORATION DISCLOSES TECHNICAL VIOLATION OF COVENANTS

 DEDHAM, Mass., Nov. 15 /PRNewswire/ -- Bird Corporation, (NASDAQ: BIRD) announced that its current Form 10-Q, to be filed today, will disclose that it is in technical violation of certain loan covenants concerning its $50 million debt agreement with its banks, and that this loan has accordingly been classified as a current liability on its balance sheet. The company emphasized that negotiations are proceeding with its banks to remedy the situation, and that it has no immediate liquidity problems. The banks have indicated their consent to the company's payment of a dividend which has been previously declared and payable on Nov. 15, 1993 to holders of the company's $1.85 cumulative convertible preference stock. Additionally, the company indicated it has made all applicable interest payments on its loans on a current basis and has not exhausted its current line of credit.
 The company also noted that its board had agreed that until this situation is resolved, it will not declare any further dividends on any of the classes of the company's stock. Mr. Vecchiolla, the company's newly-appointed president, was quoted as believing that the company would satisfactorily resolve this situation with its banks in coming weeks.
 Bird Corporation, founded in 1795, is a manufacturer and distributor of building materials and a provider of environmental services.
 -0- 11/15/93
 /CONTACT: William A. Krivsky, executive vice president of Bird Corp., 617-461-1414/
 (BIRD)


CO: Bird Corporation ST: Massachusetts IN: ENV SU:

JL-CM -- NE007 -- 4307 11/15/93 10:15 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 15, 1993
Words:247
Previous Article:CHECK TECHNOLOGY ANNOUNCES MEXICAN SALES
Next Article:FIDELITY INVESTMENTS AND LIPPER ANALYTICAL SERVICES JOIN FORCES TO HELP INVESTORS MAKE BETTER INVESTMENT DECISIONS
Topics:

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