Printer Friendly

CAFETERIA OPERATORS, L.P. RECEIVES WAIVERS FOR AN ADDITIONAL 30-DAYS

CAFETERIA OPERATORS, L.P. RECEIVES WAIVERS FOR AN ADDITIONAL 30-DAYS
 LUBBOCK, Texas, Nov. 5 /PRNewswire/ -- Furr's/Bishop's, Incorporated (NYSE: CHI) announced today that Cafeteria Operators, L.P., an indirect subsidiary of Furr's/Bishop's, has received waivers for an additional 30-day period from 16 out of a total of 17 holders of Cafeteria Operators' $60 million 10.25 percent Series A Senior Notes due 1997 and $90 million 10.75 percent Series B Senior Notes due 2007 with respect to an interest payment of approximately $7.9 million initially due on Sept. 30, 1991. As a result of a 30-day waiver received on Sept. 30, 1991, the payment date on such interest payment was extended to Oct. 31, 1991. Pursuant to the agreement governing the Series A Senior Notes and the Series B Senior Notes, Cafeteria Operators must receive the approval of all noteholders in order for such waivers to be effective.
 Cafeteria Operators said that it is currently engaged in discussions with the noteholder which has not granted a waiver. Pending these discussions, Cafeteria Operators has not made any payments with respect to the $7.9 million interest payment. In order to prevent an event of default under the note agreement, Cafeteria Operators must obtain the waiver from the noteholder which has not yet granted such waiver by midnight Nov. 5, 1991.
 As of Oct. 31, 1991, Furr's/Bishop's and its subsidiaries had approximately $8.8 million in cash.
 Furr's/Bishop's also announced that Cafeteria Operators has received an additional 30-day waiver from a commercial bank with respect to the interest payment due on Cafeteria Operators' $20 million revolving credit lines. Such waiver is conditioned upon the effectiveness of the waivers from the holders of the Senior Notes. As previously disclosed, Cavalcade Foods, Inc., a subsidiary of Furr's/Bishop's, has received a 90-day waiver of interest payments due under a $10 million Credit Agreement with a commercial bank.
 Furr's/Bishop's is one of the largest operators of cafeterias in the United States with 123 cafeterias in 10 states in the Southwest, West and Midwest under the name "Furr's," 22 cafeterias in seven states in the Midwest under the name "Bishop" and seven specialty restaurants.
 -0- 11/5/91
 /CONTACT: Alton Smith, chief financial officer of Furr's/Bishop's, 806-792-7151/
 (CHI) CO: Furr's/Bishop's Incorporated; Cafeteria Operators L.P. ST: Texas IN: LEI SU: SH -- NY037 -- 1193 11/05/91 11:04 EST
COPYRIGHT 1991 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 5, 1991
Words:401
Previous Article:BALTIMORE GAS & ELECTRIC EXPERTS FEATURED AT SAFETY COUNCIL OF MARYLAND'S DRUG-TESTING SEMINAR
Next Article:HERSHEY FOODS REGULAR QUARTERLY DIVIDEND DECLARED
Topics:


Related Articles
FURR'S/BISHOP'S CONTINUES SUBSTANTIVE DISCUSSIONS WITH NOTEHOLDERS
FURR'S/BISHOP'S ANNOUNCES RESULTS
FURR'S/BISHOP'S ANNOUNCES SUCCESSFUL COMPLETION OF DEBT RESTRUCTURING; ANNOUNCES LOSS FOR FISCAL YEAR AND FOURTH QUARTER
FURR'S/BISHOP'S ENTERS INTO STIPULATION OF SETTLEMENT
FURR'S/BISHOP'S ANNOUNCES IMPROVEMENT IN FIRST QUARTER RESULTS
FURR'S/BISHOP'S, INCORPORATED WILL NOT PAY SECOND QUARTER DIVIDEND
FURR'S/BISHOP'S, INCORPORATED ANNOUNCES RECEIPT OF WAIVER
FURR'S/BISHOP'S ANNOUNCES AMENDMENT OF CAFETERIA OPERATORS INDENTURE AND DEFERRAL OF INTEREST
TRIANGLE FOODSERVICE CORPORATION SELLS 22 WYATT'S CAFETERIAS TO LUBY'S
Furr's Restaurant Group, Inc. Announces a New $55 Million Bank Credit Facility And the Redemption of Its 12% Senior Secured Notes Due December 31,...

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters