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Deferred bills for Nobody Beats the Wiz.

Nobody Beats the Wiz has gotten seven major vendors to defer bills for goods shipped before Oct. 29, it was disclosed Friday. The agreement followed The Wiz' receipt of a $27 million loan which is being applied to current and future supplies and other expenses (see earlier story, page 59).

Paul Traub, an attorney with Traub Bonaquist & Fox LLP here, said The Wiz had requested a meeting with its chief creditors. The vendors formed an unofficial creditors' committee and retained the law firm and Ernst & Young to seek a payment schedule without resorting to a bankruptcy filing.

The agreement to defer back payments will expire Dec. 15. "It is renewable or terminable if parties do not live up to the terms," said Traub.

The large creditors are Sony, Sony Music, Thomson, Panasonic, Sharp, Minolta and Hewlett-Packard.
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Publication:HFN The Weekly Newspaper for the Home Furnishing Network
Article Type:Brief Article
Date:Nov 17, 1997
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